The initiative will mobilise an additional €500 million of EU funds for financial intermediaries investing in this sector. Commissioner Sinkevičius also announced that the European Commission’s successful BlueInvest initiative will continue beyond 2022 until 2026.
European Commissioner Virginijus Sinkevičius, who is responsible for the environment, oceans and fisheries, praised the achievements of the BlueInvest initiative, which in the past three years has been highly successful in terms of getting hundreds of SMEs coached and matched with investors. The initiative has led to multiple financing deals being signed, has strengthened the investment landscape for the blue economy, increased investor awareness and helped bridge the finance gap for blue technology SMEs and start-ups.
Speaking at the BlueInvest day in Brussels on 28 March, he said, “the first phase of the platform acted as an accelerator to foster innovation and investment in sustainable technologies for the blue economy. To further deepen and scale up these activities, we are now launching the second stage of BlueInvest. This will provide an even better service to European SMEs and investors, and more impact to support the European Green Deal objectives.”
From BlueInvest to InvestEU blue economy
InvestEU Blue Economy, the scaled-up equity initiative that builds on the BlueInvest Fund pilot under European Fund for Strategic Investments (EFSI), brings together the European Maritime, Fisheries and Aquaculture Fund (EMFAF), the EIB Group and InvestEU finance, thereby mobilising an additional €500 million of EU funds for financial intermediaries investing in this sector. This will result in €1.5 billion of risk-financing available to innovative and sustainable blue economy SMEs and start-ups, via financial intermediaries. The call for expression of interest will be soon published by the EIF.
As a novelty the BlueInvest platform as well as the EIF and European Investment Bank (EIB) will provide capacity building and advisory support for financial intermediaries and impact investors targeting investments in the blue economy
What are BlueInvest and the InvestEU funds?
BlueInvest is a platform and accelerator to foster innovation and investment in sustainable technologies for the blue economy. It provides investment readiness support and access to finance for early-stage businesses, SMEs and scale-ups. BlueInvest is enabled by the European Maritime, Fisheries and Aquaculture Fund.
Achievements so far, include:
- 200 SMEs that have received investment readiness support through bespoke coaching meeting their individual needs,
- An online project pipeline of 2,400 projects and its online projects showcase of 300 high-profile companies looking for investment
- 24 grant agreements that have been closed with innovative Blue Economy projects,
- Company-investor matchmaking facilitated through 40 events and 3,400 B2B meetings
- 25 deals with private investors that have been facilitated through the BlueInvest platform,
- More than €100 million public EU funds allocated through the EIF BlueInvest Fund pilot to intermediaries (venture capital funds) that will enable these to invest up €300 million (with private capital) into sustainable blue economy.
© Jeff Milisen
The InvestEU Fund aims to mobilise more than €372 billion of public and private investment through an EU budget guarantee of €26.2 billion that backs the investment of implementing partners such as the European Investment Bank (EIB) Group and other financial institutions.
- The InvestEU Fund operates through four policy windows that mirror key Union policy priorities: sustainable infrastructure; research, innovation and digitisation (RID); SMEs; social investment and skills.
- The EU Guarantee will be further increased by top-up contributions from the EU Sectorial Programmes. This includes €140 million from the European Maritime, Fisheries and Aquaculture Fund for the period 2021-2027 and allocated under the InvestEU Equity product. This contribution is matched with InvestEU resources and EIF/EIB own funds.
- Under InvestEU, the EIB Group (comprised of the EIB and EIF) will implement 75% of the EU budget guarantee (€19.65 billion) and the same share of the advisory budget under the InvestEU Advisory Hub.
Find additional information on the EU’s blue economy schemes here.
