190 million euros for Berlin start-ups

The federal state of Berlin claims to have 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 of the "Corona aid for start-ups" program for the first time. Together with Investitionsbank Berlin (IBB), the state has pledged around 190 million euros for start-ups up to and including the end of June 2022. According to its own information, the federal state has thus provided more funds for start-ups during the coronavirus crisis than any other.

According to the report, the €190 million is split between three main lenders. 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 the coronavirus aid for start-ups, we were able to provide targeted support to 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 expert advice. We were able to achieve both in cooperation with KfW and the expertise and commitment of IBB," reports Stephan Schwarz, Senator for Economics, Energy and Public Enterprises for Berlin. The Chairman of the Board of Management 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. This attracted significantly more private investors in addition to intermediaries. In total, we were able to facilitate financing rounds of more than 500 million euros."