The European Investment Bank (EIB), which is leading the effort, has stated that a fundraising campaign is currently in its crucial stages for the second, considerably larger edition of the European Tech Champions Initiative (ETCI). This initiative aims to mobilize up to €80 billion for technology startups across the continent.
According to a spokesperson for the EIB, the first formal closing of the fund is expected later this year. This will allow the fund to begin investing even while further capital commitments are still being secured.
The ambitious new fund is targeted at a volume of up to €15 billion. This substantial capital injection is intended to enable investments totaling up to €80 billion in over 1,500 growth companies throughout Europe.
The previous initiative, known as ETCI 1, had seen Germany contribute approximately one billion euros, and the total volume of that overarching 2023 fund reached €3.9 billion.
Confirming the commitment, a spokesperson for the German federal ministry of finance affirmed that the German government will continue to make a substantial financial contribution to ETCI 2, just as they did with ETCI 1. However, the ministry has yet to clarify whether the amount contributed in this second round will exceed the one billion euros allocated in 2023.
