Europe to launch multi-billion euro tech fund – France

PARIS, Feb 7 (Reuters) – A new multibillion-euro public fund is being set up to boost investment in Europe’s tech sector, to enable it to compete with American and Asian rivals, the minister said on Monday. French for Finance.

Bruno Le Maire said local European tech start-ups needed much higher levels of funding if Europe was to reduce its dependence on foreign tech giants.

He added that he would give details of the new fund of funds with his German counterpart Christian Lindner on Tuesday, but said he would fund 10 to 20 funds “with a minimum value of one billion euros to finance projects. tech champions.

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“Our ultimate goal is to have 10 technology companies worth more than 100 billion euros each by 2030,” Le Maire said as he opened a conference on digital sovereignty.

European venture capital funds are often too small to finance the development of European tech start-ups, leaving them little choice but to turn to much larger US funds.

Meanwhile, many US and Chinese tech companies have benefited from public funding at some stage of their development, which has been more complicated in the past for European companies due to strict EU rules on state aid.

($1 = 0.8747 euros)

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Reporting by Tassilo Hummel and Leigh Thomas; Editing by Sudip Kar-Gupta, Kirsten Donovan

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