Global law firm Norton Rose Fulbright has advised the European Investment Bank (EIB) on the award of €15 million in growth financing to the German identity verification platform IDnow.
IDnow offers tailor-made solutions in the field of secured auto and video remote identification and electronic signatures. IDnow was one of the first companies in the market to legally provide a secure solution without additional hardware for video identification of customers and electronic signatures.
The EIB's investment will primarily go towards further research and development activities and IDnow's continued international expansion.
The financing falls under the European Growth Finance Facility (EGFF), which was made possible by the guarantee of the European Fund for Strategic Investments (EFSI). EGFF assists with quasi-equity financing by providing venture capital to companies that have already received venture capital. In this case, EFSI enables the bank to significantly improve its risk-bearing capacity.
The Norton Rose Fulbright team was led by partners Dr Marco Niehaus (corporate/M&A, Frankfurt) and Timo Noftz (banking, Hamburg). Additional support was provided by partner Dr Philipp Grzimek (corporate/M&A Munich), senior associates Dr Michael Alexander Volks (banking, Hamburg) and Jan-Peter Heise, associates Dr Ariane Theissen (both corporate/M&A, both Frankfurt) and Rima Dressler (corporate/M&A Munich).