BRUSSELS, BELGIUM / RankWire.AI / – The European Union has rolled out the Scaleup Europe Fund, aiming to raise €5 billion. The European Commission finalized the legal formalities for the fund on August 4, 2026. Operating within the European Innovation Council Fund, the initiative is designed to bolster key technology enterprises. EQT will oversee the investment portfolio and select ventures following commercial guidelines. The first deals are anticipated in the coming weeks as the fund manager continues to secure capital.
The European Commission has allocated €1 billion through Horizon Europe-backed funding. Initial investments from public and private founding investors will be added during the first closing phase. It’s important to note that the €5 billion target is aspirational and does not indicate funds already secured. The total size of the initial closing has not been disclosed by officials. EQT intends to gather additional commitments from institutional investors as fundraising advances. The European Commission will participate on the same financial terms as other contributors.
The fund’s focus will be on European companies seeking significant late-stage or growth financing rounds. Eligible firms must operate within an EU member country or another eligible Horizon Europe nation. Companies planning to establish operations in these regions may also qualify. EQT will evaluate candidates through an open, merit-based process, maintaining control over individual deal selection, investment conditions, and portfolio oversight. While investors will have governance roles, they will not influence specific transactions.
The investment scope encompasses strategic sectors
The Scaleup Europe Fund intends to invest in companies involved in artificial intelligence, quantum technology, semiconductors, and robotics. Its mandate also includes autonomous systems, energy, space, biotechnology, and medical technology. Additionally, the fund’s scope covers advanced materials and agricultural tech. Each investment is expected to be approximately €100 million or more, with room for additional funding following an initial deal. Eligible businesses can apply from Series B onward.
EQT will identify potential investments and engage directly with companies seeking growth capital. Prior support from European Innovation Council programs does not guarantee selection. Companies already supported by EIC programs may still qualify if they meet the criteria. The new fund aims at larger financing rounds compared to existing EIC instruments, with EIC STEP funding currently offering up to €30 million per company. EQT will provide further details on application procedures and engagement as investment activity unfolds.
Initial investors aid in fundraising efforts
The founding investor group features Novo Holdings, EIFO, CriteriaCaixa, Santander, and Mouro Capital. Novo Holdings has previously committed €500 million to the fund. Among the participants from Italy are Intesa Sanpaolo, Fondazione Cariplo, and Fondazione Compagnia di San Paolo. Dutch pension fund ABP is represented by APG Asset Management. The group also includes Wallenberg Investments and Allianz. EQT plans to contribute its own capital alongside these initial backers.
The Scaleup Europe Fund is part of the EU Startup and Scaleup Strategy. European Commission President Ursula von der Leyen introduced this initiative during her 2025 State of the Union address. The program aims to broaden access to large-scale growth investments for European strategic technology firms. The European Commission has not yet disclosed any specific recipients or individual deal sizes. EQT will select initial investments based on the fund’s commercial framework and approved investment criteria.