Business Angels Europe (BAE) strongly welcomes the new funding scheme aimed at supporting Business Angels investing in startups, innovative SMEs and small midcaps that predominantly aim to commercialise new ICT related products and services.

This initiative was launched yesterday at a workshop organised in Brussels by the European Commission (DG CONNECT) in cooperation with the European Investment (EIF) and with the participation of Business Angels Europe (BAE) and other stakeholders.

The workshop followed a recent publication of a call for expression of interest for a new EU funding scheme, which is a part of the Horizon 2020 InnovFin facilities, implemented by the EIF.

As stated by Philippe Gluntz President of BAE at the outset of the meeting, BAE welcome the demonstrated recognition by the EU of the importance of Angel Investing in the innovation process

It is also a major step forward in the direction of creating a single market of Angels throughout all 28 European countries, which is one of the  key objectives of BAE

The aim of this pilot is to help overcome the deficiencies that business angels face in their financing environment by providing equity stakes in funds aiming to either co-invest with or are managed by angel investors. The ultimate beneficiaries of InnovFin BA ICT Pilot are innovative small firms in one or more EU Member States and Horizon 2020 Associated Countries, in particular, but not exclusively, in CEE Countries.

With an initial EU financial contribution of €30 million, this pilot is expected to generate an amount of up to €120 million of investments.

For more details on the call for expression of interest: http://www.eif.org/what_we_do/equity/single_eu_equity_instrument/innovfin-sme-vc/index.htm

BAE congratulates the European commission for taking this initiative forward and remains committed and its disposal to continue working together in building a favourable ecosystem for business angels and startups in Europe.