One-liner: the IVF's FEDER-funded fund-of-funds — public money that reaches startups through selected private financial intermediaries (venture-capital funds and business-angel co-investment), not by applying to IVF directly. The regional public co-investor behind much of Valencia's early-stage capital.
Correction: this is not a direct-to-founder IVF loan. IVF acts as a fund-of-funds (Fons de Fons FEDER), selecting intermediaries who then invest in companies. Founders access it by pitching the selected VC funds / angel networks.
What you get (via the instruments)
- "Capital de risc per al Creixement Sostenible" (Programa CV FEDER 2021–2027) — venture-capital equity for growth, deployed through selected VC fund managers (intermediary selection convocatoria 1/2024).
- "Préstecs Participatius en coinversió amb inversors privats" — participatory loans co-invested alongside private investors (business angels), quasi-equity, no hard collateral.
- (Prior) "Capital Risc Llavor" — seed VC for innovative entrepreneurship (earlier convocatoria, closed).
- IVF has deployed ~€20M via its FEDER lines in the first two years.
Who it's for
- Recently created / innovative Valencian companies (seed to growth) that fit the mandate of the selected funds.
How to engage (indirect — via intermediaries)
- Pitch the selected financial intermediaries, not IVF. Selected co-investment intermediaries have included: Angels Capital, BigBan (Big Ban Angels), CEEI Castellón, Demium Startups, Encomenda Smart Capital, BStartup 10 (Sabadell), Sabadell Venture Capital; VC-growth managers include Clave Mayor, Nekko Capital, GED, Columbus Venture Partners, Think Bigger, In vivo Capital, etc.
- IVF publishes the intermediary-selection convocatorias at ivf.gva.es/feder.
Key facts
- FEDER 2021–2027 fund-of-funds. For direct IVF subsidised loans, see IVF Pyme Inversion 2026 and IVF General.
- Managed by the Institut Valencià de Finances (Conselleria d'Economia, Hisenda i Administració Pública).
Relations
- Run by: IVF
- Funds: Angels Capital
- Funds: BigBan
- See also: IVF Pyme Inversion 2026
- See also: IVF General
- See also: ENISA Prestamo Participativo