The Innovationsstarter Fonds Hamburg (IFH) has entered the second round in a bid to boost start-ups and promising companies, a press release said Tuesday. IFH II has a volume of EUR 12 million, which is being provided in equal shares by the Free and Hanseatic City of Hamburg and the European Funds for Regional Development and managed by the IFB Innovationsstarter GmbH. The new funds will link up with IFH I, launched between 2012 and 2016, and that benefitted 24 Hamburg-based start-ups.
Cross-sector support for innovations
Commenting on the new funds, Frank Horch, Senator for Economics, said: “Innovations are key to forward-looking economic policy. Our location will remain forward-looking, if we can manage to concentrate and develop creativity and the exchange of commerce and science here.” IFH II seals gaps in early financing for promising young companies and boosts cross-sector innovations in Hamburg. Ralf Sommer, CEO of IFB Hamburg, added: “By continuing the programme, we can make the urgently needed funds available to young companies in Hamburg. Our involvement helps firms to establish their innovations successfully on the market.”
High-growth firms in Hamburg
The funds foresee open investment by capital companies of up to EUR 1 million maximum. Up to EUR 0.6 million can be invested in each round of financing. Joint investments by private investors are also possible, but the fund will also make investments alone. This will make urgently needed funds available to companies in the early phase. The Innovationsstarter Fonds II focuses on potentially, high-growth firms based in Hamburg and that were founded less than five years ago on business models with personally developed innovations. More information can be found on www.innovationsstarter.com.