EIFO Pours $209M Into Scaleup Europe Fund for Tech Growth

Jan de Vries · 2026-06-26

EIFO, the Danish national promotional bank and export credit agency, just committed $209 million (€200 million) to the Scaleup Europe Fund. This move is a big deal for the European Commission's Startup and Scaleup Strategy, which aims to make Europe the go-to place for building and keeping global tech companies. ### Who's Backing This Fund? EIFO isn't going it alone. The founding investor group includes seven other institutional heavyweights like Novo Holdings, Sweden's Wallenberg Investments, and Germany's Allianz. Together, they're tackling a critical gap in late-stage funding. "Europe clearly needs stronger capital in the later growth stages if we are to retain our most promising companies on the continent," says Peder Lundquist, CEO of EIFO. "With the Scaleup Europe Fund, we're helping address a critical gap and ensuring that more of these companies stay in Denmark and Europe." ### A Bigger Trend in European Tech Funding This commitment isn't happening in a vacuum. In 2026, we're seeing a wave of specialist tech funds across Europe. According to EU-Startups, there's been about $3.32 billion (€3.17 billion) in disclosed fund sizes and first closes this year alone. Here's a quick rundown: - Kembara's $785 million (€750 million) DeepTech first close - E2D's $523 million (€500 million) DefenceTech growth vehicle - Earlybird's $377 million (€360 million) Fund VIII - Quantonation's $230 million (€220 million) quantum and deep-physics fund - Kurma Partners' $225 million (€215 million) Biofund IV - 2150's $220 million (€210 million) climate-driven urban systems fund Danish relevance? You bet. Copenhagen's Footprint Fund I, a $79 million (€76 million) climate and DeepTech fund, is backed by EIFO and Novo Holdings. Plus, EIFO and Novo Holdings are also involved in 2150 Fund II. Novo Holdings is even listed among LPs in Quantonation II and Anterra Capital Fund III. ### What This Means for European Scaleups Here's the thing: Europe has a history of creating brilliant startups, but too many of them move abroad for later-stage funding. The Scaleup Europe Fund aims to change that. It'll invest in the most promising tech companies across AI, quantum tech, robotics, energy tech, space tech, BioTech, MedTech, and AgriTech. "We've been closely involved in shaping the fund's framework," adds Erik Balck Sørensen, CIO of EIFO. "It's been essential for us to ensure a commercially viable model that can attract the strongest European companies. At the same time, we've had a clear focus on ensuring the fund also benefits Denmark." ### Why This Matters Now The European Commission and top-tier private investors first expressed interest in creating this fund back in October 2025. Now it's real. As the only state-backed anchor investor, EIFO hopes innovation in these sectors will drive European resilience and competitiveness during global volatility. EIFO is no small player. With a total business volume exceeding $20.9 billion (€20 billion) and operations in over 100 countries, it provides financial solutions for Danish companies and their global partners. It also invests in startups and funds. ### The Danish Unicorn Problem According to EIFO, despite a strong legacy of innovation, only 6 out of 14 Danish-founded unicorns since 2000 kept a Danish or European base. That's a leaky bucket. This fund is designed to plug that hole by giving scaleups access to capital at critical later stages, helping them grow while staying in Europe. ### What's Next? The fund is expected to make its first investments soon. For European tech founders, this could be a game-changer—finally, a late-stage funding option that doesn't force you to move across the Atlantic.