Banco Santander expands its commitment to financing high-growth European technology companies. The bank has acquired a 30% stake in the capital of Atempo Growth (Atempo), an independent venture debt manager, which has a highly qualified management team led by Luca Colciago, with more than 20 years of experience in venture debt, in which he has financed more than 100 European technology companies.
Atempo has just launched its first fund, which will focus on financing technology companies with high growth potential in the United Kingdom and Europe, with an investment range per company of between three and ten million euros that can be adapted to the circumstances and needs of each operation.
Santander acts as the anchor investor of the fund, which has high level european investors, such as the European Investment Bank (EIB). The Atempo fund has closed its first fundraising round with investment commitments of 200 million dollars (about 175 million euros) and, due to the signs of interest received, the final closing of the fund is expected during the second quarter of this anus.
In recent years, the financing of startups through venture debt has increased exponentially as it is a complementary route to traditional venture capital. This type of financing is used by growing companies (early-stage or growth), and that already have the backing of a venture capital fund.
With the investment in Atempo Growth, Santander takes another step forward in its commitment to adding value to companies in their different stages of growth. In addition to traditional bank financing, Santander supports technology startups via the acquisition of minority stakes in its capital through Mouro Capital, and now through a venture debt with Atempo Growth, which accelerates the offer of financial services to this type of company by prestigious managers.
The new participation in the manager Atempo Growth, which will function independently within the bank’s governance, stems from Santander’s strategy to strengthen its investment platform area, Investment Platforms Unit (IPU). This business unit already includes investment platforms specialized in other types of financing that are complementary to the bank’s traditional activity, such as Tresmares, Fremman Capital or Mouro Capital.