In an effort to keep up with the global tech race, Minister of the Economy Franz Fayot and Minister of Finance Yuriko Backes signed a joint declaration confirming Luxembourg’s participation in this Pan European Scale-up initiative.
Staying competitive on a global scale requires continued investments in the European startup ecosystem. With European financing lagging behind America and Asia, especially when it comes to scale-ups, it was time to take some measures to correct this.
Launched by France, the ‘Scale-up Europe’ initiative aims to promote financing for European companies during their growth phase. As a proponent of the European startup ecosystem, Luxembourg joined fifteen other Member States in signing this declaration.
“The ‘Scale-up Europe’ initiative joins the efforts made at the national level to meet the financing needs of startups and makes the Grand Duchy a land of welcome for young innovative companies. By supporting this initiative, Luxembourg demonstrates its commitment to the creation of a European ecosystem that promotes the development of technology companies with a global vocation,” emphasizes Franz Fayot.
“By joining the ‘Scale-up Europe’ initiative, we will succeed in boosting the role of Luxembourg in creating the tech giants of tomorrow.”
Yuriko Backes
A European Fund Of Funds
According to the press release, the key element of this ‘Scale-up Initiative’ will be a fund of funds managed and administered under a mandate by the European Investment Fund, part of the EIB group.
Through this European Tech Champions Initiative (ETCI), the signatories intend to invest in a multi-investor fund of funds managed by the European Investment Fund. The long-term goal of this new initiative includes a €10-billion public-private initiative enabling the creation of 10 to 20 pan European funds.
Next to demonstrating its support for the strengthening of the European ecosystem, Luxembourg also stands to benefit from joining this initiative in more practical terms.
“By joining the ‘Scale-up Europe’ initiative, we will succeed in boosting the role of Luxembourg in creating the tech giants of tomorrow,” says Yuriko Backes.
The ETCI is intended for launch by the end of 2022. ln line with its pan-European role, ETCI will remain open for any other volunteer EU Member State and the European Commission on the same conditions.
Ministers @Yuriko_Backes & @FranzFayot signed the joint declaration for the @ScaleUpEuropeEN initiative.
Find the declaration here: https://t.co/nuLzATkwCR pic.twitter.com/994wB7MRkc— Ministry of Finance (@MinFinLux) February 8, 2022
