Tenerife Launches Accelera Fund to Support Innovative Businesses
SANTA CRUZ DE TENERIFE, 13 October — The Tenerife Island Council launched the Tenerife Accelera Fund, a public-private investment initiative designed to improve access to finance for innovative companies based on the island. The fund has an initial investment of one million euros.
The announcement was made during an information session held at the Innovation Factory in Santa Cruz de Tenerife, aimed at startups, scaleups, entrepreneurs, and the local business and tech community. Attendees learned about the fund’s access conditions, investment criteria, and application procedures, according to the Council’s report.
Representatives from Archipiélago Next Ventures SGEIC, the programme’s managing entity, outlined the financial tool’s features and clarified the investment process.
Rosa Dávila, president of the Tenerife Island Council, highlighted that securing funding is a key challenge for many innovative businesses looking to expand, hire professionals, or develop new products. The Accelera Fund aims to attract specialised capital for projects aligned with strategic sectors on the island.
Dávila noted that the event allowed for a detailed exchange of information regarding the fund’s operations, qualifying conditions for businesses, and the necessary application procedures. “It’s vital that those working on innovative projects in Tenerife are aware of the available funding instruments and can assess their options,” she added.
Fund Operations
Juan José Martínez, the Council’s Research, Innovation, and Development councillor, explained that the Accelera Fund operates through a model distinct from traditional grants. The Council participates as an institutional investor in venture capital entities, while project evaluations and investment decisions are handled by specialised professionals.
Martínez stated that the involvement of Archipiélago Next Ventures facilitates clear communication to companies about how proposals are assessed and what requirements need to be met. This meeting aimed to provide practical information to help interested entities determine the fund’s suitability for their funding needs.
The fund is set to operate until 31 December 2031 and may have its initial allocation of one million euros increased based on programme conditions. It follows a ‘fund of funds’ model, enabling the Council to invest in authorised venture capital firms regulated by the National Securities Market Commission (CNMV).
Unlike grants, this mechanism does not provide direct financial aid to businesses; instead, funding is channelled through specialised entities responsible for evaluating investment opportunities and making decisions based on their professional criteria.
Additional Details
The programme also commits to mobilising investment equivalent to 1.1 times the public contribution towards Tenerife-based companies. This allows a blend of institutional resources and private capital to finance business projects.
During the session, participants clarified the model’s specifics and how it differs from other funding options. Investments from the Accelera Fund will target businesses associated with eight strategic sectors identified in the Tenerife Island Council’s Innovation Master Plan, including astrophysics, aerospace, audiovisual and creative industries, connectivity, digitalisation and artificial intelligence, blue economy, energy, health and biotechnology, and sustainability.
The initiative is aimed at both emerging businesses and those in growth phases, as long as they meet the established investment criteria. Its objectives include facilitating financial support for business development, promoting stable employment, aiding talent retention and attraction, and expanding investment opportunities in knowledge and technology-related activities.
Company Information
Representatives from Archipiélago Next Ventures detailed the fund’s workings, evaluation criteria for business proposals, and the phases of investment operations during the meeting. They also discussed the documentation and requirements companies must consider when presenting their projects.
The gathering established a direct link between the managing entity and Tenerife’s entrepreneurial ecosystem. It clarified how this funding model differs from other business support instruments.
Interested individuals and companies can find more information about the Tenerife Accelera Fund through the electronic headquarters of the Tenerife Island Council at sede.tenerife.es or by emailing [email protected].
