The European Commission and the European Investment Fund (EIF) have launched a Pan-European Venture Capital Funds-of-Funds programme (VentureEU) to boost investment in innovative start-up and scale-up companies across Europe.
The Commission and the EIF announced six participating funds to receive EU support in their mission to invest in the European venture capital market.
Backed by EU funding to the tune of €410 million, the funds are aiming to raise up to €2.1 billion of public and private investment.
In turn, this is expected to trigger an estimated €6.5 billion of new investment in innovative start-up and scale-up companies across Europe, doubling the amount of venture capital currently available in Europe.
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “In venture capital, size matters.
“With VentureEU, Europe’s many innovative entrepreneurs will soon get the investment they need to innovate and grow into global success stories.
“This means more jobs and growth in Europe.”
Carlos Moedas, Commissioner for Research, Science and Innovation, added: “VentureEU is a key element of the Open Innovation strategy that we launched three years ago.
“It is vital for Europe to remain an industrial leader and an economic powerhouse.”