Global challenges like climate change, improved access to healthcare, clean drinking water, and sustainable food sources demand bold ideas. Ideas that banks aren’t always eager to embrace when it comes to financing. Development capital from Invest International is intended to further develop and scale up proven technologies and products as a prelude to international growth.
Development capital
A successful business model, a solid business plan, and excellent market prospects. All the necessary checkboxes for financing, you might think. Yet, banks often decline, especially when a project is still in its infancy or requires significant capital to scale up, thus entailing excessive risks. Invest International exists to support these companies by co-financing feasibility studies that de-risk propositions and help attract more capital.
Jasper Klapwijk, Development Capital Manager & Health Lead at Invest International: “When providing development capital, our focus is on scale-ups and SMEs that already have a commercially proven business model in the Netherlands and are ready to expand internationally. We share the development risk, and repayment of the investment, with a premium, is only required if the company and the international rollout of a product are successful. If not, Invest International writes off the amount provided. So, we’re talking about a conditional loan.”
Sharing development risk
“The company in question must, of course, also invest. If you believe in something as an entrepreneur, you have to be willing to risk your own resources. We provide a maximum of 50 percent of the financing for a given project. The other half comes from the company itself. A unique arrangement that traditional financiers usually can’t provide. However, we often collaborate with banks on this. We take the risks for the first step. That builds trust with other financiers. That’s how the ball gets rolling, which is precisely the idea,” says business developer Manou Aelmans of Invest International.
For example, Invest International recently invested in Protix from Dongen, a Dutch pioneer in insect proteins, with a development loan of 1 million euros. This was intended for a feasibility study into the establishment of a protein factory in South Korea, where black soldier flies convert food waste into high-quality protein for animal feed. The choice of this country was strategic, as it processes more than 15,000 tons of food waste daily and has an advanced waste management system. Unlike the European Union, South Korea permits the safe conversion of food waste into insect feed, which benefits Protix’s operations. The partnership underscores the impact investor’s commitment to supporting Dutch companies with international ambitions, particularly in sectors that contribute to sustainability and circularity in the food chain.
Stijn Harms, Director Projects & Technology of Protix.
Sustainable shipping
The innovative scale-up Econowind also recently received development capital to contribute to the sustainability of shipping. This Zeewolde-based company specializes in wind-assisted propulsion for ships, which reduces fuel consumption and CO₂ emissions in the maritime sector. Econowind is developing the VentoFoil, innovative sails designed for large ships that harness wind energy to reduce CO₂ emissions by up to 15 percent. Econowind is already successfully producing 10- and 16-meter VentoFoils for coastal shipping. A larger version is now being developed: the VentoFoil XL, with a height of 24 to 30 meters, intended for deep-sea shipping. Invest International provided Econowind with €1 million in development capital to further develop and test the VentoFoil XL. Econowind also received export financing to support its growth.
“Econowind fits perfectly within Invest International’s portfolio as an innovative Dutch scale-up contributing to the sustainability of shipping. With key partners like the Dutch shipbuilder Damen Shipyards and customers from the top ten global shipping companies, Econowind is well-positioned for a global rollout,” says Jasper Klapwijk.
Frank Niewenhuis, founder and CEO of Econowind.
Citrus peel factory in Spain
Another example is biotech company PeelPioneers, which converts citrus waste into high-quality products and plans to open a factory in orange country, Spain. The Den Bosch-based company converts citrus peels—often considered waste—into valuable products such as oils and fibers. This transforms a residual product into a raw material with broad applications. With a strong position in the Dutch market, PeelPioneers is now preparing to expand into Spain with a new factory close to major citrus suppliers. By 2027, this new production site will process 30 million kilograms of citrus peels per year, more than tripling current capacity. The new facility is expected to save 4,689 tons of CO2 annually and promotes resource efficiency: 98 percent of the materials used will be recycled. Invest International is contributing 50 percent of the total cost of the feasibility study, amounting to €850,000.
Impact plays a significant role in securing financing. Klapwijk: “We measure the impact of our investments based on their contribution to the United Nations Sustainable Development Goals (ESG), specifically Decent Work and Economic Growth (SDG 8) and Climate Action (SDG 13). Before an investment, we assess the company’s environmental, social, and governance (ESG) approach. Where necessary, we provide support in managing ESG-related risks and ensuring compliance with ESG standards.”
Sytze van Stempvoort, one of the three founders of Peel Pioneers.
The article on development capital was previously published in globe magazine of industry organisation Evofenedex, edition April 2025 (in Dutch).
