Finance ministers from France and Germany said each country would contribute 1 billion euros ($1.1 billion)
Towards a comprehensive plan, to foster European late-stage startups.
Ministers said they had signed a joint declaration on the financing of scale-up and tech champions, with the objective of setting up “a 10 billion-euro initiative enabling the creation of 10 to 20 pan-European funds.” Bloomberg reports
*CBI Insights Chart EU startups map
The new pledged fund, called the European Tech Champions Initiative
Will be managed by the European Investment Fund, a subsidiary of the European Investment Bank, according to a statement.