This “fund of funds”, the first of its kind for the Provincial Council’s management company, will make it possible to attract and anchor new projects in Bizkaia, as well as to promote and boost the seed/venture capital investment sector in the territory, by investing in specialised vehicles which, in turn, invest in this type of projects.
The BAF Fund starts up with €2 million to invest in Venture Capital funds and entities that take stakes in entrepreneurial companies in Bizkaia.
The BAF Fund will try to anchor investments and aims to be linked to ‘venture builder’ instruments, i.e. as a kind of start-up factory. In this sense, the areas in which it will seek investments will be directly related to areas in which the Provincial Council wants to promote entrepreneurship, also from the Torre Bizkaia centre, such as digitalisation and sustainable mobility.
The Cuatrecasas Bilbao office Corporate/M&A team involved in the transaction was made up of partner José Ramón Berecibar, senior associate Santiago Bayo and lawyer Daniel Acedo.