EIFO Pours $210M Into Scaleup Europe Fund for Tech Growth

Jan de Vries · 2026-06-26

EIFO, Denmark's national promotional bank and export credit agency, just committed $210 million (€200 million) to the Scaleup Europe Fund. That's a big deal for European tech. This fund is a key piece of the European Commission's Startup and Scaleup Strategy, which aims to turn Europe into the best place to grow and keep global tech companies. It's not just EIFO either. The founding investor group includes seven other big names like Novo Holdings, Sweden's Wallenberg Investments, and Germany's Allianz. ### Why This Matters Now Europe has a problem. Too many of its best startups grow up and then leave to raise capital in the US or Asia. That's a brain drain nobody wants. "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 are helping address a critical gap and ensuring that more of these companies stay in Denmark and Europe." This commitment comes as part of a bigger pattern in 2026, where European capital is flowing into specialist tech funds. ### The Bigger Picture: A Wave of Tech Funds EIFO's move isn't happening in a vacuum. EU-Startups has reported around $3.33 billion in disclosed fund sizes and first closes across similar vehicles this year. That includes Kembara's $788 million DeepTech first close, E2D's $525 million DefenceTech growth vehicle, Earlybird's $378 million Fund VIII, Quantonation's $231 million quantum and deep-physics fund, Kurma Partners' $226 million Biofund IV, and 2150's $221 million climate-driven urban systems fund. Danish relevance is clear too. Copenhagen-based Footprint Fund I, a $80 million climate and DeepTech fund, is backed by EIFO and Novo Holdings. And both EIFO and Novo Holdings show up in 2150 Fund II. Novo Holdings is also listed among LPs in Quantonation II and Anterra Capital Fund III. ### What the Fund Will Do The Scaleup Europe Fund will invest in the most promising tech companies across Europe, covering sectors like AI, quantum tech, robotics, energy tech, space tech, BioTech, MedTech, and AgriTech. Its main goal is to close that late-stage financing gap that's been pushing European scaleups to look elsewhere for cash. The idea is to keep them in Europe, where they can grow and create jobs. ### EIFO's Role as a State-Backed Anchor As the only state-backed anchor investor in the fund, EIFO has a unique position. "We have been closely involved in shaping the fund's framework, and it has been essential for us to ensure a commercially viable model that can attract the strongest European companies," says Erik Balck Sørensen, CIO of EIFO. He expects one or more Danish investments from the fund. EIFO hopes that innovation in these areas will boost European resilience and competitiveness, especially during global volatility. It's a smart play for Denmark too, since the fund targets several areas where Danish companies already excel. ### A Quick Look at the Numbers Here's a snapshot of the capital flowing into European tech funds in 2026: - Kembara DeepTech: $788 million - E2D DefenceTech: $525 million - Earlybird Fund VIII: $378 million - Quantonation quantum fund: $231 million - Kurma Partners Biofund IV: $226 million - 2150 climate fund: $221 million - Footprint Fund I (Copenhagen): $80 million ### What This Means for Startups For founders, this fund could be a game-changer. EIFO's investment means more access to growth capital at the critical later stages, helping companies scale while keeping their base in Europe. According to EIFO, of the 14 Danish-founded companies that have become unicorns since 2000, only six kept a Danish or European base. That's a stat that hits hard. The fund is expected to make its first investments soon, and it's already generating buzz across the European tech scene. ### The Bottom Line EIFO's $210 million commitment to the Scaleup Europe Fund is a strong signal that Europe is serious about holding onto its tech talent. With a network of top-tier investors and a focus on strategic sectors, this fund could help reshape the landscape for European scaleups. It's not just about the money—it's about building an ecosystem where the best companies want to stay and grow. And that's something worth watching.