Original disclosure @ EBRD website
Updated in EWS Dec 9, 2022
Disclosed by Bank Nov 11, 2022
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An equity commitment of up to EUR 10 million in favour of Inovo III (the "Fund").
The Fund will make equity and equity-related investments in early-stage technology companies in Central and Eastern Europe ("CEE"), with a focus on Poland.
ETI score: 80
The Bank's investment is expected to contribute to enhancing the resilience of financial markets through developing the venture capital market in CEE, and also contribute to promoting competitiveness by supporting innovative early-stage companies.
INOVO FUND III SCSP
The Fund's general partner will be Inovo Management S.a r.l., and will be advised by Inovo Technology Sp. z o.o..
The Bank's participation will support the Fund in achieving a closing at or above EUR 100 million.
ENVIRONMENTAL AND SOCIAL SUMMARY
Categorised FI (ESP 2019). The Fund will be required to comply with EBRD's Performance Requirements 2, 4 and 9, implement the EBRD's Environmental and Social Risk Management Procedures for Active Equity Funds, and submit Annual Environmental and Social Reports to the Bank. The Fund will make early-stage investments in technology companies engaged primarily in the development of business-to-business enterprise products (e.g. software), which are overall characterised as low risk from an environmental and social standpoint. Given the EBRD's equity stake in the fund, the Fund's entire portfolio is subject to PR9 requirements. The client will be required to align existing ESMS procedures with EBRD E&S performance requirements.
ul. Wspólna 35 lok. 23 (PH1), 00-519 Warsaw, Poland
ACCESS TO INFORMATION
You can request information by emailing: firstname.lastname@example.org or by using this electronic form: https://www.ebrd.com/eform/information-request
ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.
You can contact the PCM at: email@example.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en
You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html