Ramón y Cajal Abogados advised Banco Santander in the incorporation of a €100 million venture debt fund, in alliance with Inveready, designed for technology-based and high-growth companies.
Banco Santander launches a complete range of services and products aimed at startups and innovative companies with potential for scalability and growth. One of the most relevant initiatives is the creation of a 100 million fund, in alliance with Inveready, one of the largest independent asset managers specializing in alternative assets and leader in venture debt in Spain, a modality that allows financing startups in early stages in exchange for a minimum stake in the company. The fund will have an initial contribution of 67 million euros from Santander. The remaining 33 million will be contributed by other investors, as well as the fund manager itself, making it the largest venture debt fund in Spain.
The new fund is designed for technology-based, high-growth, capital-efficient companies that have raised at least one round of capital and can reach breakeven in the medium term. Transactions range from approximately €500,000 to €5 million, allowing growth to be financed in a flexible manner, minimizing shareholder dilution.
The transaction has been led by partners Cristina Vidal, Alfonso Carcamo and Tomás Peña Grande.