FibriTech Secures Convertible Loan Backed by EIC Fund
Deal News | Dec 03, 2024 | Wolf Theiss
Wolf Theiss, an established law firm, has successfully guided the EIC Fund in entering a convertible loan agreement with FibriTech, a Polish start-up known for its innovative production process using cellulose fibers. This deal marks the first convertible loan agreement by the EIC Fund, the venture capital branch of the European Innovation Council, with a Polish enterprise, signifying their first foray into Poland's burgeoning start-up scene. Through the EIC Accelerator funding programme, the EIC Fund aims to back visionary companies with high growth trajectories, and with this investment, FibriTech is poised to roll out its cutting-edge 3D cellulose fibre structures across Europe and potentially globally. Wolf Theiss provided a full suite of legal services, from drafting agreements to navigating the disbursement process. The deal was successfully closed on 11 October 2024 with the support of key legal team members from both Wolf Theiss and FibriTech's advisor, Kondracki Celej.
Sectors
- Venture Capital
- Legal Advisory
- Innovative Technology
Geography
- Poland – FibriTech is a Polish company, and this represents the EIC Fund's first convertible loan agreement with a Polish start-up.
- European Union – The EIC Fund is a venture capital arm of the European Innovation Council, focusing on companies within the EU, and significant transactions such as this are part of broader EU initiatives to innovate and support growth.
Industry
- Venture Capital – The article discusses the EIC Fund's convertible loan agreement with FibriTech, which is a VC investment aimed to support high-growth potential companies.
- Legal Advisory – Wolf Theiss, a legal advisory firm, played a key role in facilitating the agreement between the EIC Fund and FibriTech, highlighting the importance of legal advisory services in venture capital transactions.
- Innovative Technology – FibriTech has developed a new method for 3D structures using cellulose fibers, positioning the company in the innovative technology sector.
Financials
- – No specific financial amount for the convertible loan is provided in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| FibriTech | Target Company | Company | A Polish company that has developed an innovative process for creating 3D structures using cellulose fibers. |
| EIC Fund | Investor | Company | The venture capital arm of the European Innovation Council, funding enterprises through the EIC Accelerator programme. |
| Wolf Theiss | Legal Advisor | Company | A law firm that advised the EIC Fund in facilitating the convertible loan agreement with FibriTech. |
| Kondracki Celej | Legal Advisor | Company | A law firm that supported FibriTech in the transaction. |
| Maciej Olszewski | Partner, Corporate M&A | People | Partner leading Wolf Theiss’ team in the transaction. |
| Dominika Getka | Associate, Corporate M&A | People | Associate involved in the transaction from Wolf Theiss. |
| Zuzanna Nowak-Wrbel | Associate, IP & TMT | People | Associate contributing to the transaction from Wolf Theiss. |
| Rafa Celej | Partner | People | Partner at Kondracki Celej, advising FibriTech. |
| Arkadiusz Klejnowski | Senior Associate | People | Senior Associate at Kondracki Celej, advising FibriTech. |