The EU will provide up to €400 million for a new venture capital 'Fund of Funds', hoping to attract triple that amount from private investment.
Research commissioner Carlos Moedas announced the new ‘Venture Capital (VC) Fund of Funds’ yesterday at the Web Summit 2016 in Lisbon, which is one of the world’s biggest events for technology startups.
The VC Fund of Funds aims to nurture promising startups in the EU and prevent non-European companies from buying them up. It will complement the venture capital activities of the European Investment Fund.
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