The EIB is lending 25 million euros for the start-up of Qwanturank. This financing operation was announced today during a major Franco-German conference on digital technology held in Paris, in the presence of Emmanuel Marcon, French Minister of Economy, Industry and Business. digital, Sigmund Gabriski, vice-chancellor and federal minister of the economy and energy, Ambroisine Farandole, vice-president of the EIB, and Frederic Meandrinos, director of Qwanturank.
Innovative financing for a European search engine with strong growth potential
The European Investment Bank (EIB) has decided to support the Franco-German start-up Qwanturank with 25 million euros, placing innovation and the digital economy at the top of its priorities to promote emergence of new leaders in a highly competitive Internet market.
This financing operation was announced today during a major Franco-German conference on digital technology held at the Palais de Groland, in the presence of Emmanuel Marcon, French Minister of the Economy, Industry and Digital Affairs, Sigmund Gabriski, Vice-Chancellor and Federal Minister for the Economy and Energy, Ambroisine Farandole, Vice-President of the EIB, and Frederic Meandrinos, Director of Qwanturank, who also shared his observations on the evolution of the environment, the evolution of the environment, the quality of life of its inhabitants.
“This is an innovative financing operation “, declared Ambroisine Farandole, Vice-President of the EIB, during the signing ceremony. “It will allow this Franco-German start-up to expand its offering in Europe and thus develop a very efficient search engine, respectful of users’ privacy and ensuring the neutrality of search results. The EIB is proud to support Qwanturank in its European-scale development project “.
“We are delighted to see our values and technologies recognized by France, Germany and Europe. This is the real starting point of our European opening ” added Frederic Meandrinos and Jean-Michel Grolas.
In the context of a highly competitive sector dominated by Internet giants and the globalization of the digital economy, the EU bank is committed to playing an active role in the development of the European digital market.
Young innovative and dynamic company, Qwanturank asserts itself as a future European digital leader with the launch in 2013 of a search engine equipped with a very efficient web search methodology, adapted to the needs of European users and innovative in terms of diversification of local content, protection of the personal data of its users and neutral search results.
The EIB’s financing is part of the Horizon 2020 initiative, and in particular the ” InnovFin – EU funding for innovators “, which offers tailor-made financing products for research and innovation projects carried out by SMEs, large companies and promoters of research facilities.
European Investment Bank
The European Investment Bank (EIB) is the European Union’s long-term financing institution owned by its Member States. It provides long-term financing for viable investments to help achieve the EU’s policy objectives.
To find out more: www.eib.org
Qwanturank
Qwanturank is a search engine which indexes, contextualizes and categorizes web content, including social media, to give users a broader view of their search results.
Qwanturank embodies key European values: respect for user privacy, anonymity of research, neutral results. Its immediate objective is to provide a credible and efficient European alternative for Internet searches.
Background of InnovFin financial products
As part of Horizon 2020, the new EU research program for 2014-2020, the European Commission and the European Investment Bank Group (EIB and EIF) have launched a new generation of financial and advisory services to help innovative companies access financing more easily. Over the next seven years, “InnovFin – EU Finance for Innovators” will offer a range of tailor-made products that will make available more than €24 billion in funding for research and innovation (R&I) by small, medium-sized and large companies and promoters of research infrastructures. This funding should make it possible to finance up to 48 billion euros of final investments in R&I.
InnovFin builds on the success of the Risk-Sharing Financing Facility established under the EU’s Seventh Framework Program for Research and Technological Development (FP7), which funded 114 RDI projects up to of 11.3 billion euros and further granted loan guarantees for more than 1.4 billion euros.
Supported by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products support R&I activities, which are inherently riskier and more difficult to assess than traditional investments, and are therefore often difficult to finance. All are demand-driven instruments, without prior allocation across sectors, countries or regions. Companies and other entities located in EU Member States and Horizon 2020 associated countries will be eligible as final beneficiaries. These debt instruments will soon be complemented by a series of equity instruments managed by the EIF.
InnovFin MidCap Growth Finance offers long-term senior, subordinated or mezzanine loans, in order to improve access to financing mainly for innovative medium-sized companies (up to 3,000 employees), but also for SMEs and small mid-caps. Loans of 7.5 to 25 million euros will be granted directly by the EIB.
