The EU has officially launched the Scaleup Europe Fund, which it hopes will grow to €20 billion in the coming years
Photo credits: the European Innovation Council
The EU’s brand-new Scaleup Europe Fund will be designed to be “ultra fast” to attract the best companies and convince them to grow in Europe, the firm picked to run the fund said at the official launch on June 3.
The initial size of the fund is €3 billion, including €1 billion from the EU budget, with the first investments expected to take place by early autumn. The minimum target for the first iteration of the fund is €5 billion, but there is hope that the final amount could surpass this. Fund manager EQT expects to back 30 to 40 companies over the next three or four years.
For a second phase, which could come in around five years, the partners, including the European Commission, are aiming to reach €20 billion.
“We believe this is going to scale far beyond the initial €5 billion, to €20 billion and hopefully far beyond that,” Christian Sinding, institutional partner…
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