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Startups Want EU to Set Up $118 Billion Sovereign Tech Fund

  • Fund would mix state and private money for equity investments
  • EU is switching focus to promoting home-grown industry
     

Photographer: Christophe Morin/Bloomberg

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Some of Europe’s biggest tech companies are calling for a 100 billion-euro ($118 billion) fund to kick-start the creation of regional champions in green technology, science-driven startups and other new industries.

The leaders of around 35 unicorns and startups including Blablacar, FacilityLive and Cabify will call for the European Sovereign Tech Fund at an online meeting with the European Union’s Research and Innovation Commissioner Mariya Gabriel on Tuesday. Adyen NV, Collibra SA and Supercell are also expected to participate.