New fund for start-ups in Baden-Württemberg
The Mittelständische Beteiligungsgesellschaft Baden-Württemberg (MBG) wants to raise up to 60 million euros for the new fund. It has already collected the first half.
The Mittelständische Beteiligungsgesellschaft Baden-Württemberg (MBG) is launching a second fund for the state: the Stuttgart-based company wants to raise 50 to 60 million euros for the BW Innovation Fonds, reports the Stuttgarter Zeitung. After the first closing, 35 million euros have been raised, one third of which comes from state funds. Other backers include Baden-Württemberg insurance companies and banks. "The fact that we have succeeded in attracting new, renowned partners for the Start-up BW Innovation Fund in addition to the backers already involved in the first fund underlines this," says Guy Selbherr, managing director of MBG. The focus of the fund is on start-ups from the medical technology and mechanical engineering sectors.
In contrast to the first fund, which participates in seed rounds, the second fund will mainly be used for Series A financing rounds. One to three million euros are available per start-up. The money is to be raised at the beginning of 2022. The term is set at ten years.
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