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In absolute terms, the total level of government agency funds invested into European VCs topped $2.5B for the first time in 2019, increasing from $1.1B in 2015. Interestingly, while government agencies have materially ramped their investment into follow-on funds, growing almost 3x between 2015 and 2019, the sums invested into first-time funds have not seen the same consistent expansion.

Evolution of government funding ($M)


  • First-time VC funds
  • Follow-on Funds
Taken from the European Data Cooperative, developed by Invest Europe. EDC data converted at EUR:USD of 1:1.1198, the rate on 30 June 2020.