EU Launches Technology Scaleup Fund to Compete With US, China

The commission’s executive vice-president for prosperity and industrial strategy, Stéphane Séjourné, said businesses ‘born in Europe must grow in Europe.’

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, on April 20, 2016. Francois Lenoir/Reuters

The European Commission said on Wednesday it planned to create a multibillion-dollar fund to help support technology companies in scaling up.

The Scaleup Europe Fund is part of a strategy document devised under orders from the commission’s president, Ursula von der Leyen, who wants to close the innovation gap with the United States and China.