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The network of more than 70 investors represent more than €90bn in assets.
The European Commission has partnered with 71 investors to launch a Trusted Investors Network to co-invest in deep-tech companies across Europe.
The network of VC funds, public investment banks, foundations and corporate venture funds includes Dublin-based Atlantic Bridge as well as other big names such as Atomico, Eleven Ventures and EQT. This network collectively represents more than €90bn in assets, positioning the network as a “key initiative to mobilise capital” for European deep tech.
The network will co-invest along with the European Innovation Council (EIC) fund, which is part of Horizon Europe. The EIC has already invested about €1bn in 251 start-ups while attracting co-investments valued at more than €4bn from 1,000 investors.
Iliana Ivanova, the European commissioner for innovation, research, culture, education and youth, launched the network at an event in Athens, Greece, yesterday (21 October), where participants committed to a charter outlining the network’s shared purpose of improving cooperation between deep-tech investors, facilitating co-investments with the EIC fund and deepening the expansion of breakthrough technologies by scaling up companies that deserve support.
The network responds to a need to increase financing in deep tech, the commission said, and provides the foundation for further development in 2025.
“With the launch of the Trusted Investors Network, we are making an important step forward in strengthening Europe’s innovation ecosystem and ensuring that our most promising companies have the capital and support they need to scale up,” said Ivanova.
“By joining forces with venture capital, we are responding to the urgent challenges laid out in the Draghi report that calls for bold action to ensure Europe’s competitiveness in critical technologies.”
Former president of the European Central Bank Mario Draghi said in a recent report said that the EU is “weak in the emerging technologies that will drive future growth”.
“Only four of the world’s top 50 tech companies are European. Yet, Europe’s need for growth is rising.”
The network’s launch was part of the first EIC Scaling Summit, bringing together 120 companies selected from the EIC portfolio and national programmes with the potential to scale up, and were added to the EIC Scaling Club that provides member companies support with the aim of scaling 20pc of them into unicorns with a valuation of more than €1bn.
Collectively, the club members have raised more than €73m to date, with more funding rounds expected soon.
The European Innovation Council (EIC) was launched in March 2021 to support emerging tech in Europe and “make money out of science”.
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