The European Investment Fund (EIF) and BBVA are set to make it easier for startups with innovative and sustainable value propositions to get access to financing. The two institutions have concluded an agreement under the InvestEU guarantee programme whereby the EIF will grant a €200 million guarantee to enable BBVA Spark (BBVA's specialised startup initiative) to strengthen its support for startups, helping them with their expansion plans.
BBVA Spark promotes economic growth, competitiveness and sustainable development in the Spanish technology sector. It supports new and innovative small and medium-sized enterprises (SMEs) and small mid-caps to grow in sectors such as digitalisation and sustainability. This agreement with the EIF will help BBVA Spark to expand its activity in Spain.
BBVA will have access to a guarantee line with specific products provided by the InvestEU Fund covering two areas — innovation and digitalisation, and sustainability — which will offer targeted support to innovative, high-growth technology startups. Via the InvestEU innovation and digitalisation guarantee of up to €100 million, BBVA Spark will finance startups to adopt new digital technologies.
The InvestEU sustainability guarantee of up to €100 million will strengthen the support provided by the EIF and BBVA Spark for the green and sustainable economic transition. This backing will enable beneficiaries to make green, inclusive and environmentally friendly investments.