Madrid, August 10, 2020.- COFIDES is contributing to the venture capital fund K Fund II, created by the manager Kanoar Ventures and focused on startups that innovate and develop new technologies. COFIDES' participation will be 5 million euros, via the Fund for Foreign Investment (FIEX).
The fund aims to reach 70 million euros before the end of the year. Investments will be made in companies focused on research, innovation and the development of new technologies. They will focus on ICT companies with scalable business models (such as SaaS - Software as a Service), marketplaces and mobile and with a desire to expand internationally.
The COFIDES Chairman, José Luis Curbelo, said that “with COFIDES' participation in this fund we are complying with the objective of COFIDES' Strategic Plan in order to invest in newly created technology companies by way of venture capital funds." In his opinion, as a consequence of the uncertainty generated by Covid-19, “now more than ever we need to maintain investment in innovative sectors that generate added value and that contribute to enhancing economic growth due to their ability to diversify the business community and create quality employment”.
"We are very happy and enormously grateful to receive COFIDES' support at K Fund II", says Iñaki Arrola, general partner of K Fund II. "We believe that the Spanish ecosystem of startups and technology companies is in its prime and, given the current situation, it will become even more important as an engine of job creation and wealth, so we feel lucky and proud to be able to begin this new journey with K Fund II”.
CONTRIBUTION TO THE SDGs
This project contributes especially to the achievement of SDGs 8 (Decent work and economic growth), 9 (Industry, innovation and infrastructure) and 17 (Partnerships for the goals).
ABOUT K FUND II
The K Fund II fund is the third fund managed by Kanoar Ventures. It invests mainly in Spanish companies in the pre-launch (seed) and startup phases. The K Fund team is made up of partners with previous experience in various sectors within the world of enterprise and investment. Via their previous funds, they invested in companies such as Exoticca, Keatz and Goin, among others.
COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. COFIDES is accredited to the European Union (EU) to manage funds coming from the EU budget, allowing the structuring of transactions with a high impact on development. COFIDES is also accredited to the UN’s Green Climate Fund (GCF) and can therefore structure operations on climate change mitigation and adaptation. Moreover, COFIDES is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and also supports AECID in managing FONPRODE funds. COFIDES’s shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.