The European Commission and the European Investment Fund (EIF) have begun selecting promoters of one or more private-sector led, market-driven Pan-European Venture Capital (VC) fund of funds (FOF).
Carlos Moedas, commissioner for research, science and innovation, said: “This is a milestone on the way to setting up a Pan-European VC FOF, which will significantly boost levels of investment in new generations of highly innovative European firms and help them achieve their global ambitions.
“The excellent response demonstrates that our initiative is very timely, and that the market is looking at it with high interest.”
Pier Luigi Gilibert, EIF chief executive, added: “The response has been very encouraging and indeed beyond expectation. We now look forward to selecting the best promoters and soon seeing the Pan-European VC FOF investing in European start-ups.
“Our work in support of the VC ecosystem has produced very positive results, attracting more investments and creating jobs, and we are confident that this new initiative will add to these results and significantly contribute to economic development across Europe.”
The selection of promoters is conducted both by commission staff assisted by independent experts and by EIF. The funding available will be allocated in order of merit to the selected promoters. EIF are to complete the contract negotiation, formal approval, contract commitment and signature procedures.