The European Commission and the European Investment Fund have announced a new pan-European venture capital funds-of-funds programme that will raise €2.1 billion in total to invest in VC funds around Europe.

VentureEU will be made up of six funds. To date, the EU has pumped €410 million into this programme with a total target of €2.1 billion. The remaining capital for VentureEU will be raised from independent investors, the Commission said in a statement. The Commission and EIF believe this will lead to around €6.5 billion worth of new investments in companies.

The six chosen funds will invest in several venture capital funds around Europe that back startups and SMEs in tech, digital services, medical technologies, life sciences, and energy. This will benefit around 1,500 startups and scaleups. 

VentureEU will provide new sources of financing, giving European innovators the opportunity to grow into world-leading companies.

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