Brussels (Brussels Morning Newspaper) – The European Union joins forces with venture capital to boost deep tech innovation in Europe.
The European Commission has undertaken a Trusted Investors Network bringing together a group of investors willing to co-invest in innovative deep-tech businesses in Europe together with the EU. The Union’s investment comes from the European Innovation Council (EIC) Fund, which is an element of the EU research and innovation programme Horizon Europe.
How much capital is mobilized by the venture capital network?
The first group includes 71 investors from across Europe, including venture capital funds, public investment banks, foundations and corporate venture funds. These investors collectively convey over €90 billion of assets, which sets the network as a key ambition to mobilise capital for Europe’s deep tech sector.
Following preparatory discussions with investors earlier this year, Iliana Ivanova, Commissioner for Innovation, Research, Culture, Education and Youth, established the network at an event in Athens. The participants were dedicated to a Trusted Investors Network Charter, forming shared values to build firms in Europe, and to co-investing with the EIC Fund. Members of the network will operate together with support from the EIC to increase investment and exchange best practices when investing in the deep tech sector
What are the goals of the EIC fund in deep tech?
The launch highlights the growing significance of the EIC Fund which has by now invested about €1 billion in 251 of Europe’s most profitable start-ups. The EIC Fund has drawn co-investments of over €4 billion from about one thousand investors, leveraging over €4 for every €1 invested. The Trusted Investor Network will further support these co-investments and enable businesses in critical technology areas to access larger investments required to compete globally.
What is the significance of the first EIC scaling summit?
The launch was characteristic of the first EIC Scaling Summit, bringing together for the first time 120 firms selected from the EIC portfolio and national programmes with the possibility to scale up and become global exponents in their fields. 72 of these companies were counted among the 48 members already registered in the EIC Scaling Club. The EIC provides tailored approval to the members of the Club, seeking to scale 20% of them into unicorns – businesses with a valuation exceeding €1 billion. Collectively, these member companies have expanded over €73 million to date, with further funding rounds expected soon.
