EIF commits €20 million to Swedish VC BackingMinds to support underrepresented entrepreneurs
Swedish VC firm BackingMinds has received around €20 million from the European Investment Fund (EIF) for BackingMinds Invest III in order to seek out promising entrepreneurs and businesses often overlooked by traditional investors. The EIF, which is part of the Luxembourg-based European Investment Bank (EIB) Group, will be the first institutional investor in the fund […] The post EIF commits €20…
The European Investment Fund (EIF) has allocated €20 million to Swedish venture capital firm BackingMinds for BackingMinds Invest III. This investment aims to identify promising entrepreneurs and businesses that are often overlooked by traditional investors. The EIF, an institution within the European Investment Bank Group based in Luxembourg, will serve as the first institutional investor in the fund, supported by the EU's InvestEU programme.
BackingMinds' Founding Partner, Sara Wimmercranz, emphasizes the need for investors to be more open and proactive in seeking out innovative companies that may not fit traditional criteria. The EIF's commitment enables BackingMinds to expand its network and invest in a broader range of promising ventures. This €20 million EIF investment comes alongside other significant fund closings in Sweden and the Nordic region, amounting to approximately €282.3 million, excluding BackingMinds' separate commitment.
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