The new pan-European fund in support of high-tech startups has started under the ETCI-European Tech Champions Initiative promoted by the EIB Group (EIB - European Investment Bank and EIF -European Investment Fund) in collaboration with Italy, Germany, France, Spain and Belgium.
The ETCI will strengthen European risk capital markets at the scale-up stage by filling the current gaps for high-tech companies in access to finance of more than 50 million euros. To achieve this objective, ETCI will pool the public resources of the participating Member States and the EIB Group to invest in large-scale venture capital funds. The latter in turn will provide funding for the growth of European technology champions.
The Fund received initial commitments of 3.75 billion euros: 500 million euros from the EIB Group and 3.25 billion euros from the acceding Member States. Italy contributes 150 million euros. The size of the fund is set to grow and attract new commitments in the future, both from other Member States and from private operators.