During the First Innovative Enterprise Week in Riga, Latvia, the European Investment Bank (EIB) Group and the European Commission (EC) launched three new financial products to increase the competitiveness of innovative European companies under the initiative “InnovFin – EU Finance for Innovators”.
Of these three financial products is the InnovFin SME Venture Capital, launched by the European Investment Fund (EIF) as part of the EIB Group. The InnovFin SME Venture Capital primarily invests in early-stage enterprises via eligible intermediaries, such as venture capital and business angels funds. Under this new financial product, the EIF focuses on investments in around 30 funds, mobilizing a total amount of up to EUR 1.6 billion to be invested in enterprises located in the EU-28 Member States and Horizon 2020 Associated Countries. Investments will focus on innovative sectors such as life sciences, clean energy, and high-tech.
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