The group said in a statement that this investment vehicle, called the “European Technology Champions Initiative”, “will support high-tech companies that are in an advanced stage of growth.”
The “EIB” group, which includes the European Investment Bank, announced on Monday that it will participate with five member states of the European Union in launching an investment fund worth 3.75 billion euros aimed at supporting promising companies in the field of technology.
The group said in a statement that this investment vehicle, called the “European Technology Champions Initiative”, “will support high-tech companies that are in an advanced stage of growth.”
The statement indicated that this would “help bridge the financing gap that makes the most innovative startups in Europe depend on non-European capital.”
The initiative has obtained financial pledges from five countries: France (one billion euros), Spain, Germany, Italy and Belgium, for a total amount of 3.25 billion euros.
The EIB group, made up of the European Investment Bank and the European Investment Fund that manages the bank, also pledged 500 million euros.
And the “EIP” group announced that “the size of the fund will increase to attract new commitments in the future,” noting that this fund will particularly help “companies seeking to raise amounts in excess of 50 million euros.”
