VC funds in Europe are set to receive €1bn in total from the European Investment Fund (EIF).
Sifted reports the news following an interview with EIF Chief Executive, Alain Godard.
The fund will allocate about a third of this boost to indirect equity investments.
It will also be focusing on environmental projects.
What does this mean?
The investment in the European startup scene is a way to boost economic recovery following the impact of Covid-19. EIF is one of the main backers of VC funds in the EU, and it also supports SMEs through financial options like loans and credit guarantees.