The European Investment Fund (EIF) has pledged €300 million to Seaya Growth Tech Fund I, a pan-European growth venture capital fund managed by Spain-based Seaya. The fund targets €1 billion to support companies working in applied artificial intelligence, deep tech, fintech, climate solutions, and commerce. The commitment is part of the European Tech Champions Initiative (ETCI), which is managed by the EIF and aims to help European technology leaders scale within the European Union.
Addressing Europe's Growth Stage Funding Gap
Europe has long struggled to scale promising technology companies despite natural strengths in artificial intelligence, deep tech, and quantum computing. The ETCI was launched in 2023 by the EIB Group with France, Germany, Spain, Italy, Belgium, and the Netherlands to close this financing gap. Seaya Growth Tech Fund I will make equity investments at the Series C stage in companies focused on applied AI, smart manufacturing, supply chain resilience, capital market autonomy, cybersecurity, and environmental and climate solutions.
EIF Anchor Role and ETCI Momentum
The EIF becomes the anchor investor in Seaya, providing a catalytic role that is expected to help the fund reach its €1 billion target through additional investments. Seaya is the second EIF investment in a Spain-based technology scale-up fund under the ETCI, following earlier support for Kembara. Since 2023, the initiative has supported 13 technology megafunds and nearly doubled the number of such vehicles in the European ecosystem.
A Fund-of-Funds Model
The ETCI is a fund-of-funds program dedicated to supporting Europe's venture capital and private equity ecosystem at scale. It channels investments into large-scale funds that back promising technology companies as they grow and compete globally. This structure is specifically designed to address the financing gap experienced by European technology scale-ups.
Spanish Companies Already Benefiting
ETCI-backed funds have already invested in 38 fast-growing European technology companies operating in areas such as cybersecurity, artificial intelligence, fintech, biotechnology, and healthcare. In Spain, supported funds have backed four growth-phase companies, three of which are unicorns: Factorial, Inke, TravelPerk, and Fever Labs. This activity shows the initiative's growing influence on the domestic and regional technology landscape.
A Multi-Stage Investment Platform
Seaya is a multi-stage technology investment platform with offices in Madrid, Barcelona, and London. Since launching its first fund in 2013, it has backed entrepreneurs who built some of Europe's category leaders. Seaya Growth Tech Fund I is raising up to €1 billion to address the European growth-stage funding gap as a native, technology-driven platform.
Preparing ETCI 2.0
Building on the success of the first ETCI, the EIB Group is shaping ETCI 2.0 as part of TechEU, the EU's largest financing program for technology companies on their innovation and growth journey. In December 2025, the boards of the EIF and EIB committed a total of €1.25 billion of their own funds to ETCI 2.0. It will also be open to national public contributions and private institutional investors, with fundraising and investments expected to launch in early 2026.
The EIF's €300 million commitment to Seaya Growth Tech Fund I marks another step toward strengthening Europe's ability to finance and retain high-growth technology companies. As ETCI 2.0 takes shape with €1.25 billion in initial commitments from the EIB Group, the initiative is positioned to attract broader public and private capital. By supporting large-scale growth funds, the EIF and its partners aim to build enduring European champions across artificial intelligence, deep tech, and other strategic sectors.