Equity funds in Italy, the Netherlands, Spain and France have announced fund closings with total commitments of EUR 90 million from the European Investment Fund (EIF), backed by the European Commission's COSME and Horizon 2020 InnovFin programmes.
These four agreements will enable fund managers to invest equity in promising start-ups, SMEs and midcaps needing early-stage to growth-stage capital investments. By mobilising other investors, including funds from the private sector, this is expected to result in eventual overall investments of more than EUR 200 million.
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "Today's announcement of EU venture capital investment in innovation and growth of European SMEs is very good news. EU-funding will help to give a boost to high-potential companies active in different sectors, such as clean technology, improving medical devices, diagnostics and healthcare IT, and the digital economy. Together with private sector partners and the EIF, we are making a difference to our citizens, reinforcing investor confidence throughout Europe and creating growth and jobs."
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