The European Investment Fund (EIF) and the European Commission 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. Funds financed through VentureEU are allowed to invest in Switzerland, too.
VentureEU will provide new sources of financing, giving European innovators the opportunity to grow into world-leading companies. This week, the Commission and the EIF have 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 EUR 410 million, the funds are aiming to raise up to EUR 2.1 billion of public and private investment. In turn this is expected to trigger an estimated EUR 6.5 billion of new investment in innovative start-up and scale-up companies across Europe.
After a selection process six funds have been invited to enter into negotiations with the EIF late in 2017. The first two signatures took place this week in Brussels between Isomer Capital and EIF, and Axon Partners Group and the EIF. The remaining four – Aberdeen Standard Investments, LGT, Lombard Odier Asset Management and Schroder Adveq – are expected to be finalised in the course of 2018.
The six funds will take stakes in a number of smaller investee funds and cover projects in at least 4 EU Member States or Horizon 2020 Associated Countries, out of which at least 3 Member States of the EU. Since Switzerland is a Horizon 2020 Associated Country investees are allowed to invest in Swiss start-ups, too.
The investee funds will help finance small and medium-sized enterprises (SMEs) and mid-caps from a range of sectors such as information and communication technologies (ICT), digital, life sciences, medical technologies, and resource and energy efficiency.
(Press release / SK)
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