European Investment Fund

Start-ups and growing SMEs to gain access to over EUR 200 million as EIF announces closing of four EU funds

Equity funds in Italy, the Netherlands, Spain and France have announced fund closings with total commitments of EUR 90 million from the European Investment Fund (EIF), backed by the European Commission’s COSME and Horizon 2020 InnovFin programmes.
These four agreements will enable fund managers to invest equity in promising start-ups, SMEs and midcaps needing early-stage to growth-stage capital investments. By mobilising other investors, including funds from the private sector, this is expected to result in eventual overall investments of more than EUR 200 million.

The Dutch EUR 50 million SET Fund II C.V. will support the underserved market of early-stage companies in Europe active in the cleantech sector, particularly smart energy solutions, over the next seven years. The fund will target around 13 companies. The Panakès Fund I will be the first Italian-based fund solely focused on the medtech sector (i.e. medical devices, diagnostics and healthcare IT). It will focus on areas such as personalised medicine, cardiovascular, oncology, immunology and orthopaedics over the next five years.

Bullnet Capital III SCR will deploy EUR 40 million to invest in 11 Spanish early-stage ICT companies with a strong intellectual property component and a business-to-business model. The fund will primarily support companies operating in sectors such as semiconductors, engineering software, and hardware-software systems. CapHorn 2 Fund recently held a first closing and will support companies in the digital sector across Europe with a main focus in France, in particularly targeting digital solutions in traditional sectors over the next 4 years. The Fund will target around 20 companies.

EIF Chief Executive, Pier Luigi Gilibert commented: “I am delighted that the first four funds under the European Commission’s COSME and Horizon 2020 InnovFin programmes have reached closing. High-tech companies in the digital, ICT, medtech and cleantech sectors can benefit from investment and industry know-how from the funds we are working with in Italy, France the Netherlands and Spain, in order to scale up their businesses and boost innovation within the EU.”

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “Today’s announcement of EU venture capital investment in innovation and growth of European SMEs is very good news. EU-funding will help to give a boost to high-potential companies active in different sectors, such as clean technology, improving medical devices, diagnostics and healthcare IT, and the digital economy. Together with private sector partners and the EIF, we are making a difference to our citizens, reinforcing investor confidence throughout Europe and creating growth and jobs.”

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