Merete Clausen, deputy chief executive of the European Investment Funds, says corporates are system-builders who can bring much more than capital to Europe's tech startups.
For decades, Europe’s technology sector has been defined by a frustrating paradox: a world-class research and a robust industrial base that consistently fails to find the homegrown capital required to reach global scale. Now, the European Investment Fund (EIF), the continent’s largest public venture capital investor, is calling on corporate venture capital to help bridge this structural funding gap.
Speaking at the 2026 GCV Symposium, Merete Clausen, deputy chief executive of the EIF, argued that Europe’s “strategic necessity” is to move beyond early-stage support and foster a domestic growth-capital ecosystem. The centrepiece of this effort is the European Tech Champions Initiative (ETCI), a program designed to catalyse “mega funds” capable of leading rounds of €1bn or more. Since its launch three years ago, the ETCI has supported 15 such funds, which have already backed 45 companies, including 11 unicorns.
For corporate investors, the EIF is opening new doors. A forthcoming second phase of the ETCI will feature a pan-European platform offering private investors various options tailored to their specific risk appetites and sector interests, ranging from AI and green tech to cybersecurity and health tech. Key opportunities for CVCs include co-investment at both the fund and company levels, allowing corporates to leverage the EIF’s 30 years of due diligence expertise. Additionally, the EIF is introducing a “midsize window” to support funds that haven’t yet reached the €1bn mark but possess significant scaling potential.
Clausen’s pitch goes beyond mere capital. She describes CVCs as “system shapers” that bring unique industrial expertise, supply chain access, and the ability to act as “first customers” for emerging technologies. This collaboration is increasingly vital in “high-stakes” sectors like quantum computing and defense-adjacent technologies, where Europe aims to lead.
The ultimate goal is ambitious: making funding rounds of €200m to €500m the European norm rather than the exception within five years. This would reduce the “forced moves” of European champions to US markets for capital. Clausen noted that EIF and CVCs share a “dual mission”: the need to deliver financial returns to shareholders while simultaneously pursuing broader strategic or policy goals. As Europe enters this second phase of its tech-champion push, the message to the corporate world is clear: the transition from opportunistic investing to long-term ecosystem building is no longer optional.
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