Greek startups and small to medium-sized enterprises (SMEs) in the life sciences, healthcare, and sustainability sectors are set to benefit from a new €200 million equity financing initiative. This funding, managed by the European Investment Fund (EIF), is designed to unlock growth potential and foster innovation in these critical areas.
Key Points
- Funding Amount: €200 million
- Managed By: European Investment Fund (EIF)
- Sectors Targeted: Life sciences, healthcare, sustainability
- Purpose: Support innovative companies, help them compete globally
Agreement Details
The new equity mandate, signed in Athens, aims to bridge the financing gap for Greek companies focusing on innovation. The signing ceremony featured notable figures:
- EIB Vice-President: Ioannis Tsakiris
- Alternate Finance Minister: Nikos Papathanasis
- EIF Chief Executive: Marjut Falkstedt
Quotes from the Ceremony
- Ioannis Tsakiris: “The EIB Group has vast experience in deploying cohesion funding to mobilize private resources and accelerate investments for the real economy.”
- Nikos Papathanasis: “The expansion of the financing perimeter and the wider support of entrepreneurship are a priority of the government’s economic policy.”
- Marjut Falkstedt: “We are delighted to be announcing the launch of EquiFund II, continuing our successful partnership with the Greek government to foster the growing startup ecosystem in Greece.”
Focus Areas
The financing will target various investment stages, from pre-seed to growth investments, covering the entire venture capital and private equity ecosystem. This comprehensive approach ensures that businesses at all development stages can benefit.
Areas of Impact
- Life Sciences: Advancing medical research, biotechnology, and pharmaceuticals.
- Healthcare: Improving healthcare delivery and innovations in medical technology.
- Sustainability: Promoting green technologies and sustainable practices.
EIF’s Role and Track Record
The EIF has a strong history of supporting Greek SMEs, dating back to 2009. The previous EquiFund initiative, launched in 2016, significantly boosted Greece’s startup ecosystem. EquiFund II builds on this success, with a specific focus on life sciences and sustainability.
Highlights of Previous Initiatives
- EquiFund I: Supported startups in various sectors through nine fund managers.
- Results: Helped SMEs access risk finance, fostering innovation and global competitiveness.
Importance of Financial Instruments
The EIB Group emphasizes the importance of financial instruments in leveraging private capital and making the most of public resources. These instruments play a crucial role in supporting Europe’s dynamic and promising enterprises.
Benefits of Financial Instruments
- Leverage Private Capital: Attract additional private investment.
- Support Dynamic Enterprises: Focus on the most promising sectors.
- Revolving Nature: Ensure sustainable use of public funds.
Background Information
European Investment Bank (EIB)
The EIB is the EU’s long-term lending institution, owned by its Member States. It focuses on financing investments that align with EU policy objectives, such as:
- Competitiveness: Boosting innovation and sustainable development.
- Cohesion: Enhancing social and territorial cohesion.
- Climate Neutrality: Supporting the transition to a green economy.
European Investment Fund (EIF)
As part of the EIB Group, the EIF’s mission is to support Europe’s micro, small, and medium-sized businesses by facilitating access to finance. It develops venture and growth capital, guarantees, and microfinance instruments tailored to this market segment.
Conclusion
The €200 million equity financing initiative marks a significant step forward for Greek startups in the life sciences, healthcare, and sustainability sectors. By providing vital funding and support, the EIF aims to help these companies unlock their full potential and compete on the global stage. This initiative not only boosts innovation but also promotes economic growth and job creation in Greece.
