NETHERLANDS Trends and Developments Contributed by: Marc Habermehl, Roderik Vrolijk and Max de Heer, Stibbe
Phasing-out of the National Growth Fund The National Growth Fund is an initiative of the Dutch Ministry of Economic Affairs and Climate and of the Ministry of Finance, which managed the fund on behalf of the government. Through this fund, the government invests over EUR11 billion in projects that contribute to the sus - tainable earning capacity of the Netherlands. Recently, the newly formed Dutch administra - tion announced that the National Growth Fund will be phased out in the coming years. Extension of the Innovation Credit, Early- Stage Financing and Seed Capital schemes The following schemes have been extended by the Dutch government. • The Innovation Credit ( Innovatiekrediet , or IK) is a scheme intended for companies engaged in the development of clinical and techni - cal development projects. Over the past 15 years, IK has supported more than EUR1.9 billion in private R&D projects through loans. The scheme has co-financed ASML, Near - field Instruments and many other innovative companies. • The Early-Stage Financing scheme ( Vroege fase financiering , or VFF ) was established in 2014 with the goal of supporting early-stage companies, specifically during the proof-of- concept phase. The VFF focuses on three main target groups: SMEs; innovative start- ups; and academic or college start-ups. The VFF supports companies through an interest- bearing loan, which amounts to 7.71% per 1 January 2025. • Established in 2005, the Seed Capital scheme aims to strengthen the VC and business angel fund landscape in the Netherlands by providing loans to investment funds. Private investors contribute expertise and capital to start-ups, and the government doubles
of multiple initiatives. Below is an overview of some of the most notable government initiatives related to VC and recent related developments. Additional financing allocation for Invest-NL Invest-NL is a private company financed by public resources and with the Dutch Ministry of Finance as its sole shareholder. Invest-NL provides capital investments of between EUR5 million and EUR50 million. At a maximum, Invest-NL’s funding covers up to 50% of the total required financing of a start-up or growth company. In addition, the activities of the com - pany requesting funding should be in line with the focus areas of Invest-NL. These focus areas include: • deep tech; • bio-based and circular economy; • carbon-neutral economy; and • life sciences and health. Invest-NL was founded in 2020, and has since completed around 135 investments, with total investment amounts of over EUR1 billion. The Dutch government announced in 2024 that Invest-NL shall receive EUR900 million in addi - tional financing until 2029. Regional development corporations There are nine regional development corpora - tions, with the Dutch provinces of the relevant region as shareholder. The purpose of these companies is to invest in and strengthen the regional economy. Figures show that approxi - mately EUR220 million has been invested in 2024 by VC investors with the Dutch govern - ment as sole shareholder. These VC investors include, most notably, Invest-NL and the region - al development corporations.
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