European initiative aims to mobilize over ten billion euros for start-ups

As part of the European Tech Champions Initiative (ETCI), European countries want to create a fund of funds with ten billion euros. Germany also wants to contribute one billion euros.

Ministers from 18 European countries have jointly launched an initiative to support tech start-ups with ten billion euros. The aim is to reduce dependence on Asian and US investors.

In order to keep up with the global technological race, the European Union must strengthen its ecosystem for start-ups, according to a joint declaration from the initiative. This is because the current financing situation is holding back both start-ups and scale-ups. This is now set to change. The initiative wants to launch a fund of funds under which new European venture capital funds are to be created. The aim is to guarantee capital resources for young companies. The fund of funds is to be managed by the European Investment Fund (EIF). Public and private funding is planned.

Ministers Christian Lindner and Robert Habeck have signed the declaration on behalf of Germany. Like France, Germany wants to contribute one billion euros to the new venture capital fund. The new fund is due to be launched at the end of 2022.