European Union programme targets €2.1bn boost for venture capital

European Union programme targets €2.1bn boost for venture capital

European Union programme targets €2.1bn boost for venture capital

In an attempt to unify the European Union's fractured membership around a common digital policy, EU leaders announced a series of measures created to make Europe more competitive in critical emerging technologies.

At the start of the session, Jeremy Millar, the coordinator of the European Blockchain Observatory & Forum, described the position of Europe in the global evolution of the technology, stressing that the continent has the great opportunity to take the lead in this space.

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The event highlighted how blockchain will work with other next-generation technologies to create a more digitally friendly and capable Europe. As with AI: we should make the most of this new opportunity to innovate.

Blockchain has been hailed as the future of technology by many experts and government officials, and the European Commission's vice president, Andrus Ansip, is the latest to voice his support for the technology.

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Gabriel said, "The Partnership launched today enables Member States to work together with the European Commission to turn the enormous potential of blockchain technology into better services for citizens".

The signatories agreed to co-operate to establish the partnership with a view to developing a blockchain infrastructure that can enhance value-based, trusted, user-centric digital services across borders within the Digital Single Market.

"For the last eight years, Invest Europe has advocated using public money in new ways to bring in more private capital and facilitate the next stage of venture capital's evolution in Europe", said Michael Collins, CEO of the trade body. This new collaboration is aimed specifically at avoiding "fragmented approaches" to the emerging technology by sharing technical expertise among each country.

Through the VentureEU programme, the European Union will fund six venture capital funds-of-funds to the tune of €410m with a view to the funds raising up to €2.1bn from public and private investors. It plans to allocate around Euro 300 million more to blockchain by 2020.

The six funds are to be managed by Aberdeen Standard Investments, Axon Partners Group, IsomerCapital, LGT, Lombard Odier Investment Managers and Schroder Adveq.

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