The European Commission has completed the final legal steps in establishing the Scaleup Europe Fund, which will support fast-growing European technology firms, enabling them to ‘grow faster and compete globally’.
The €5 billon fund, established as part of the European Innovation Council (EIC) Fund, is designed to help European scale-ups secure growth capital closer to home.
Private equity firm EQT has been appointed as the independent investment manager behind the fund, and will make investment decisions on market terms. The first investments are expected within the coming weeks.
‘Europe invests in its future’
“When Europe invests in its innovators, Europe invests in its future,” commented European Commission President Ursula von der Leyen. “This is the goal of our Scaleup Europe Fund. From today, it will ensure our scaleups can find what they need right here in Europe to grow into world-leading companies. To turn European innovation into our competitive edge.”
The fund will focus on firms operating in ‘critical technology’ areas, including artificial intelligence, quantum technologies, biotechnology and clean technologies.
The founding investor group comprises a coalition of public and private capital, and includes Novo Holdings, Denmark’s Export and Investment Fund (EIFO), CriteriaCaixa, Santander/Mouro Capital, Fondazione Compagnia di San Paolo alongside Intesa Sanpaolo and Fondazione Cariplo, APG Asset Management on behalf of Dutch pension fund ABP, Wallenberg Investments, Allianz and the European Commission. Additional fundraising will continue with the aim of reaching the €5 billion target.
Investment landscape
“Today’s announcement marks a change in the investment landscape for European technology companies,” added Ekaterina Zaharieva, Commissioner for Startups, Research and Innovation. “With the Scaleup Europe Fund we are building on Europe’s scientific prowess and strong performance in startups and closing the financing gap for our most promising companies to become global leaders while maintaining their base in Europe.
“The Scaleup Europe Fund also demonstrates of what we can achieve in a short time when the Commission works hand in hand with leading private investors.”
The Scaleup Europe Fund was first announced during Commission President von der Leyen’s 2025 State of the Union address in response to concerns that many of Europe’s most promising startups have lacked access to the capital needed to scale. Read more here.
