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Open Call for Asturias Startup Fund

Call for Asturias Startup Fund: financing of startups in the development and validation stage of the business model, minimum viable product / service (Phase I) and startups in the growth stage that have already demonstrated market traction (Phase II).

Call open from October 5th to November 5th, 2021 5th, 2021

Requirements

  • Be a highly innovative startup with its own differentiated product / service / technology.
  • Have its social headquarters and tax domicile in Asturias, or be willing to set up in Asturias.
  • Legal entities under all forms of S.L. or S.A.
  • Technical, financial, commercial and management viability.
  • The dynamising effect of the company on the Asturian economy and its volume of employment will be positively valued.
  • Promoter team involved in the project.

Characteristics common to both phases

  • Financial instrument: convertible subordinated loan
  • Co-financing of the investment: by the company itself, its founders or third parties, with an amount of at least 25% of the financing of the stage.
  • Priority for projects that have raised funds from investors (business angels, La Cuarta Financiación, etc.).
  • No guarantees from the founders.
  • No commissions of any kind.
  • Convertible into equity: in an external financing round, the company value for SRP will be discounted by 20%. In case of capitalisation, commitment of permanence and exclusivity of the founder team for two years.
  • Co-investment with specialised funds will be sought where feasible.

Phase I

  • Startups in development, business model validation stage, minimum viable product/service, with potential for growth and scalability.
  • Amount: maximum €100 K if there is a validated model through pilots, demonstrations and initial contacts with customers. In case of not having this validation, funding up to €50 K to reach this milestone and be eligible for the remaining €50K.
  • Term: 4 to 6 years.
  • Fixed interest: depending on the valuation of the project (between Euribor + 3% and Euribor + 4%).
  • Variable interest: depending on the company’s results, with a maximum of 3 additional points on the fixed interest.
  • Amortisation: 20% EBITDA for the first 3 years, the rest progressively until amortisation.
  • Annual audit will not be necessary..
  • Quarterly monitoring of the business plan.

Phase II

  • Startups in growth phase, which have already demonstrated market traction and have a team with the capacity to grow the business project.
  • Amount: up to €200 K
  • Term: 5 to 7 years.
  • Fixed interest: depending on the valuation of the project (between Euribor + 2% and Euribor + 3%).
  • Variable interest: depending on the company’s results, with a maximum of 4 additional points on the fixed interest rate.
  • Amortisation: 20% EBITDA for the first 3 years, the rest progressively until amortisation.
  • Presentation of annual accounts audit.
  • Six-monthly monitoring of the business plan.
  • The overall financing of the project must be secured.

Procedure

  • Completion by the startup of the Executive Summary document, and submission through the platform.

  • Advice on the design of the business plan by CEEI ASTURIAS.

  • Prior analysis of the projects by the CEEI and SRP technical team, taking into account the fit with the characteristics of the Fund and its level of maturity.

  • Presentation of the pre-selected projects for assessment to an Advisory Committee made up of renowned experts in the business, investment, innovation and technology fields. The others will continue the mentoring process with CEEI Asturias.

  • Detailed study by the SRP team of the projects validated by the Committee and presentation of a funding proposal to the board of directors of Sociedad Regional de Promoción del Principado de Asturias, S.A.

  • If the project is approved, formalisation of the operation before a notary.

  • Processing time: 1 month after the analysts have all the information.

Call open from October 5th to November 5th, 2021

Enquiries: hola@startinasturias.es srp@srp.es (34) 985 98 00 96 (SRP)

More information about SRP: www.srp.es

You can send us your questions or apply for funding accompanying the executive summary document from the following form, and we will contact you: