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The new agreements enable fund managers to invest in promising start-ups, SMEs and midcaps, benefitting from early-stage to growth capital investments. By mobilising other investors, including funds from the private sector, this is expected to result in overall investments of more than €12 billion across the EU.
Some examples of where these funds have invested so far include a leading player in the Italian ophthalmic industry, a start-up located in Berlin offering on-demand home services through a global online platform, and a start-up with its headquarters in London and an office in Athens providing a hiring software platform, primarily for SMEs, which facilitates and simplifies the recruiting process for employers. Many more are expected to receive similar financing support under EFSI in the coming months.
The resources under the EFSI SME window are being deployed following a significant increase in the EIB Risk Capital Resources (RCR) mandate for equity investments, managed by the EIF.
Speaking at the Brussels event "EFSI boosts innovation", European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "The investment plan for Europe aims at providing the financial instruments that the market is not providing today so that Europe can invest in its future. This is particularly true for SMEs that are lacking equity financing in Europe, so I welcome the news that the EIF has reached €1 billion in equity financing through EFSI."