The Spanish government is taking steps to expedite the allocation of funds for technology startups. A new official body is being established to facilitate the injection of €20 billion into deeptech and audiovisual companies across the country. This initiative, set to be approved by the Spanish Cabinet, aims to streamline the management of various tech funds under one entity, reducing the time required for companies to access funding.
These funds include the existing €4 billion NextTech fund for deeptech startups, €12 billion in EU funds for the semiconductor industry, and the €1.7 billion Hub Audiovisual fund. José Luis Escrivá, Spain’s new minister for digital transformation, highlighted the importance of the new body in fostering synergies among different initiatives for cutting-edge technologies and serving as a single point of contact for industry founders.
The Sociedad Estatal para la Transformación Tecnológica (SETT) will oversee the evaluation of project and startup viability, provide technical and bureaucratic support to Spanish companies of all sizes, offer loans and grants, and hold minority equity in strategic businesses. With a focus on telecoms and semiconductors, SETT will also play a key role in implementing the EU Chips Act in Spain.
Additionally, SETT will establish an investment team to stimulate venture capital activity in deeptech startups and scaleups, aiming to facilitate fundraising for company founders. This initiative underscores Spain‘s commitment to bolstering its technological sovereignty and supporting innovation in the tech sector.
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