More cash for digitalization: In future, Hamburg start-ups will be supported through the new Hamburg Innovation and Growth Fund, which aims to attract up to EUR 100 million in capital. It will be developed and managed by the Hamburg investment company Neuhaus Partners, which was selected following a Europe-wide bidding process run by the Ministry of Economics.
Hamburgische Investitions- und Förderbank (IFB Hamburg) as anchor investor is to contribute up to EUR 10 million on behalf of the City of Hamburg, with the remaining funds raised among private investors. The procurement of investment resources will now begin.
The focus of support is to be placed on those Hamburg sectors that are important for digitalization. Especially start-ups with good growth potential will be supported in a decisive phase. With the support of the Hamburg Innovation and Growth Fund, they will be able to take their innovations further or expand production, sales and marketing operations. The plan is then to dispose of the participations after between three and eight years.
Senator Frank Horch: “In setting up the Hamburg Innovation and Growth Fund, we aim to fill a financing gap for promising innovative businesses in the growth phase and reinforce Hamburg’s risk capital and start-up ecosystem. We are delighted to have found an experienced Hamburg fund manager in Neuhaus Partners, which has already demonstrated its expertise on multiple occasions in the past.”