IFC from the World Bank group will invest EUR 40 million in the Innova Capital fund

The International Finance Corporation (IFC) from the World Bank group will invest EUR 40 million in the new Innova Capital private equity fund - Innova / 7, the World Bank reported. The fund will support the development of technology companies, mainly in Poland and Romania, and help them grow through acquisitions and expansion.

“Thanks to this investment, medium-sized companies operating in Central and Eastern Europe will receive capital to support business development and accelerate the pace of digitization. The investment will strengthen the resilience of the private equity market in a region that is struggling with the effects of the COVID-19 pandemic and where conditions are difficult to raise capital, ”the release reads.

“The funds from the IFC will provide the necessary financing to those companies that have problems with access to capital. In addition, the IFC will help diversify the fund's activity in terms of gender parity as well as improve its investment strategy, ”it also wrote.

IFC's investment will support the fund in achieving its target, set at EUR 350 million. On August 11, Innova Capital announced that it had raised over EUR 220 million as part of the first closure of its newest fund - Innova / 7.

"We are glad that IFC decided to subsidize our seventh fund after a few years ago it was, among others, IFC entrusted us with the funds to build the Innova / 6 fund. This is a sign that Innova is trusted by institutional investors and is perceived as their long-term partner, ”said senior partner at Innova Capital, Krzysztof Kulig.

Innova Capital is an independent private equity advisor, operating in Poland since 1994, investing in majority blocks of shares of medium-sized enterprises operating in Central and Eastern Europe.

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