EIF supports Italian Angelventures

The European Investment Fund has signed a commitment to invest up to EUR 15 million in the Milan based "Angelventures" venture capital fund, which target size is EUR 123 million.

Angelventures will invest in high growth early stage companies operating in telecom, Internet, media and the so-called "content industry", wireless and other high tech sectors.

Geographically, the focus will be principally Italy with the ability to invest in France.

Angelventures' management team, promoted by Mr G. Cuneo, will rely on a strong international network in the financial , scientific and business community. EIF participation in the Fund is therefore fully in line with the conclusions of the Lisbon Summit and with the "Innovation 2000 Initiative", which called for an increase support of the EIB Group for technological companies.

This is already the 7th operation concluded by the EIF with an Italy based venture capital fund; the EIF thus contributes significantly to the development of the Italian venture capital market and the financing of new technologies in this country.

The EIF, within the EIB Group, is the specialized financial institution for venture capital and guarantees. Based in Luxembourg, it has been established in 1994 as a joint venture between the European Investment Bank (EIB), the European Commission and European banks and financial institutions. The EIB has recently become the majority shareholder of the EIF which now implements all venture capital activity of the EIB Group. The EIF, with an investment potential of over EUR 3 billion until 2003, is a major player in the European venture capital market. Its investment strategy focuses on the promotion of European technology.