EIB Group and Investors Pledge Over €10bn for European Scaleups

Who is committing what

France's Tibi initiative and fourteen institutional investors, including ABN AMRO, APG, Azimut Holding, Banco Santander, BBVA, Danske Bank, Mutua Madrileña, Marsh, PGGM and Uniqa, have declared their intention to channel more than €8 billion in aggregate. More investors are expected to join soon.

Seven member states, namely Spain, Germany, Bulgaria, Greece, Italy, Luxembourg and the Netherlands, are committing nearly €2 billion alongside the EIB Group in the first closing of the "Tech Champions" fund of funds. The first investment approvals are expected in the coming weeks. Spain's share is €200 million from its Ministry of Economy through ICO Axis.

"Europe has top-level talent, innovative companies and technological leadership," said EIB Group president Nadia Calviño, calling the alliance a catalyst for mobilising capital at scale.

Track record and coordination

So far the initiative has backed 15 mega funds and more than 50 companies, and has helped 16 EU-based scaleups reach unicorn status. In Spain it has invested in the deep tech funds Seaya and Kembara and in the scaleups Factorial, Fever, Inke and TravelPerk.

The expanded initiative won unanimous backing from all EU member states in July, and more countries are expected to contribute once their national procedures conclude. It will work alongside France's Tibi, Germany's WIN and the European Commission's Scaleup Europe Fund, with the goal of keeping tech champions rooted in Europe.