#EIB European Investment Bank signs €25 million financing deal with podcast company #Acast under the #JunckerPlan

| August 28, 2019

The European Investment Bank (EIB) has signed a €25 million ‘quasi-equity’ financing agreement with podcast company Acast to expand its research and development activities and to further develop its audio content distribution platform. As well as independent podcasts, Acast also looks after the audio content of larger publishers, such as the Financial Times, the Guardian, Vogue, Aftonbladet and Billboard.The EIB financing is supported by the Juncker Plan’s European Fund for Strategic Investments. The EIB’s ‘quasi-equity’ financing has the characteristics of an equity stake in the company, yet does not translate into the EIB owning shares in Acast. Euro and Social Dialogue, Financial Stability, Financial Services and Capital Markets Union Vice President Valdis Dombrovskis said: “The main motivation for creating the Juncker Plan was to provide alternative sources of financing to innovative companies in need of financial support that struggled to obtain a traditional bank loan, and as a result to boost jobs, growth and investment in the EU. Today’s agreement between the EIB and Acast does exactly that, and it does so using a novel form of financing. I wish the company every success with its expansion plans.” More information can be found in this press release.As of July 2019, the Juncker Plan has mobilized €424 billion of additional investment, including €12.9bn in Sweden. The Plan is currently supporting 967,000 small and medium businesses across Europe. 

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