HAVEL & PARTNERS provided comprehensive legal advice to the innovation agency JIC on the creation of a unique venture capital fund structure in the Czech Republic. JIC Ventures is a new fund focused on technology start-ups from the Czech Republic and the CEE region, combining private capital with public funds and responding to the long-term need for more affordable early-stage funding.

The fund itself is a unique project not only in the Czech Republic but also in the wider Central European context, both in its structure of investors and its aim to support the development of technology entrepreneurship and to strengthen the availability of venture capital for promising start-ups.

The fund has a total size of CZK 400 million and focuses on deep tech, SaaS and other advanced technology areas. It should support approximately 20 start-ups. In addition to capital, its ambition is to offer selected companies expertise, experience and links to the investor, university and scientific community, thus contributing to the development of innovative entrepreneurship and supporting the Czech Republic’s transition to an economy based on high added value, technology and research.

HAVEL & PARTNERS’ legal advice included setting up the entire structure of the fund, establishing individual entities and defining the relations between the general partner, limited partners and the fund. It also involved setting up JIC Ventures 2 a.s. as a venture capital entity and drafting related contractual, corporate, tax and regulatory documentation.

The legal advice was provided by a broad HAVEL & PARTNERS team led by VC partner Jaroslav Baier, with key involvement of managing associate Josef Bouchal, associate Johana Němečková, and other experts in venture capital and fund structures. The tax aspects of the deal were handled by partner Josef Žaloudek, and the regulatory aspects by a team led by counsel Martin Stančík.

The JIC innovation agency, founded in 2003 by the City of Brno, the South Moravia Region, and Brno universities, supports the creation and growth of start-ups, spin-offs and innovative companies, with a long-term focus on the development of entrepreneurship based on innovation, technology and research. This year, the Financial Times ranked JIC among the 50 best start-up centres in Europe.