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EIF commits €20 million to Swedish VC BackingMinds to support underrepresented entrepreneurs

Techarena announced a startup programme or prize with a about €20 million prize.

Nordic Startup News desk Based on reporting by EU-Startups Sweden · Single-source report
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BackingMinds announced a significant commitment of €20 million from the European Investment Fund (EIF) to strengthen its BackingMinds Invest III initiative. This investment aims to empower entrepreneurs and businesses often overlooked by traditional funding sources, aiming for enhanced diversity within the entrepreneurship landscape in Sweden.

The EIF's contribution will make it the first institutional investor in the fund, which is part of the EU's InvestEU programme. BackingMinds plans to utilize this funding to identify and nurture innovative startups. This follows a previous €50 million fund close by BackingMinds in 2022, indicating growing institutional support for underrepresented entrepreneurs.

This commitment is expected to facilitate targeted investment in underrepresented entrepreneurs, further fostering a more equitable startup ecosystem in Sweden.

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EIF commits €20 million to Swedish VC BackingMinds to support underrepresented entrepreneurs

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