Brief: Europe raises planned investment amount for its tech scale-up fund
BRIEF-Europe raises planned investment amount for its tech scale-up fund July 10 (Reuters) - The European Investment Bank (EIB) announced on Friday the second-phase and an increased investment target for its European Tech Champions Initiative - aimed at making Europe more competitive in the area against the United States and China.
The EIB said this plan - dubbed as ETCI 2.0 - would target mobilising €80 billion ($91.5 billion) to invest into promising European tech companies and make them grow.
ETCI 2.0 has a target fundraising size of up to €15 billion and it will then seek to mobilise total investments of up to €80 billion for more than 1,500 scaleups in Europe, said the EIB.
The initial €15 billion target represents an increase from the €10 billion outlined in 2025.
Banks and investment companies that have committed to this tech-focused fund include Danske Bank, AltamarCAM, Banco Santander, BBVA, Azimut Holding, Green Arrow Capital and foundation Compagnia di San Paolo, added the EIB.
($1 = 0.8742 euros)
(Reporting by Sudip Kar-Gupta)
((sudip.kargupta@thomsonreuters.com;))
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