Cyprus signs on to expanded European Tech Champions Initiative

Cyprus has joined the second phase of the European Tech Champions Initiative (ETCI 2.0), a new European investment programme aiming to mobilise €80 billion to support more than 1,500 fast-growing technology companies across Europe.

The declaration supporting the initiative has been signed by Cyprus and 20 other EU member states, including Greece.

The initiative was presented on Friday in Brussels on the sidelines of the Economic and Financial Affairs Council (ECOFIN) meeting by the European Investment Bank (EIB) Group, together with 21 EU member states, institutional investors and fund managers.

By signing the declaration, Cyprus reaffirmed its commitment to strengthening European innovation and expanding innovative companies’ access to growth capital.

The second phase follows the results of the original European Tech Champions Initiative, which supported 15 major investment funds.

The first phase also contributed to the creation of 12 European unicorns, companies valued at more than €1 billion.

Under the new phase, the initiative aims to raise at least €15 billion, around four times the size of the original 2023 fund, while the EIB Group will contribute up to €1.25 billion from its own resources.

Beyond supporting major investment funds, the programme will, for the first time, also back mid-sized growth funds exceeding €300 million.

The objective is to establish more than 100 investment funds overall, including up to 45 large funds investing in companies with an average investment of €200 million.

A new European investment platform will also be created to connect investors with technology funds across Europe through a dedicated digital tool.

Presenting the initiative alongside 21 EU finance ministers, EIB Group President Nadia Calvino described the programme as providing European innovators with the capital needed to grow.

“This is a decisive step to ensure that innovative companies created in Europe remain and thrive in Europe,” Calvino said.

She added that the success of the first phase, which created 15 major funds and 12 unicorns in just two years, had laid the foundations for the expanded programme, bringing together all 27 EU member states alongside private investors.

Calvino said the ambition of the second phase is to quadruple the total capital mobilised, significantly increase the number of investment funds, triple the number of mega funds and similarly triple the average investment per company compared with the first phase.

She also explained that ETCI 2.0 is aligned with national initiatives such as Germany’s WIN and France’s Tibi programme.

“The initiative sends a strong message of unity and determination from the member states, the European Commission, the EIB Group and private investors,” Calvino stated.

Representing Cyprus at the presentation, Finance Minister Makis Keravnos welcomed ETCI 2.0 as an important step towards strengthening Europe’s innovation, competitiveness and technological sovereignty.

“By bringing together public and private resources, the initiative will support the growth of Europe’s most dynamic technology companies and help them expand internationally while keeping their base in Europe,” Keravnos said.

“We fully support this collective effort for stronger European capital markets, greater private investment and increased strategic resilience for the European Union,” he added.