EU launches investor network to invest in deep tech
Iliana Ivanova - Trusted Investors Network - Photo © European Union 2024
(BRUSSELS) - The EU Commission launched a 'Trusted Investors Network' Monday bringing together a group of investors ready to co-invest in innovative deep-tech companies in Europe together with the EU.
The EU investment comes from the European Innovation Council (EIC) Fund, which is part of the EU research and innovation programme Horizon Europe.
The first group comprises 71 investors from across Europe, including venture capital funds, public investment banks, foundations and corporate venture funds. These represent over €90 billion of assets, positioning the network as a key initiative to mobilise capital for Europe's deep tech sector.
"With the launch of the Trusted Investors Network, we are making an important step forward in strengthening Europe's innovation ecosystem and ensuring that our most promising companies have the capital and support they need to scale up," said the EU's Commissioner for innovation Iliana Ivanova. "By joining forces with venture capital, we are responding to the urgent challenges laid out in the Draghi report that call for bold action to ensure Europe's competitiveness in critical technologies."
The network's launch responds to needs to increase help such companies grow in Europe.
It highlights the growing importance of the EIC Fund which has by now invested nearly €1 billion in 251 of Europe's most promising start-ups. The EIC Fund has attracted co-investments of over €4 billion from around one thousand investors, leveraging over €4 for every €1 invested. The Trusted Investor Network will further strengthen these co-investments and enable companies in critical technologies areas to access larger investments needed to compete globally.
The launch was part of the first EIC Scaling Summit, bringing together for the first time 120 companies selected from the EIC portfolio and national programmes with the potential to scaleup and become global champions in their fields.
72 of these companies were added today to the 48 members already enrolled in the EIC Scaling Club. The EIC provides tailored support to the members of the Club, aiming to scale 20% of them into unicorns – companies with a valuation exceeding €1 billion. Collectively, these member companies have raised over €73 million to date, with additional funding rounds expected soon.