“As we celebrate ETCI’s one-year anniversary, we are thrilled to announce these first four investments that will generate more than €5bn for the European tech ecosystem,” said Roger Havenith, deputy chief executive of the European Investment Fund, on Monday. Photo: European Investment Bank

“As we celebrate ETCI’s one-year anniversary, we are thrilled to announce these first four investments that will generate more than €5bn for the European tech ecosystem,” said Roger Havenith, deputy chief executive of the European Investment Fund, on Monday. Photo: European Investment Bank

Managed by the European Investment Fund, the European Tech Champions Initiative has allocated nearly €1bn to four strategic funds in its first year, poised to boost the EU tech sector with potential leverage of up to €6bn, announced the Luxembourg-based EIF on Monday.

The European Tech Champions Initiative--a fund of funds on 13 February 2023 with an initial pledge of €3.75bn from the European Investment Bank Group, Spain, Germany, France, Italy and Belgium--has to date strategically invested close to €1bn in four notable funds, announced the fund manager, the European Investment Fund, during a meeting commemorating its first anniversary on 5 February 2024.

The ETCI aims to bolster the EU’s digital transformation and assist leading-edge companies by focusing investments on high-tech firms in their late-stage growth phases, especially those seeking to raise over €50m, according to the EIF.

Among these investments are Atomico Growth VI, FSI II and Keensight Nova VI, with the fourth fund nearing the final stages of closure.

Atomico, established in 2006, supports ambitious technology founders from seed through to IPO, with a keen focus on Europe. The firm boasts $5bn in assets under management, demonstrating a strong commitment to fostering growth and innovation across the European continent.

FSI II focuses on Italian mid-cap companies across various sectors, aiming to propel them to global success. With a target fund size of €1.5bn, it emphasises scaling up successful Italian mid-size businesses. This strategy encompasses organic growth, acquisitions and sector consolidation to create value.

Keensight Nova VI, a key fund managed by Keensight Capital--one of Europe’s leading growth buyout firms--is particularly focused on assembling a portfolio of standout tech and life science companies.

On the occasion of ETCI’s first anniversary meeting, Roger Havenith, deputy chief executive of the EIF, the initiative’s achievements, stating that the initial four investments are projected to generate over €5bn for the European tech ecosystem.

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