Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

Poland

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 14, 2022

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

INOVO FUND III SCSP

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance

The service or industry focus of the investment. A project can have several sectors.

Investment Amount (USD)

$ 10.55 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 10
Converted using 2022-12-09 exchange rate.

Project Cost (USD)

$ 105.50 million

Other Related Projects

IFC-47609 Inovo III

Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 9, 2022

Disclosed by Bank Nov 11, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

PROJECT DESCRIPTION

An equity commitment of up to EUR 10 million in favour of Inovo III (the "Fund").

PROJECT OBJECTIVES

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.

TRANSITION IMPACT

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.

CLIENT INFORMATION

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..

ADDITIONALITY

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.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

nullkontakt@inovo.vc
https://inovo-bm.super.site
ul. Wspólna 35 lok. 23 (PH1), 00-519 Warsaw, Poland

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com 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: pcm@ebrd.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