European Commission Launches Trusted Investors Network to Boost Deep-Tech Sector
On October 21, the European Commission introduced the "Trusted Investors Network" initiative, designed to promote growth in the European deep-tech sector. Backed by the European Innovation Council (EIC) Fund, the Trusted Investors Network will bring together a group of investors committed to co-investing in innovative European companies.
According to a press release, the network, which consists of 71 investors with assets exceeding €90 billion (approximately $98 billion), including prominent firms like Bpifrance, Atomico, and Sofinnova, will work closely with the EIC Fund to provide financial support to deep-tech startups, including those in the blockchain sector.
European Commissioner Iliana Ivanova stressed the importance of this initiative in closing the financing gap faced by many tech companies. She stated, “With the launch of the Trusted Investors Network, we are making a significant step forward in strengthening the European innovation ecosystem, ensuring that our most promising companies receive the capital and support they need to scale up.”
Scaling European Startups
The EIC Fund has already invested nearly €1 billion ($1.1 billion) in over 250 startups, and the Trusted Investors Network aims to increase these co-investments. The launch of the network coincided with the first EIC Scaling Summit, which hosted 120 startups with the potential to become European tech leaders.
Seventy-two of these companies joined the EIC Scaling Club, a program aimed at supporting startups on their growth journey. The EIC's goal is to turn 20% of these startups into unicorns, valued at over €1 billion. Collectively, Scaling Club members have already raised over €73 million (around $79 billion), with more funding rounds expected in the near future.
EU Supporting Blockchain Innovation
The European Union is a strong advocate for blockchain technology through its political, legal, and financial initiatives. The new Trusted Investors Network will also promote startups utilizing this decentralized technology.
In 2018, the EU invested in the development of the European Blockchain Services Infrastructure (EBSI), a pan-European public blockchain infrastructure. The European Commission also funds blockchain research and innovation through grants and supportive investments under the Horizon program. From 2016 to 2020, the EU allocated approximately €180 million ($195 million) in grants as part of the Horizon 2020 initiative.
Additionally, the EU is actively involved in the blockchain community through partnerships such as the International Association of Trusted Blockchain Applications (INATBA) and the European Blockchain Observatory and Forum.
