The European Commission will extend a project to promote venture capital financing of high-tech firms. The Innovation and Technology Equity Capital (I-TEC) project has already attracted 13 venture capital funds and three more are expected to join "in the next few weeks", the European Union executive said in a statement.
The 13 funds already taking part include: British-based Alta Berkeley Associates, Belgian Capricorn Venture Partners and ITP Management, German Technostart and Danish Oresund Lifecare.
The Commission said new financing would be available for funds focused on specific technologies, science parks and regions.
The maximum EU contribution per fund would be limited to 300,000 ecus. But funds investing one third of their assets in another EU country could receive 200,000 ecus more.
The Commission said the separate European Investment Fund (EIF) a public-private initiative based in Luxembourg acted as its adviser and often took stakes in the same funds.
Over the last year the EU has massively increased its support for the venture capital industry. The bloc hopes by funding small, growing companies it can help cut jobless numbers and stimulate a risk-capital culture on the continent.
