loading

News

European Investment Bank (EIB) to invest €3.75B Into Promising Tech Startups

European Investment Bank (EIB) to invest €3.75B Into Promising Tech Startups
17 February 2023

This week, the EU and the European Investment Bank (EIB) committed €3.75B towards the financing of promising European tech companies. The fund, called the European Tech Champions Initiative (ETCI), will “support the birth and growth of new European unicorns,” or companies valued at $1 billion, said Werner Hoyer (president of the EIB). ETCI will be managed by the European Investment Bank, and is funded by 5 EU states along with the EIB. 

  • Germany, France, and Spain have each contributed 1 billion euros
  • Italy contributed 150 million euros
  • Belgium contributed 100 million euros
  • The European Investment Bank contributed 500 million euros

The fund’s main purpose is to address a common problem among promising European startups, which is ensuring sufficient capital to scale up their operations and compete globally. When confronted with this issue, many companies choose to relocate overseas to the U.S, where investments are easier to secure. As a result, the EU loses competent businesses and talent. 

Therefore, ETCI seeks to boost Europe’s technological sovereignty and global competitiveness, cementing it as a future hub of innovation

News

Related news

The Commission has announced the selection of 15 renewable hydrogen production projects for public funding across the European Economic Area (EEA). The projects are located...
More details Commission awards nearly 1 billion to boost development of renewable hydrogen
The Commission is investing over €7.3 billion in its Horizon Europe programme to strengthen Europe’s research and innovation engine. The investment aims to drive cutting-edge...
More details EU invests €7.3 billion in Horizon Europe Programme
The European Commission is investing €910 million under the European Defence Fund (EDF) to create a strong and innovative European defence industry.  The investment is...
More details European Commission mobilises €910 million to boost European defence and close capability gaps

Stay in touch with us!

For more information about our services and working opportunities at our company, do not hesitate to: