Invest-NL is allocating €100 million to the Temporary Bridging Loan Program for innovative Start-ups and Scaleups (TOPSS). This program has been set up in recent weeks in close cooperation with Techleap.nl and the Regional Development Agencies (ROMs).
With the €100 million for TOPSS, Invest-NL wants to ensure the availability of venture capital for innovative high-potential startups and scaleups impacted by the Covid-19 crisis. Funding from TOPSS is aimed at continuing activities in anticipation of a long period in which fundraising will be difficult.
TOPSS offers funding from €2 million with the involvement of professional investors. In principle, Invest-NL finances up to 50% of the financing round. Financing is provided in the form of a convertible loan. Invest-NL applies specifically for applications under TOPSS an accelerated investment process of 3-5 weeks. Propositions with social impact are given priority. For that, Invest-NL looks at FTE (number of jobs related to the investment, CO2 (reduction as a result of R&D investment) and R&D (expenditure on R&D, patents, etc.).
Applications can be submitted as of 29 April 9:00 a.m. via the joint online portal with Techleap.nl and the ROMS's found here. More information about criteria and applications can be found here invest-nl.nl
In addition to €100 million from the government
The €100 million from TOPSS is in addition to the €100 million made available by the government on 7 April for bridging loans to start-ups, scaleups and innovative SMEs. These loans, the so-called Corona-Oververbruggingslening (COL), vary between €50,000 and €2 million. The implementation of the COL takes place via the ROMs. More information can be found at https://www.rom-nederland.nl/corona-overbruggingslening/.