Cyprus is taking part in the second phase of the European Tech Champions Initiative (ETCI 2.0), a European investment drive that aims to mobilise €80 billion to support more than 1,500 fast-growing European tech companies. Besides Cyprus, the declaration of support for ETCI 2.0 has also been signed by 20 other EU member states, including Greece.
The initiative was presented on Friday in Brussels, on the margins of the ECOFIN meeting (EU Finance Ministers), by the President of the European Investment Bank (EIB) Group, Nadia Calviño, together with 21 EU member states, institutional investors and fund managers. Cyprus is among the countries that signed the declaration of support, confirming its commitment to strengthening European innovation and widening access to growth capital for innovative businesses.
ETCI 2.0 builds on the results of the initiative's first phase, which backed 15 mega-funds and helped nurture the development of 12 EU-based unicorns — companies valued at more than €1 billion. In its new phase, the initiative is seeking to raise at least €15 billion, roughly four times the size of the original 2023 fund of funds, while the EIB Group will contribute up to €1.25 billion from its own resources. Beyond large mega-funds, the initiative will for the first time also support mid-sized growth funds of more than €300 million, aiming to anchor the creation of more than 100 funds in total, including up to 45 mega-funds investing with an average ticket size of €200 million per company. A joint European investment platform will also be established, supported by a dedicated digital tool, to facilitate links between investors and tech funds across Europe.
Presenting the initiative before 21 EU Finance Ministers, EIB Group President Nadia Calviño described the new partnership as being about scale and speed, powering European pioneers with the capital they need to grow, stressing that it marks a decisive step to ensure innovative companies born in Europe stay and thrive on the continent. Calviño underlined that the success of the first phase — anchoring 15 mega-funds and nurturing 12 unicorns in barely two years — served as the springboard for the new, expanded phase, in which all 27 member states are now joining forces alongside private investors.
According to Calviño, the ambition of the second phase is to multiply the total capital mobilised by four, significantly increase the number of investment funds, triple the number of mega-funds, and likewise triple the average investment ticket size per company compared with the first phase. Calviño also noted that ETCI 2.0 incorporates and coordinates with national initiatives such as Germany's WIN and France's Tibi, sending, as she put it, a strong signal of unity and determination from member states, the European Commission, the EIB Group and private investors.
Cyprus' Finance Minister Makis Keravnos attended the presentation and said that the country welcomes ETCI 2.0 as an important step in strengthening Europe's innovation, competitiveness and technological sovereignty. He added that "by bringing together public and private resources, the initiative will support the growth of Europe's most dynamic tech companies and help them expand internationally while keeping their base in Europe. We fully support this collective effort for stronger European capital markets, more private investment and greater strategic resilience for the European Union."
