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11 Apr 2018

EC and EIF launch Venture Capital Fund-of-Funds programme

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 six participating funds will receive EU support in their mission to invest in the European venture capital market. With up to €410 million of EU funding (€67 million of EIF own resources: €200 million from Horizon 2020 InnovFin Equity, €105 million from COSME, and €105 million from the European Fund for Strategic Investments (EFSI)), the EU is 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.

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."

Venture capital (VC) is vital to a well-functioning Capital Markets Union, but remains underdeveloped in Europe. In 2016, venture capitalists invested about €6.5 billion in the EU compared to €39.4 billion in the US. VentureEU will provide new sources of financing, giving European innovators the opportunity to grow into world-leading companies. Around 1,500 start-ups and scale-ups are expected to gain access across the whole EU.

For more information:

EC - press release

EC - Frequently Asked Questions

Horizon Magazine article: EU launches venture capital mega-fund to attract heavy-hitting investors

 

 

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