The European Investment Bank (EIB) will provide up to €50 million in risk financing to Wachstumsfonds Bayern 2 (WBF2), a venture capital fund set up on the initiative of the Free State of Bavaria. WBF2 is run by fund manager Bayern Kapital GmbH. Its target size is €165 million, with LfA Förderbank Bayern (“LfA”) having already committed to an investment of up to €115 million. The transaction is the first EFSI-backed project in Germany with a regional promotional bank and will provide another strong signal to the German venture capital market as Germany’s VC investments are still below the EU average.
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