190 million euros for Berlin start-ups

According to its own information, the federal state of Berlin has created more than 3,000 jobs and supported start-ups with more money than any other federal state.

The state of Berlin is taking stock for the first time of the "Corona Aid for Start-ups" program. Up to and including the end of June 2022, the state, together with Investitionsbank Berlin (IBB), has pledged around 190 million euros for start-ups. According to the state's own information, this means that it has made more funds available for start-ups in the corona crisis than any other state.

According to the report, the €190 million is divided among three major funders. For example, IBB Capital GmbH, which was founded specifically for this purpose, was responsible for 162 million euros in investments together with private investors, IBB Ventures for 21 million euros and Berlin Mezzanine for six million euros. The result: according to the state of Berlin, more than 3,000 jobs were created and over 150 start-ups were supported.

"With Corona aid for start-ups, we were able to provide targeted support for many young companies and secure jobs. A program like this can only be successful if it responds to the specific needs of those affected and provides them with competent advice. We were able to achieve both in cooperation with KfW and the expertise and commitment of IBB," reports Stephan Schwarz, Senator for Economic Affairs, Energy and Operations for Berlin. The Chairman of the Board of IBB and Chairman of the Supervisory Board of IBB Capital GmbH also agreed: "Berlin was able to call up by far the most money from the federal funds and pass it on to the start-ups. Thus, in addition to the intermediaries, significantly more private investors were attracted. In total, we were thus able to facilitate financing rounds of more than €500 million."