A €3.75 billion investment pot led by the European Investment Bank (EIB) and five EU member states launched this week to support promising European tech companies in the ‘late-stage growth phase’.
The new European Tech Champions Initiative (ETCI), labelled a Fund of Funds, will make capital available to innovators at what is a critical stage of their journey.
“Offering support to Europe’s innovative firms in their late-stage development, when they want to scale up their business, is essential for safeguarding the EU’s strategic autonomy,” EIB Group President Werner Hoyer said in a press release. “Europe has strong innovators, but it needs to improve the environment for companies to transition from start-up to credible competitors and market leaders. ETCI highlights our commitment to financing innovation and the rollout of technologies that will help secure a sustainable future for Europe.”
The programme is being managed by the European Investment Fund, with Spain, Germany, France, Italy and Belgium among the initial backers, with more investment in the ETCI expected.
In our 4YFN edition out later this week we will have more on some of the key European programmes and support packages that will be showcased at the event in Barcelona.
