The European Investment Bank announced a €3.57B ($4.02B) fund of funds in partnership with five European nations to back technology startups in the region.
The initiative, dubbed European Tech Champions Initiative (ETCI),
received €1B ($1B) capital each from Spain, Germany, and France. Italy
and Belgium contributed €150M ($161M) and €100M ($107M), respectively.
- The fund aspires to eliminate the scale-up fundraising gap for European startups by investing in 10-15 other venture funds that provide growth financing.
- ETCI will invest in funds worth more than €1B ($1B) that participate in funding rounds over €50M ($53M) for startups.
- EIB contributed €500M ($537M) to the initiative.
- The fund's size may increase in the future as other EU nations join. Per Tech.EU, EIB is targeting €10B for the fund eventually.
- Per
EIB, foreign investors contributed 67% of the capital in 280 mega
funding rounds above €100M between the start of 2021 to May 2022.
