Fundación Repsol has donated more than 10 million to these companies. It has also achieved more than 230 million in public and private financing.
Repsol has driven more than 65 ‘startups’ through the Entrepreneurs Fund of its foundation, the tool to accelerate the development of companies launched by the group, in its ten years of existence, in which a total of 185 patents by these innovative companies.
Repsol Foundation has donated more than 10 million euros to the incubated companies, which have also achieved, as a whole, more than 230 million euros in public and private financing. He has also created 390 new jobs in areas such as low-emission technologies, biotechnology, advanced mobility, nanotechnology, the circular economy or digitization, according to the company in its latest ‘newsletter’.
Since 2011, the initiative has registered a survival rate of 75% among the incubated companies, thus endorsing the trajectory of this innovation promoter from Fundación Repsol.
The Director of Entrepreneurship of Fundación Repsol, Javier Torres placeholder image, considered that the balance “is very positive and from the Entrepreneurs Fund we continue to focus on promoting the energy transition by accelerating startups that provide innovative solutions or technological advances.”
In each call of its Foundation Entrepreneurs Fund, Repsol chooses between six and eight innovative technology startups for a one-year acceleration program and, in addition, They receive between 60,000 and 120,000 euros as a donation for their development.
In addition, a group of about 50 mentors, ranging from former Repsol executives with extensive experience in business development and active experts from Repsol Technology Lab and from the different business areas of the company, they offer technical and business advice.
The high percentage of survival among accelerated technology companies can be attributed “to the careful selection of the ‘startups’ that enter the program,” said Torres, who stressed that they have been chosen among the almost 5,500 proposals presented in its ten editions, and “to the future opportunities that are open to them, especially with the validation of their technology in a real industrial environment”, which has resulted in more than 850 prototypes, concept tests and pilots carried out this decade.
Likewise, the program, which is intended for technological startups in the pre-commercial phase or that will reach that phase in one or two years, has been gaining global projection over the years and, thus, in its last edition 713 projects have been presented from 20 countries such as Spain, the United Kingdom, Canada, the United States, Germany or the Netherlands.
Future plans include expanding the coverage of the call in Asia. “This year we have started its dissemination in India and Japan,” added the manager.
More than 100 startups
Repsol, in addition to supporting the innovative ecosystem of startups from Fundación Repsol, also has a strategic investment fund, called Repsol Corporate Venturing.
Thus, while the Entrepreneurs Fund focuses on mentoring technologies that are in an incipient phase, the investment fund is focused on detecting technologies that are in a development phase closer to their commercial deployment and with a high potential for their incorporation to the company’s business.
Repsol Corporate Venturing’s activity intensified as of 2016 and since then it has had € 85 million to make investments in five-year cycles. Its activity has materialized through the acceleration of business models in more than 30 ‘startups’ in which it has invested.