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On February 13th, the European Tech Champions Initiative (ETCI) mandate was signed by five EU Members (Spain, France, Italy, Germany, and Belgium) and the European Investment Bank Group (consisting of the European Investment Bank and the European Investment Fund). This Fund of Funds aims to provide promising European high-tech innovators with late-stage growth capital.
During the initial subscription period, ETCI, which the European Investment Fund administers, has obtained pledges from Spain (€1B), Germany (€1B), France (€1B), Italy (€150M), and Belgium (€100M). The European Investment Fund (EIF) belongs to the European Investment Bank Group and has a key objective of providing financial assistance to Europe's small and medium-sized businesses. EIF creates and develops financial instruments such as venture and growth capital, guarantees, and microfinance to support these businesses.
This initiative is a striking example of what we can achieve collectively to strengthen the EU’s economic and industrial sovereignty.
- says the French Minister of the Economy, Finance, and Industrial and Digital Sovereignty Bruno Le Maire
Apart from the deployment of €500 million by the EIB Group, according to the EIB, the fund's size is anticipated to increase beyond €3.75 billion due to additional commitments in the future.
Innovative businesses need to be able to find the equity capital they need right here in Europe.
- Marjut Falkstedt, Chief Executive of the EIF
Further, ETCI intends to enhance the scale-up venture capital market in Europe by addressing financing gaps, particularly for firms seeking to secure more than €50 million in funding.
Europe is already home to world-class companies and industries with access to solid technical and financial infrastructures. To enable future European tech champions to play an equally significant international role and to boost Europe’s global competitiveness, we need to go one step further.
- Germany’s Federal Minister of Finance Christian Linder
