EU Collaborates with Venture Capital Firms to Boost Tech Sector

The European Union collaborates with venture capital firms to boost tech innovation in Europe. Seventy-one investors with over €90 billion in assets have joined the "Trusted Investors Network" initiative. The partnership aligns with recommendations from a report by former ECB chief Mario Draghi.

Credit: Britannica

This joint effort, known as the "Trusted Investors Network", aims to increase investment in tech startups across Europe.

Seventy-one investors from various European countries, collectively managing over €90 billion (US$98 billion) in assets, have committed to this initiative. The collaboration aligns with recommendations outlined in a recent report by former European Central Bank chief Mario Draghi, emphasising the need for substantial and swift investments to bolster Europe's competitiveness in critical technologies.

EU Commissioner Iliana Ivanova highlighted the significance of this partnership, stating, "By joining forces with venture capital, we are responding to the urgent challenges laid out in the Draghi report that call for bold action to ensure Europe's competitiveness in critical technologies."

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• The European Union collaborates with venture capital firms to boost tech innovation in Europe.

• Seventy-one investors with over €90 billion in assets have joined the "Trusted Investors Network" initiative.

• The partnership aligns with recommendations from a report by former ECB chief Mario Draghi.

Source: REUTERS