Luxembourg-based European Investment Fund (EIF) is launching a new €15 billion fund of funds to support growth-stage investors across Europe, with the first close planned for this summer, according to Sifted.
- The first European Tech Champions Initiative (ETCI 1) raised €3.9 billion and invested in 14 funds of over €1 billion, including Atomico, Headline, and Eurazeo. It was supported by the European Investment Bank and six EU countries: Germany, France, Italy, Spain, Belgium, and the Netherlands. As of February, it had indirectly backed 40 companies, including 11 unicorns such as DeepL, TravelPerk, and Framer.
- Building on this, the new ETCI 2 is a €15 billion fund of funds designed to support growth-stage venture capital across Europe. It will back around 100 mid-size funds of €300 to €600 million and mega funds of €1 billion, enabling investments of up to €200 million per company, far higher than the €60 million average under ETCI 1.
- Its aim is to close Europe’s late-stage funding gap and unlock up to €80 billion in scaleup financing, while complementing the European Commission’s €5 billion Scaleup Europe Fund.
- The fund is backed by the European Investment Fund and European Investment Bank, which have committed €1.25 billion, with plans to attract support from EU countries and private investors such as insurers and pension funds.
