Lower Saxony start-ups benefit from the second growth fund "Invest-Impuls Scale" from Hanover

© hannoverimpuls GmbH

The fund starts with a volume of 25.4 million euros. The state is participating via NBank with 12.7 million euros. Ideally, up to a further 15 million euros should be collected from institutional and private investors over the course of the next year (second closing). The target volume of the fund is 40 million euros.

Invest-Impuls Scale arose from the firm conviction that a smooth transition from the seed to the growth phase is crucial for a functioning start-up environment. With the growth fund, young companies that once used seed capital to finance their foundation, technology development and market launch now have the opportunity to rely on an efficient financing partner from the region for their growth.

Economics Minister Olaf Lies: "Start-ups are the engine of structural change. They put new, innovative ideas into practice, create jobs and secure the basis for growth and prosperity. Economic policy projects for the future must be driven forward, especially in difficult times. With our second growth fund, we will be able to offer start-ups in Lower Saxony an attractive financing alternative in future. I want to make Lower Saxony an even more attractive start-up state and keep innovative ideas in Lower Saxony."

"The new fund is particularly timely for the start-up ecosystem in the Hannover Region, because alongside the Hannover Beteiligungsfonds, we now also have an instrument for economic development with which we can specifically support young companies that are starting to grow out of their infancy. I would like to thank the state of Lower Saxony and the other investors for making this vision a reality with us," explained Doris Petersen, Managing Director of hannoverimpuls, the economic development agency of the city and region of Hanover, which is involved as an initiator limited partner.

One of the first investors is the Hanover-based family business GETEC, which is committed to Hanover and Lower Saxony as a business location in a variety of ways. Dr. Karl Gerhold explains his motives: "Innovations are the key to overcoming the most urgent social and economic challenges of our time. Entrepreneurs who develop solutions to these problems can generate attractive returns for investors and at the same time advance our society."

This is also confirmed by Volker Alt, Chairman of the Management Board of Sparkasse Hannover, who adds: "Sparkasse Hannover has been a committed financial partner to the regional start-up scene for decades. For Hannover as a start-up location, Invest-Impuls Scale is a strong signal that there are also good growth prospects here."

Matthias Battefeld, member of the Management Board of Hannoversche Volksbank, which is based in the Hanover region and has branches in Hildesheim and Celle, also sees "Invest-Impuls Scale" as location marketing: "For Lower Saxony and our region in particular, the fund is a striking building block for retaining innovative, dynamic companies here or attracting new ones. This strengthens the business location and fits perfectly with our cooperative idea of promoting our members and the region."

The business is managed by the renowned fund manager EnjoyVenture, which can offer the start-ups it supports relevant experience and networks from over 20 years in the venture capital business: "We will invest in fast-growing companies with proven and resilient business models and have access to excellent potential in and outside the region, from which we will build and develop a highly attractive portfolio," explains Wolfgang Lubert, Managing Partner of EnjoyVenture Management GmbH.

The implementation of Invest-Impuls Scale was made possible by the start-up strategy of the state of Lower Saxony - three regional growth funds are planned in Lower Saxony, in which the state will participate with a total of up to 50 million euros. Invest-Impuls Scale will further consolidate the position of the Hanover - Braunschweig - Wolfsburg metropolitan region as a prosperous start-up hotspot.

Dr. Ulf Meier, CEO of NBank, which implemented the growth fund with state funds on behalf of the state and is involved in the regional target funds as a limited partner: "The Invest-Impuls Scale Fund is a perfect addition to our existing funding instruments. The investment focus of the new regional growth funds deliberately follows on from the seed phase. We therefore see the new funds as important follow-on investors in startup financing. As an anchor investor, we will continue to actively support the funds in the future."

About Invest-Impuls Scale

Investment period:Three years with extension option; term: 10 years with extension option

Current volume:25.4 million euros, target volume: 40 million euros

Target number of portfolio companies: 15

Investment focus:German VC-financed start-ups (focus on Lower Saxony/Hanover) with an innovative, scalable business model, strong unique position, demonstrable proof of concept and proof of market as well as first substantial sales.

Managing limited partner:EnjoyVenture Management GmbH

Founding limited partners:The State of Lower Saxony via Investitions- und Förderbank Niedersachsen - NBank, GETEC Energie Holding GmbH, Sparkasse Hannover, Hannoversche Volksbank eG,

Initiator limited partner: hannoverimpuls GmbH

About NBank

The "Investitions- und Förderbank Niedersachsen - NBank" is the competent contact in Lower Saxony for all relevant funding programs of the European Union, the federal government, the state and the municipalities. NBank was founded in 2004 and is wholly owned by the state of Lower Saxony. It currently employs 675 people and has total assets of 4.98 billion euros. Further information can be foundatwww.nbank.de

About EnjoyVenture

EnjoyVenture is an entrepreneur-led investment company for seed and start-up investments in innovative technology companies. All EnjoyVenture partners are characterized by many years of entrepreneurial, financing and industry expertise. Since its foundation in 2000, EnjoyVenture has invested in more than 200 start-ups. The EnjoyVenture team currently manages venture capital funds with a total volume of around 170 million euros. Further information can be found atwww.enjoyventure.vc

About GETEC Energie Holding GmbH and the GETEC Group

GETEC Energie Holding (GEH or GETEC Group) is the holding company of Dr. Karl Gerhold and combines 25 years of experience in the energy markets. The activities of the GETEC Group include the development of solutions for renewable energies, the planning and operation of decentralized electricity transmission grids and the customized procurement of energy. Sustainability and efficiency as well as the careful use of our natural resources are the guiding principles of the GETEC GROUP. GEH and its subsidiaries GETEC Energie GmbH, GETEC Green Energy GmbH, GETEC Net GmbH and other industrial holdings employ more than 1,500 people with a turnover of more than EUR 2.5 billion.

About hannoverimpuls

hannoverimpuls, the joint economic development agency of the state capital and the Hannover Region, supports entrepreneurial commitment with services and projects and actively helps to shape the future of a modern economic region of Hannover. hannoverimpuls invests in innovative technology-oriented start-ups in the Hannover Region via the Hannover Beteiligungsfonds (HBF) and has been supported by the fund manager EnjoyVenture for more than 15 years.

About Hannoversche Volksbank

With total assets of around € 8 billion and 240,000 customers, 125,000 of whom also own the bank, Hannoversche Volksbank is one of the ten largest Volksbanks in Germany. It is at home in the Hanover region and has two branches, Volksbank Hildesheimer Börde and Volksbank Celle. With around 1,000 employees, the Volksbank operates 42 branches and 35 self-service centers. With more than 160 years of history, Hannoversche Volksbank sees itself as a reliable partner for commercial and private SMEs.

About Sparkasse Hannover

Sparkasse Hannover has been the leading financial brand in the Hannover region for almost 200 years. With around 670,000 customers, total assets of EUR 20.4 billion and more than 1,700 employees, it is the largest savings bank in Lower Saxony and ranks sixth in the country. Sparkasse Hannover has been committed to the regional economy from the very beginning. Today, its own teams of experts support founders - from the initial idea through to the growth phase. Since its launch in 2003, Sparkasse Hannover has also been a reliable partner at the side of the business development agency hannoverimpuls GmbH.