Brussels, Belgium. Cyprus has joined the second phase of the European Tech Champions Initiative, a European investment programme aimed at mobilising €80 billion to support more than 1,500 fast-growing technology companies across Europe. Cyprus signed the declaration alongside 20 other EU member states, including Greece.
Declaration presented at ECOFIN meeting
The initiative was presented on Friday in Brussels on the sidelines of the Economic and Financial Affairs Council meeting by the European Investment Bank Group, together with 21 EU member states, institutional investors and fund managers.
Cyprus backs innovation and growth capital
By signing the declaration, Cyprus reaffirmed its commitment to strengthening European innovation and expanding innovative companies’ access to growth capital.
Results of the first phase
The second phase follows the original European Tech Champions Initiative, which supported 15 major investment funds. The first phase also contributed to the creation of 12 European unicorns, companies valued at more than €1 billion.
Targets under ETCI 2.0
Under the new phase, the initiative aims to raise at least €15 billion, around four times the size of the original 2023 fund, while the European Investment Bank Group will contribute up to €1.25 billion from its own resources.
Expansion of fund support
Beyond supporting major investment funds, the programme will for the first time also back mid-sized growth funds exceeding €300 million.
Investment platform planned
The objective is to establish more than 100 investment funds overall, including up to 45 large funds investing in companies with an average investment of €200 million. A new European investment platform will also be created to connect investors with technology funds across Europe through a dedicated digital tool.