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In 2022, France plans to invest billions of euros in boosting European tech, and Europe is the world’s largest market. The startup value will be $100 billion by 2030
FREMONT CA: France stated that it had gathered more than €3.5 billion to invest in the tech ecosystem as part of plans to reclaim the continent's digital sovereignty by relying on European start-ups. The "Scale Up Europe" initiative was the focus of the second day of the conference on digital sovereignty in Europe, which was held in Paris by France in its capacity as rotating president of the EU Council in the first half of 2022. The collective was founded in March 2021 by Cedric O, Secretary of State for Digital Affairs, and Mariya Gabriel, European Commissioner for Innovation, to bring together nearly 300 advanced start-ups and scale-ups, investors, and experts to reflect on how to develop tomorrow's technological champions.
The President of the Republic decided that "ten firms worth €100 billion by 2030" should be the goal. By the end of 2021, Europe will have produced more unicorns than China, according to Cédric O, who estimates that Europe will have produced 321 unicorns (start-ups valued at more than €1 billion) and 26 decacorns start-ups valued at more than €10 billion. The European Investment Fund (EIF), a subsidiary of
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the European Investment Bank, is in charge of managing the fund (EIB). It will be designed to supplement and increase the financing capability of current venture capital funds. The goal is to establish 10 to 20 European funds, each worth at least €1 billion - there are now only two on the continent.
The Economy Minister stated that an initial injection of €3.5 billion would be made into this new fund. According to Cédric O's office, €2 billion will be put on the table by Berlin and Paris, half of which will be part of the vast 'France 2030' investment plan on the French side, and the other half by the EIB and the
French Public Investment Bank (BPI). Finally, through a new work program, Scale Up 100, the European Innovation Council (EIC) will focus on deep tech scale-ups and provide better guidance and support.
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