1. RISK CAPITAL AND VENTURE CAPITAL FUND IN BASILICATA REGION
Ljubljana, 4th October 2017
Speaker: Vito Pinto

2. Sviluppo Basilicata’s experiences in Risk Capital Fund
is the Local Development Agency of Basilicata Region.
gained experience in Risk Capital for SMES, by managing, in the last 20 years, 3 Risk Capital Funds.
was one of the the first Development Agencies to manage a risk capital measure in South Italy, using public resources. Two Funds were part of two Global Grants directly allocated by European Commission to Sviluppo Basilicata.

3. The risk capital measure takes the form of participation into SMES.
Sviluppo Basilicata’s experiences in Risk Capital Fund
The risk capital measure takes the form of participation into SMES.
Sviluppo Basilicata injects capital in exchange for shares in the business.
The Fund may invest in enterprises active in nearly all sectors of the economy, (not only in innovative enterprises) settled in Basilicata Region.
Principally PRIVATE EQUITY INVESTMENTS (enterprises already operating, with a long experience).

4. NUMBER OF SUPPORTED ENTERPRISES TOTAL INVESTMENT’S AMOUNT
Sviluppo Basilicata’s experiences in Risk Capital Fund
RISK CAPITAL FUND
DATE
NUMBER OF SUPPORTED ENTERPRISES
TOTAL INVESTMENT’S AMOUNT
Global Grant 1989/1993 (FESR)
1996 17
€ 5,187,000
PIC PMI Grant
(FESR)
2001 2
€ 1,136,000
Global Grant 1994/1999 (FESR)
2003 4*
€ 2,400,000
Total 23
 € 8,763,000
* 3 equity e 1 quasi equity

5. THE REGIONAL VENTURE CAPITAL FUND
Sviluppo Basilicata’s experiences in Risk Capital Fund
AT THE END OF DISINVESTMENT PERIOD:
3 write off,
3 forced execution of the outstanding debt;
17 exit (with a capital gain)
The financial resources obtained by «exit» were used to set up a new risk capital fund:
THE REGIONAL VENTURE CAPITAL FUND

6. REGIONAL VENTURE CAPITAL FUND BASILICATA
Regional Venture Capital Fund Basilicata: general information
REGIONAL VENTURE CAPITAL FUND BASILICATA
scheme notified to the European Commission
the Fund plafond is € 8,000,000
resources used come from the reuse of previous interventions at the same time (revolving fund).
Sviluppo Basilicata S.p.A. is the subject appointed to manage Fund

7. SMEs with innovative business ideas and/or growth programs
Regional Venture Capital Fund Basilicata: purposes and recipients
PURPOSE
The purpose of the Venture Capital Fund is to encourage the creation and development of SMEs located or planning to locate in Basilicata (headquarters).
RECIPIENTS
SMEs with innovative business ideas and/or growth programs
in compliance with existing regulations
not listed on regulated markets
operating in the sectors admitted by regulation

8. temporary (maximum 7 years)
Regional Venture Capital Fund Basilicata investment
The Venture Capital measure takes the form of participation into SMEs.
Sviluppo Basilicata injects capital in exchange for shares in the business, according to the Pre-money evaluation.
Equity participation is:
a minority holding (maximum of 49% of the share capital of company);
temporary (maximum 7 years)

9. Regional Venture Capital Fund Basilicata investment
The Fund may invest above all in innovative enterprise, in innovative sector, characterized by high level of risk but potentially economically viable, (enterprise in Early Stage or Expansion phase)
These are enterprises in which institutional investors (banks and private investors) would invest with difficulty.
This financial instrument could be very suitable for SMEs operanting in CCI sector.

10. Assistance from the Fund is limited to 70% of the investment.
Regional Venture Capital Fund Basilicata: co-investors
CO-INVESTORS
The Fund can operate only in cooperation with one or more private co-investors (other funds, business angels, private investors, members of the same company).
Assistance from the Fund is limited to 70% of the investment.
The remaining 30% must be carried by one or more co- investors, of which:
at least 15% by co-investors outside the company (crowfunding….)
maximum 15% from those already members of the SMEs beneficiaries of the intervention

11. CO-INVESTORS BENEFITS
Regional Venture Capital Fund Basilicata: co-investors
CO-INVESTORS BENEFITS
For the investment in equity there is an asymmetrical distribution of risks and revenues:
additional premium in case of disinvestment (exit) very profitable
mitigating losses in case of disinvestment (exit) negative

12. sale of shares to shareholders of the subsidiary company
Regional Venture Capital Fund Basilicata: disinvestment
WAY OUT
sale of shares to shareholders of the subsidiary company
sale of units / shares to other institutional investors
sale of units / shares to third parties
sale through a public offering, including the listing of the Company on regulated markets (IPO - Initial Public Offering)

13. obligations of investors and shareholders
Regional Venture Capital Fund Basilicata: governance
GOVERNANCE
participation will be governed by special shareholders' agreements and contracts will be signed between Sviluppo Basilicata, co-investors and shareholders of SMEs, which will govern in particular:
obligations of investors and shareholders
clauses to ensure the divestment in companies
rights to appoint members of the Board and the Board of Auditors

14. Applications submitted 60
Regional Venture Capital Fund Basilicata: Final outcomes
FINAL OUTCOMES
Applications submitted 60
Applications accepted for financing 9

15. 9 Investments: 2 Expansion 7 Early Stage
Regional Venture Capital Fund Basilicata: Final outcomes
9 Investments:
2 Expansion
7 Early Stage
RESOURCES INVESTED: €
By Fund: €
By private investor: €
Economic sector
ICT, Fintech, e-commerce for renewable energy, web platform for young soccer player, for educational tools, tourism, mobility, food, real estate crowdfunding)

16. Equity participation of Sviluppo Basilicata
Regional Venture Capital Fund Basilicata portfolio
Enterprises
Equity participation of Sviluppo Basilicata
DOMEC S.P.A.
21.26%
CERVELLOTIK S.R.L.
24.84%
IGOON S.R.L.
25.11%
GIOVANI PROMESSE S.R.L.
26.32%
CHEF DOVUNQUE S.R.L
28.00%
PICKMEAPP S.R.L.
27.32%
SLOWFUNDING S.R.L.
23.92%
BIOMASSAPP S.R.L.
20.16%
PERSONAL SHOP S.R.L.
27.35%

17. www.pickmeapp.it www.giovani-promesse.it
Regional Venture Capital Fund Basilicata portfolio    

18. Thank you for your kind attention