The economics ministry in the eastern state of Mecklenburg-Western Pomerania has created a fund worth 15 million euros to help company founders and small companies that have innovative ideas but a lack of capital. So far, applications for funding worth over 5 million euros have been made to the "Innostartup" venture capital fund, the ministry announced in the state capital Schwerin on Monday.
The ministry set up the fund last year together with the MittelständischeBeteiligungsgesellschaft Mecklenburg-Vorpommern, a private equity and venture capital firm aimed at the SME sector. It is intended to support start-ups, digital business models and research and development activities.
"With the fund, we want to close possible financing gaps for companies and at the same time put the equity base of small and medium-sized enterprises on a broader footing," explained the state’s economics minister, Harry Glawe, a member of the Christian Democrats (CDU). So far, six companies have received a pledge of support from the fund in exchange for equity. Almost 40 percent of the applicants have digital business models.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
