Earlybird Digital East Fund

Location:

Regional

Project number:

43966

Business sector:

Equity funds

Notice type:

Private

Environmental category:

FI

Target board date:

09 Jul 2013

Status:

Signed

PSD disclosed:

06 Jun 2013

Project Description

The EBRD is considering an equity investment of up to USD 35 million in Earlybird Digital East Fund 2012 SCA SICAR (“EDEF” or the “Fund”), a private equity investment fund registered as an investment company in risk capital under the laws of Luxembourg.

EDEF will seek to make equity and equity-related investments in early-stage and expansion-stage technology companies primarily in Turkey but also in Bulgaria, Hungary, Slovakia, Slovenia, Poland, Romania, Albania, Bosnia-Herzegovina, Croatia, Kosovo, Macedonia, Montenegro, Serbia, Estonia, Latvia, Lithuania, Ukraine, Moldova and Jordan.

Transition Impact

The EBRD’s potential investment in the Fund will facilitate market expansion in the venture capital industry and the provision of value-additive support and long-term growth financing to technology companies in the target markets. The investment is also expected to contribute to the promotion of best practices in corporate governance and integrity within investee companies.

The Client

The Fund will be managed by Earlybird Luxembourg EDEF Management S.A., a public limited liability company incorporated under the laws of Luxembourg.

EBRD Finance

The EBRD is proposing an equity investment of up to USD 35 million.

Project Cost

The target size of the Fund is USD 130 million at final closing.

Environmental Impact

Categorised FI.

The Fund will be required to comply with the EBRD's Performance Requirement 2 (Labour and Working Conditions) and Performance Requirement 9 (Financial Intermediaries).

The Fund will be required to adhere to the EBRD's Environmental and Social Exclusion and Referral lists, and submit annual environmental and social reports to the EBRD.

Technical Cooperation

None.

Company Contact

Evren Ucok
Partner
e-mail: ucok@earlybird.com
Cevdetpasa Cad. Germencik Sok No. 1/6 Bebek
Istanbul , Turkey
Tel: +90 530 232 7233

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.