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Factsheet for measure AT-2020-36/1242 Updated – measures in Austria

'Proud of Vienna' Holding: providing equity capital to affected companies with the help of a temporary investment

"Stolz auf Wien" BeteiligungsGmbH mH

Country Austria , applies regionally

Time period Temporary, 01 September 2020 – 30 September 2023
Context COVID-19
Type Other initiatives or policies
Category Supporting businesses to stay afloat
– Access to finance
Author Bernadette Allinger (Forba) and Eurofound
Measure added 05 October 2020 (updated 23 November 2023)

Background information

In the fight against the effects of the Corona crisis on the Viennese economy, the city founded a holding, called 'Stolz auf Wien' Beteiligungs GmbH ('Proud of Vienna'). This limited company is a subsidiary of Wien Holding and the Vienna Economic Chamber. It provides equity capital to affected companies with the help of a temporary investment. Approximately €40 million are available, but this is expected to increase when further partners get on board as capital providers.

Content of measure

The target group of 'Stolz auf Wien' BeteiligungsGmbH are companies which are based in Vienna that:

  • have a need for financial resources due to the COVID-19 crisis;
  • have a long term positive forecast for the future;
  • are a strong part of Vienna's identity;
  • have economic significance;
  • have a high relevance for the Vienna 2030 Economic and Innovation Strategy;
  • secure a relevant number of jobs.

The procedure for application is as follows:

  1. An expression of interest is made by the interested company (online).
  2. The applying company is subjected to a screening process and passed on to renowned auditing firms for detailed examination.
  3. After a positive examination, the expert advisory board makes a final recommendation to the management of "Stolz auf Wien" Beteiligungsgesellschaft.
  4. Finally, the investment contract is drawn up and concluded.

The investment is limited to a maximum of €1 million or a maximum of 20% of the shares per company. After seven years (at the latest), these shares will be returned to the owners. At the beginning of the partnership, a clear exit scenario for both sides is also determined.

The capital volume of the investment company consists of €20 million coming from the City of Vienna and further partners, among them the Vienna branch of the Economic Chamber. Together with representatives from Industry and private partners (so far, several banks and insurance) a further €30 million are expected to be raised (subject to further increase).


The following updates to this measure have been made after it came into effect.

21 September 2023

In September 2023 it was announced that the measure would no longer take on new clients as of 30 September 2023. In total, €23.6 million have been invested in 47 companies and 933 jobs were saved. Supported companies (i.e. companies that have received funding) will be supported by the city of Vienna in implementing their economic goals until the end of 2028. Companies can buy back their shares at any time.

In total, five companies had to file for insolvency even though they received support, and in five further companies, restructuring processes are underway.

02 October 2022

The prolongation of the programme into 2023 was announced in October 2022 by Vienna's economic city councilman Mr Hanke.

23 December 2021

On 23 December 2021, the extension of the programme to the end of 2022 was confirmed.

22 April 2021

In April 2021, it was announced that the 'Proud of Vienna' Holding would become refurbished: In a second round, the focus is to lie particularly on the gastronomy and tourism sector, which have been affected particularly strongly due to forced closures. The City of Vienna is to hold a fifth of the shares only and the rest of the owners should be private investors. It does thus not participate directly in the companies, but instead provides funding and receives participation rights in return (i.e. shares in future profits). The grant per company is now limited to €300,000. A tentative expansion of the programme until the end of 2022 has been announced. Thus far, seven companies have participated in round 1; for round two, three potential cooperations have been envisaged as of 22 April.

Use of measure

In mid-September the first two investments were presented. On 8 October three more investments were presented. The companies include a jewellery manufacturing company, a manufacturer of engine oils and lubricants, an electronics company and two gastronomy companies.

As of January 2021, the holding has announced that it could thus far secure 250 jobs.

In October 2021, the holding announced that five further companies received capital in the amount of €1.9 million. The total investment volume of the programmes (part 1 and part 2 which specifically focuses on companies in the tourism sector) now lies at €5.7 million and 12 companies (part 1) and a further €1.55 million (part two) for eight companies.

Further five companies are already in the detailed examination of the two programmes and are to be presented to the respective advisory boards at the end of October 2021.

As of October 2022, around €18 million have been invested and 800 jobs secured in 36 companies.

As of 23 December 2021, the programme has supported or invested in 23 companies in total. Around ten further companies are under screening for 2022. The total investment volume of the holding amounts to €7.8 million for 13 companies of part one of the programme and a further €1.95 million for ten companies in part two of the programme.

On 30 March 2022, an update of the programme was presented; thus far, 27 companies had participated and 539 jobs could be secured through this programme, according to Mr Hanke, city council for economic affairs of the city of Vienna.

By October 2022, €18 million were invested in 36 companies, thus saving around 800 jobs. At the same time, two companies have filed for insolvency in the first half of 2023.

Target groups

Workers Businesses Citizens
Does not apply to workers Applies to all businesses Does not apply to citizens

Actors and funding

Actors Funding
Employers' organisations
Company / Companies
Local / regional government
Employers organisation
Regional funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role No involvement Agreed (outcome) incl. social partner initiative
Form Not applicable Direct consultation outside a formal body

Social partners' role in the implementation, monitoring and assessment phase:

  • Only employers' organisations
  • Main level of involvement: Regional or local level


The Vienna branch of the Federal Economic Chamber (WKO) was involved in the design and implementation of the measure and provides funding.

Views and reactions

The Vienna branch of the WKO was involved in the measure and provides funding. No reactions/views from unions are available.



Eurofound (2020), 'Proud of Vienna' Holding: providing equity capital to affected companies with the help of a temporary investment, measure AT-2020-36/1242 (measures in Austria), EU PolicyWatch, Dublin,


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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.