Tenerife Cabildo Outlines Access to €1 Million Tenerife Accelera Fund for Innovative Businesses
Tenerife’s Cabildo held an informative session on Tuesday about the Tenerife Accelera Fund, a public-private investment initiative with an initial allocation of €1 million aimed at helping innovative companies on the island access necessary financing.
The event took place at the Innovation Factory in Santa Cruz de Tenerife, targeting startups, scale-ups, entrepreneurs, and members of the local business and tech community. Attendees learned about the fund’s access conditions, investment criteria, and application procedures.
Representatives from Archipiélago Next Ventures, the managing entity of the programme, elaborated on the financial instrument’s specifics, covering requirements and the various stages of the investment process.
Rosa Dávila, president of the Cabildo, highlighted the challenge many innovative companies face in securing funding to expand operations, hire professionals, or develop new products. She stated that the Tenerife Accelera Fund is designed to facilitate specialised capital investment in projects linked to the island’s strategic sectors.
Juan José Martínez, the Cabildo’s councillor for Research, Innovation, and Development, explained that the fund operates differently from traditional grants. Instead, the Cabildo acts as an institutional investor in venture capital entities, with project evaluations and investment decisions made by specialised professionals.
The fund, which can expand beyond its initial €1 million, will be operational until 31 December 2031. It employs a “fund of funds” model, allowing the Cabildo to invest in authorised venture capital firms, rather than directly funding companies. This strategy aims to ensure a minimum investment return of 1.1 times the public contribution to businesses based in Tenerife.
The investments will target eight strategic sectors outlined in the Cabildo’s Innovation Master Plan: astrophysics, aerospace, audiovisual and creative industries, connectivity, digitalisation and AI, blue economy, energy, health and biotechnology, and sustainability.
The session provided valuable insights into the fund’s operations, the documentation required from companies, and how this financing model differs from other support schemes.
For those interested in learning more about the Tenerife Accelera Fund, additional information is available on the Cabildo de Tenerife’s online platform at sede.tenerife.es or via email at [email protected].