NRW.Bank expands funding for start-ups

NRW.Bank has further developed its venture fund for this purpose. There is now a Venture Circle and an Investment Committee, and it is also increasing its support for other funds.

North Rhine-Westphalia is not yet known as a major promoter of unicorns. The state therefore wants to further expand its support for start-ups: For example, the state-owned NRW.Bank is intensifying its commitment to venture capital. The NRW.Venture brand established specifically for this purpose is the further development of the previous Venture Fund, explains Managing Board member Michael Stölting and continues: "As a development bank for North Rhine-Westphalia, our aim is to ensure that every good idea receives the right financing."

Part of the realignment is a six-member Venture Circle, which informs NRW.Bank about current trends and advises on possible investments. In addition, there is now the Venture Investment Committee, which decides on the Venture Fund's investments. The new name NRW.Venture will streamline processes and make them more market-oriented. Part of this is also the increase in NRW.Bank's capital in other funds from EUR 100 million to EUR 150 million.

In 2020, NRW.Bank provided over EUR 13 million in 15 financing rounds, and in the first half of 2021 alone, it already provided EUR 11 million in seven rounds.

North Rhine-Westphalia's Economics and Digital Minister Andreas Pinkwart is delighted with the state bank's commitment: "With its latest package of measures, NRW.BANK is making its own important contribution to ensuring that North Rhine-Westphalia can develop into one of the leading venture capital locations in Europe."