An equity investment of up to EUR 5 million in favor of the venture capital fund 500 Startups Istanbul Fund II (the "Fund") targeting early-stage technology-driven companies in Turkiye and in Central and Eastern Europe. The project will form part of the Bank's Early-Stage Innovation Facility ("ESIF"), a EUR 100 million facility through which the EBRD selectively invests in commercially-oriented early-stage venture capital funds.
The Fund will make equity and quasi-equity investments in early-stage technology-driven companies in Turkiye and in Central and Eastern Europe ("CEE"), collectively the "Target Region".
ETI score: 100
The project is presented under ESIF. The Fund will contribute to the transition impact objectives of the overall framework, i.e. contributing to the Competitive and Resilient transition qualities through supporting innovative early-stage start-ups and increasing the availability of funding for early-stage innovation. The project is aligned with the Innovation area of intervention outlined in the EBRD Approach to Accelerating the Digital Transition 2021-2025. The digital component of the project is in support of the Competitive Transition Quality, as outlined above.
500 STARTUPS ISTANBUL FUND II COOPERATIEF UA
The Fund is managed by 500 Startups Istanbul II B.V. (the "Fund Manager").
EBRD FINANCE SUMMARY
An equity investment of up to EUR 5 million.
TOTAL PROJECT COST
The target size of the fund is EUR 60 million.
The Bank's commitment will enable the Fund to achieve a closing at or above EUR 60 million, allowing the Fund Manager to build a diversified portfolio and provide capital to support the expansion of the Fund's early-stage technology portfolio companies.
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 Environmental and Social Risk Management Procedures for Active Equity Funds, and submit Annual Environmental and Social Reports to the Bank.
TECHNICAL COOPERATION AND GRANT FINANCING
COMPANY CONTACT INFORMATION
Enis Hullienis@500.co+31 20 211 1888https://ee.500.co/Eerste Weteringplantsoen 8, 1017 SK Amsterdam, Netherlands
+31 20 211 1888
Eerste Weteringplantsoen 8, 1017 SK Amsterdam, Netherlands
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