A new multi-billion euro venture capital fund launched today will support the growth of Europe’s startup and scaleup ecosystems.
The Pan-European Venture Capital Funds-of-Funds programme (VentureEU) is backed by the European Commission and the European Investment Fund (EIF). It aims to build a €2.1 billion pot of public and private investment, and in the process kick-start an additional ‘€6.5 billion of new investment’ in the continent’s brightest young companies.
Elżbieta Bieńkowska, Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, said VentureEU will “help our high-potential startups stay and grow in Europe, taking full advantage of the Single Market”. The fund is expected to give 1,500 startups and scaleups across the EU the opportunity to develop into impactful global companies.
“VentureEU is an important addition to the European equity scene. Whilst we have supported more than 500 funds to date, this is the first time that the EU has created such a unique programme. EIF is proud to be part of this initiative,” added Pier Luigi Gilibert, Chief Executive of the EIF.