Greece backs ETCI 2.0 as Europe launches € 80 billion initiative to support technology scale-ups
- aina246
- 5 minutes ago
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The European Union has unveiled the European Tech Champions Initiative 2.0 (ETCI 2.0), a major investment programme designed to help Europe's most promising technology companies grow into global leaders. Supported by all 27 EU member states and the European Investment Bank (EIB) Group, the initiative aims to mobilise up to € 80 billion in investment and support more than 1,500 European scale-ups.
The initiative addresses one of Europe's biggest weaknesses in innovation financing: the lack of large-scale growth capital available to companies after the early startup stage. By increasing access to funding within Europe, ETCI 2.0 seeks to keep innovative businesses, intellectual property and high-value jobs inside the EU while strengthening the bloc's long-term competitiveness.
The programme has already attracted significant private-sector interest. Initial investors include Denmark's Danske Bank, Spain-based AltamarCAM, Banco Santander and BBVA, as well as Italy's Azimut Holding, Green Arrow Capital and the Compagnia di San Paolo foundation. Additional institutional investors are expected to join as the initiative develops, increasing the amount of capital available to European technology companies.
ETCI 2.0 will focus on companies operating in strategic sectors considered essential for Europe's future economic and technological position. These include artificial intelligence, cybersecurity, semiconductors, quantum technologies, biotechnology, advanced manufacturing, climate technologies and other deep-tech industries. The objective is to help European companies remain competitive globally and reduce dependence on foreign technologies in critical sectors.
One of the most important elements of ETCI 2.0 is its support for both large European investment funds and, for the first time, mid-sized growth funds with assets exceeding € 300 million. Many European startups continue to struggle when seeking large funding rounds and often turn to investors outside Europe or move their operations abroad. Supporting mid-sized growth funds is therefore viewed as a key step in developing deeper European capital markets.
The target of mobilising up to € 80 billion for more than 1,500 scale-ups is particularly significant. Europe has historically lagged behind the United States and parts of Asia in late-stage financing, leading many successful companies to seek foreign investment during their expansion phase. ETCI 2.0 aims to change this trend by giving companies access to larger pools of capital while allowing them to remain headquartered in Europe.
For Greece, participation in the initiative could provide additional momentum. The Greek startup market has expanded rapidly in recent years, access to large growth-stage funding remains relatively limited compared with larger European markets.
According to StartupBlink rankings, Greece has 401 startups. The Greek ecosystem has produced internationally recognised companies, including fintech firm Viva.com, Greece's first unicorn, global property technology company Blueground and e-commerce platform Skroutz.
The development of Greece's venture capital market through the EquiFund programme has played a pivotal role in strengthening the country's startup ecosystem. Since its launch, EquiFund has mobilised more than € 500 million through nine investment funds and has supported more than 140 startups and innovative SMEs. The initiative significantly expanded the availability of venture capital in Greece and helped create a new generation of technology companies.
The implementation of ETCI 2.0 will be led by the European Investment Bank and the European Investment Fund (EIF). The EIB finances projects that support EU priorities, including innovation, competitiveness and strategic autonomy, while the EIF specialises in venture capital, private equity and financing for small and medium-sized enterprises. Together, the two institutions are expected to act as investors, mobilising additional private capital and helping build a stronger European ecosystem for high-growth technology companies.
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