Spain will contribute €1 billion to a new European fund to support cutting-edge technology startups
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Loading... - Fernando Torres
- 20 Feb 2023
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The First Vice-President and Minister for the Economy and Digital Transformation, Nadia Calviño, has formalised the launch of the European Tech Champions Initiative (ETCI) in a joint declaration with the finance ministers of Germany, France, Italy and Belgium, in the framework of the Eurogroup.
This new European fund of funds to support growing early-stage technology startups will help facilitate the financing of Europe's leading innovative startups with European capital, with the aim of creating an entrepreneurial ecosystem that enables the development of cutting-edge projects with global scale potential. The new European fund already has commitments totalling €3.75 billion from Spain, Germany, France, Italy, Belgium and the European Investment Bank (EIB).
In the Council of Ministers on 7 February, the Government of Spain already approved €400 million for the new European fund. In a second phase, Spain's committed contribution will reach €1 billion this year.
The Spanish contribution will be made through the Next Tech fund, a Recovery Plan initiative to foster the development of high-impact innovative digital projects and investment in scale-ups by strengthening public financing instruments, attracting international funds and boosting the venture capital sector.
Startups, an essential asset for strategic autonomy
Startups are a key player in boosting Europe's strategic autonomy and this initiative will provide Spanish companies with additional alternative funding. The new fund will strengthen the European venture capital markets for emerging growth companies to facilitate financing, especially for those seeking to raise amounts in excess of €50 million. Read More…
