With the SI-SK product, the Slovene Enterprise Fund (SEF) offers a form of equity financing for companies that quite difficult access the financing of commercial banks or other traditional forms of financing. Therefore, if the company has already acquired a private investor or is in the phase of negotiating an investment in its business, SEF offers it a doubling of the investment of a private investor within the SI-SK product, under the same conditions as for a private investor.
"It would be much harder to convince an investor to invest if there was no SI-SK tender," admits Klemen Furlan, founder and CEO of Giro Car Share, which received the investment under the SI-SK co-investment scheme. He adds that their startup is based on staff that is technical in nature, it is primarily programmers, so the investment will allow them to retain and further expand their team of programmers.
Stable business, access to appropriate mentors and financing of development fleet
"As a result, the investment will also enable us to complete the three pillars of services provided by our software in order to achieve the set goals of the mobility cycle," says Klemen Furlan, adding that the investment will also allow them at least 2 years of stable business, access to appropriate mentors and financing of the development fleet.
Giro Car Share is an innovative software company in the field of sustainable mobility that develops high-tech solutions for sharing vehicles, e-bikes and e-scooters. The main pillars of their business are vehicle sharing (mainly electric), sharing of multi-passenger transport in one vehicle (rideshare) and sharing of bicycles and scooters (for mastering the "last mile" or continuing the route from the park & ride to city centers).
Lots of unknowns, but great responsiveness from those involved
Regarding the experience of obtaining a co-investment from a private investor and SEF, Klemen Furlan says that due to many unknown things, it was definitely something new and that the help of a lawyer from the team was very welcome. "I would like to commend Nina Urbanič, Rok Huber (both from SEF, remark of the author) and Klemen Tičar (lawyer, remark of the author), who were very responsive. During the challenging period of quarantine, we cooperated excellently and managed to coordinate the agreement and the registration of new owners with a public notary," Klemen concludes.
SI-SK is a "code" for doubling private investment for fast-growing innovative companies in the initial stages of development, when they need fresh money for operations and company development, but at the same time have difficulty accessing financing from commercial banks or other traditional forms of financing.
The SEF investment can add up from 100,000 to 600,000 EUR
The investment of SEF can add up from 100,000 to 600,000 EUR, and the Slovene Enterprise Fund always matches the amount of a private investor, and the same conditions apply.
In addition to money, content support in the form of mentoring sessions with experienced mentors, as well as connecting with peers and other startups ecosystem stakeholders is very valuable for the recepients of the investment.
Grab the next opportunity and apply for the SI-SK tender by 30 September 2020. You can find more details here.
Content support for recipients of P2, SK75 or SI-SK financial products under the "de minimis" scheme is co-financed from the Slovene Enterprise Fund and the European Union from the European Regional Development Fund. This is implemented on the basis of the Content Support for Funds Recipients (SMEs) Programme in the 2018-2023 period, under the Operational Programme for the Implementation of the European Cohesion Policy 2014-2020.