EIB Group Reports Milestones of European Tech Champions Initiative at Madrid Event
(IN BRIEF) On October 30, 2024, the EIB Group showcased the progress of the European Tech Champions Initiative (ETCI) during an event in Madrid, emphasizing its role in supporting high-growth technology scale-ups across Europe. Since its launch in 2023, the initiative has closed fund deals worth €2 billion, mobilizing a total of €10 billion in public and private resources. Spain announced an additional €300 million contribution to the ETCI, complementing its previous investment of €400 million. The initiative has invested in 16 technology companies, including two Spanish firms, and has established a mega fund focused on deep tech and climate solutions.
(PRESS RELEASE) MADRID, 31-Oct-2024 — /EuropaWire/ — The EIB Group presented the achievements of the European Tech Champions Initiative (ETCI) during an event in Madrid, showcasing its commitment to fostering high-growth technology scale-ups across Europe. Since its inception in 2023, the initiative has successfully facilitated fund deals totaling €2 billion, which have mobilized an impressive €10 billion in combined public and private sector resources.
The event, part of the “Tech Champions Made in Europe” day, gathered key figures from the Spanish investment and technological innovation sectors, including EIB Group President Nadia Calviño, Spanish Minister of Economy, Trade and Business Carlos Cuerpo, EIF Chief Executive Marjut Falkstedt, and ICO Chairman Manuel Illueca Muñoz.
President Calviño emphasized the ongoing efforts to strengthen the European capital market, highlighting the expansion of the ETCI and its opening to private investors. She noted that new financial instruments are being developed to facilitate exits for investors through acquisitions or public listings of technology startups.
“Thanks to EIB Group support, Spain now boasts a top-tier European investment mega fund. We are already laying the groundwork for the second phase of this initiative, where Spain will continue to play a pivotal role,” stated Calviño.
In his closing remarks, Minister Cuerpo announced Spain’s additional commitment of €300 million to the ETCI from the Ministry of Digital Transformation, building upon the €400 million previously provided.
Since launching, the ETCI has nurtured a favorable environment within the European venture capital market, having closed fund deals that support investments in 16 technology companies, including two based in Spain. The initiative has backed the Kembara Fund I FCR, a mega fund focusing on deep tech and climate-related ventures, with further investments expected by 2025.
Marjut Falkstedt, Chief Executive of the EIF, expressed satisfaction with the progress of the ETCI, stating, “We are committed to expanding the initiative to enhance its impact on European venture capital and innovation ecosystems. We are exploring ways to involve the private sector more actively in this fund of funds, which is crucial for ensuring technological autonomy in Europe.”
ICO Chairman Manuel Illueca Muñoz added, “The ETCI is vital for strengthening the EU innovation ecosystem. The ICO Group is dedicated to supporting Spanish startups and scale-ups throughout their development, preparing them to become European champions.”
For more information on EIB Group President Nadia Calviño’s opening speech, please visit: Link to Speech.
Background information
The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.
The European Tech Champions Initiative (ETCI) is an EU programme managed by the EIF and backed by the European Commission and participating EU Member States. It helps to cover the financing needs of European technology scale-ups, preventing them from relocating and strengthening Europe’s strategic autonomy and competitiveness. Sectors benefiting from the initiative include cybersecurity, artificial intelligence, quantum computing, deep tech, green technologies, biotechnology and digital technologies. The ETCI is also making a major contribution to the European financial markets and is an example of how the EIB Group can act as a pioneering instrument for the capital markets union.
Media Contacts:
Maite Cordero | m.corderomunoz@eib.org | Tel.: +34 606 66 82 62
Mònica Faro | m.faro@eib.org | Tel.: +34 678 37 71 17
Press Office: +352 4379 21000 – press@eib.org
SOURCE: European Investment Fund
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