Greece is playing an active part in the major European drive to finance the technologies of the future and build businesses with a global reach, investing €120 million in the joint investment fund of the European Investment Bank Group’s European Tech Champions Initiative. The strategic move strengthens Greece’s position on Europe’s innovation and entrepreneurship map while helping to build a stronger, more competitive European economy.
Greece, the EIB Group, major institutional investors and other European Union member states are joining forces to channel more than €10 billion into new equity investments in fast-growing European businesses. The new alliance of public and private investors is built on the European Tech Champions Initiative and aims to mobilise total investment of up to €80 billion, with an average investment of €200 million, enabling European technology companies to expand globally.
Greece is one of six countries participating in the first close of the joint investment fund, alongside Bulgaria, Germany, Luxembourg, the Netherlands and Spain. These countries and the EIB Group are committing around €2 billion to the Tech Champions fund-of-funds, which invests in other investment funds, paving the way for the first investment approvals in the coming weeks.
Investment alliance
Major institutional investors and the French Tibi initiative have also expressed their intention to channel more than €8 billion in total into Europe’s innovation ecosystem and fast-growing businesses. More investors are expected to join the alliance soon. Greece’s contribution will be financed from the Ordinary Budget and forms part of the government’s strategy to foster innovation, attract investment and create new opportunities for Greek businesses.
Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis said: «The next major battle for European competitiveness will be fought in technology. Europe has outstanding scientists, a strong research base and innovative businesses. The great challenge is to turn this potential into businesses with a global reach that can compete for leadership in international markets. Greece’s €120 million contribution to the European Tech Champions Initiative is a strategic investment in the future of the Greek and European economies. We are improving innovative businesses’ access to investment capital and helping create the next European technology champions. Greece is contributing concrete resources and high ambitions. In the global technology race, those willing to invest early will gain the advantage.»
European Investment Bank Vice-President Yannis Tsakiris said: «Europe’s technological strength depends on its ability to finance the growth of its businesses and keep within its borders the expertise and value they create. By expanding the European Tech Champions Initiative, the EIB Group is strengthening Europe’s growth capital market so that more companies can reach the scale required to compete internationally. Greece’s participation is an important investment decision with a long-term impact on growth. It links the development of Greece’s ecosystem to a European strategy that can turn scientific excellence into productive force and strengthen the country’s position in international value chains.»
Results of the initiative
The European Tech Champions Initiative was launched in 2023 by the EIB Group and six European Union member states. To date, it has backed 15 large venture capital funds, which invest in innovative, fast-growing businesses. Through these funds, it has supported more than 50 companies based in the European Union, 16 of which have reached valuations of more than €1 billion.
The expanded initiative received unanimous backing from all EU member states in July. More member states are expected to contribute to the joint investment fund once their national procedures have been completed. The alliance will complement national and European initiatives such as France’s Tibi, Germany’s WIN and the European Commission’s Scaleup Europe Fund. These initiatives will help leading technology companies access large-scale financing so they can grow and maintain a strong foothold in Europe, boosting its productivity, growth and strategic autonomy.
Meanwhile, the European Institutional Investors Pact, launched jointly by the European Commission and the EIB Group, makes it easier for institutional investors to access investment opportunities in funds through the EIB Group-led Investment Platform. It also facilitates dialogue on regulatory developments through a dedicated forum led by the European Commission.
The initiative is part of the broader European effort to strengthen competitiveness and economic resilience, advance the Savings and Investments Union and safeguard Europe’s technological autonomy. With its €120 million contribution, Greece is taking an active role in an initiative of strategic importance for Europe. It could broaden financing opportunities for Greece’s innovation ecosystem, strengthen its international reach and help create new investment and highly skilled jobs.