BBVA joins EIB alliance to mobilize over €10 billion for European tech companies
BBVA has joined a new public-private alliance led by the European Investment Bank Group (EIB Group) aimed at channeling more than €10 billion into European technology companies in their scale-up phase. The initiative, which brings together seven European Union Member States and fourteen institutional investors, aims to mobilize up to €80 billion in total investment to help innovative European companies grow and compete globally.
The alliance, announced in Brussels on the sidelines of the Eurogroup and ECOFIN meetings, builds on the European Tech Champions Initiative, launched in 2023 by the EIB Group and six EU Member States. Backed by European governments and major institutional investors, including BBVA, the alliance seeks to accelerate the growth of European technology companies. The average investment per transaction is expected to reach €200 million.
The French Tibi initiative and fourteen institutional investors, including BBVA, Banco Santander, Grupo Mutua Madrileña and Marsh, have expressed their intention to collectively channel more than €8 billion into Europe's innovation and scale-up ecosystem. Additional investors are expected to join the alliance in the near future.
Meanwhile, seven Member States -Spain, Germany, Bulgaria, Greece, Italy, Luxembourg and the Netherlands- have partnered with the EIB Group to commit nearly €2 billion to the first closing of the Tech Champions fund of funds. The first investment approvals are expected in the coming weeks.
"Europe has world-class talent, innovative companies and technological leadership. The European Tech Champions alliance is a catalyst for mobilizing capital at scale to turn Europe's most promising companies into global leaders," said EIB Group President Nadia Calviño.
BBVA strengthens its support for the growth of innovative companies
Spain plays a prominent role in this public-private alliance, reinforcing its support for the growth of European technology scale-ups with a firm commitment of €200 million from the Ministry of Economy, Trade and Business through ICO Axis.
This public-sector commitment is complemented by the intention to channel private capital from four Spanish institutional investors: Banco Santander, BBVA, Marsh (following its acquisition of AltamarCAM) and Grupo Mutua Madrileña.
"At BBVA, we believe that supporting innovative companies is essential to unlocking the potential of new technologies and translating it into growth, wealth and progress for society. This new collaboration with the EIB Group reinforces our commitment to supporting these companies at every stage of their growth, as we firmly believe they will play a key role in strengthening the competitiveness of Spain and Europe," said Ainhoa Campo, Head of Venture Capital Investments at BBVA.
BBVA's participation in this alliance further strengthens its commitment to supporting innovative companies throughout their different stages of growth and contributing to the development of a stronger, more competitive European technology ecosystem.
Driving European technological leadership
To date, the European Tech Champions Initiative has backed 15 mega-funds investing in fast-growing innovative companies seeking financing to expand and become global leaders. The initiative has supported more than 50 companies and helped 16 EU-based scale-ups achieve unicorn status, each reaching a valuation of more than €1 billion.
Spain has made a significant contribution to the initiative's success, as reflected in investments made through the program in Spain-based deep-tech mega-funds Seaya and Kembara, as well as in four Spanish companies: Factorial, Fever, Inke and TravelPerk. Three of these companies -Factorial, Fever and TravelPerk- are technology unicorns with global ambitions.
The expanded initiative received unanimous backing from all EU Member States last July. More Member States are expected to contribute to the Tech Champions fund of funds once they have completed their respective national procedures.
The alliance will work in a coordinated and complementary manner alongside other national and European initiatives, including France's Tibi initiative, Germany's WIN initiative and the European Commission's Scaleup Europe Fund. Together, these efforts will help European technology companies access large-scale financing to grow while remaining rooted in Europe, contributing to the EU's productivity, economic growth and strategic autonomy.