EU partners with venture capital firms to strengthen the region’s tech industry

EU partners with venture capital firms to strengthen the region’s tech industry

By Ez-XBRL Team 23 October, 2024
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23 October 2024

The European Union announced on Monday that it has partnered with leading regional venture capital firms to enhance investment in tech innovation across Europe, addressing concerns that the continent’s tech sector is falling behind the United States and China. The initiative, named the “Trusted Investors Network,” aims to strengthen Europe’s position by fostering investments in deep-tech companies.

The EU confirmed that 71 investors managing over €90 billion ($98 billion) in assets have committed to this network. This partnership aligns with recommendations from a report by former European Central Bank chief Mario Draghi, which emphasized the need for substantial and accelerated investments to maintain economic competitiveness with the U.S. and China.

“By collaborating with venture capital, we are addressing the urgent challenges highlighted in the Draghi report, which calls for decisive action to secure Europe’s leadership in critical technologies,” said EU Commissioner Iliana Ivanova.

Recent data showed that U.S. venture capital funding surged to a two-year high, driven by investments in artificial intelligence.

To find out more details please visit : https://www.reuters.com/