Germany's KfW and France's Bpifrance plan to collaborate to boost venture capital investments in Europe. To this end, the two banks plan joint investments in European growth funds.
Through their own commitment, the two banks hope to boost VC activity in Europe and, as a result, strengthen the European startup scene. Dr. Ingrid Hengster, Member of the KfW Board of Management, explains the background of the initiative:
"Startups are important for the economic development of every country. Therefore, supporting the venture capital market for startups, especially in innovative areas, plays a central role in economic growth in Europe."
The investment focus is particularly on digital, bio, and environmental technologies. The cooperation has already begun with a simultaneous investment in two French funds.
“Closer integration of the two most important venture capital markets in Continental Europe”
Pascal Lagarde, Executive Director at Bpifrance, says:
"The collaboration between Bpifrance and KfW will strengthen the internationalization and competitiveness of innovative startups by developing key transnational players in the venture capital sector. This will contribute to closer integration between the two most important venture capital markets in continental Europe."
Bpifrance and KfW say they are open to extending this cooperation to other European countries.
