EU Commission calls for more transparency on food-safety studies

Aquaculture and fish farms must adapt to the changing sea conditions of climate change. Image credit- Ferit Rad from Mersin University

Aquaculture and fish farms must adapt to the changing sea conditions of climate change. Image credit- Ferit Rad from Mersin University

The European Commission also launched the EU Blockchain Observatory and Forum in February and has already invested more than £70m in projects supporting the use of blockchain in technical and societal areas.

InvestEurope, the European venture capital association, said the aim of the programme was to attract global investors such as pension funds and insurers that now found European venture capital funds too small.

London is perhaps the best city in Europe for companies seeking funding, but Brexit has cast a cloud on European Union start-ups accessing capital across the English Channel - injecting a sense of urgency into VentureEU's mission.

"In venture capital, size matters!" said Commission Vice-President Jyrki Katainen.

The Commission said this was expected to unlock €6.5bn of new investment in innovative start-up and scale-up companies across Europe, doubling the amount of venture capital now available on the continent.

Buttressed by €410m from the European Union, the programme aims to generate €2.1bn in public and private investment for the benefit of six participating funds. The EU hopes private investors will place €1.69bn in the new VC fund.

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Start-ups looking for equity investments under VentureEU can contact the selected funds on April 10th. "This means more jobs and growth in Europe". We don't want to be a buzzkill, but this sum is only a drop in the ocean from what will be needed should Europe want to remain relevant in the digital economy.

"In a globalized world where the big companies have a huge advantage over individual consumers, we need to level the odds", EU Justice Commissioner Vera Jourova said in a statement. European venture funds typically raise around €56m on average, compared to €156m raised by American ones.

"It's great to see the launch of this EU initiative to facilitate more investment by private institutions into European venture capital...." "As a result, these companies move to ecosystems where they have better chances to grow fast".

Europe has been lagging behind the United States and China in terms of start-up companies achieving unicorn status, a market cap exceeding $1bn (€808m).

EU funding of € 410 million will be used to launch a new European venture capital initiative to help bridge the EU and the United States, the European Commission announced today.

Isomer Capital and Axon Partners Group have signed up and will be joined by Aberdeen Standard Investments, LGT, Lombard Odier Asset Management and Schroder Adveq, to be finalised over the course of this year.

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