| SEED
STAGE |
SEED CAPITAL |
Capital for developing and testing
out an initial idea. |
START-UP
EARLY STAGE CAPITAL |
Capital for financing an initial stage of production,
marketing or sales before the enterprise becomes
profitable. |
| EXPANSION |
EXPANSION-DEVELOPMENT FINANCE |
Financing for expansion of production capacity,
sales, new market entry. The firm is likely to
already be profitable. |
| BRIDGE FINANCE |
Financing during the preparatory stages for
listing on an exchange. |
| RESCUE/TURNAROUND |
Financing for an acquisition or for restructuring
the firm. |
| BUY OUT STAGE |
MANAGEMENT BUY-OUT |
Financing for a buyout of the firm by current
management. |
| MANAGEMENT BUY-IN |
Financing for a buyout of the firm by a new
management team. |
| REPLACEMENT STAGE |
REPLACEMENT |
Financing for the buyout of shares of outgoing
partners or of another fund. |
| DEBT REFINANCING |
Financial improvement by reducing leverage (debt
/ capital). |
Below is the breakdown by stage of venture capital
investments in Greece for 2001:
Seed Capital |
5.7% |
Start-ups |
34.3% |
Early Stage - Development
Finance |
54.3% |
Replacement Capital |
2.9% |
MBO/MBI, Turnaround/Replacement |
2.9% |
