Over €30 million extra for innovative business community in Zuid-Holland
The Province and the Government will jointly make an additional sum of €30 million available to development company IQ, to allow for additional investments in innovative and burgeoning businesses in Zuid-Holland.
The Ministry of Economic Affairs and Climate (EZK), the Province of Zuid-Holland and the Municipality of Delft have made a capital contribution of over €30 million in InnovationQuarter, the regional development company of Zuid-Holland. With these means, InnovationQuarter can make extra investments from its IQCapital fund in innovative and burgeoning businesses in Zuid-Holland.
The Ministry of Economic Affairs, the Province of Zuid-Holland and the Municipality of Delft already have shares in InnovationQuarter. Ministry and Province each invest €15 million, the Municipality of Delft €1.05 million. They do this on the basis of previously made agreements. With the infusion of over €30 million they bring the InnovationQuarter's fund assets to almost €80 million. The IQCapital fund is revolving. That means that investments in businesses in principle return to the investment company, allowing the money to be reinvested after a while.
The new capital infusion is good news for the businesses in Zuid-Holland, according to Adri Bom-Lemstra, Regional Minister of the Province of Zuid-Holland: “Our region has incredible innovative businesses, ranging from start-up to more mature businesses. These entrepreneurs need capital to grow and scale-up. InnovationQuarter can help them do so with funds and knowledge.”
InnovationQuarter has been an active investor since its inception on 1 January 2014. Rinke Zonneveld, director of InnovationQuarter, is very pleased with the expansion of the fund. “There is great interest in IQCapital. Since our inception, we have invested in a large number of businesses and are one of the most active investors in The Netherlands. With our shareholders’ support and the additional means that we are to receive now, we can continue to invest to help innovative businesses in our region grow.