The TechEU fund for start-ups is designed to stop US investors snatching up EU companies
Nadia Calviño, President of the European Investment Bank. Photo credit: Lukasz Kobus / European Union
The European Investment Bank (EIB) is set to launch a €70 billion start-up fund, supporting the entire innovation cycle from research projects to initial public offering. This will include mobilising funds so that company founders and earlier venture capital investors can exit start-ups, potentially blocking US investors.
“It is new for the EIB Group that we are currently developing instruments for the exit-phase of start-ups and scale-ups,” a spokesperson confirmed.
Announcing the fund, EIB president Nadia Calviño called it “the largest ever programme to exclusively support European innovation and technological leadership.”
A lack of funding for start-ups to scale up is a perennial problem in Europe, driving many company founders into the arms of US investors, who have deeper pockets and therefore more tolerance for risk.
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