European entrepreneurs have come up with the launch of Plural, a 250-million-euro tech fund to support European tech companies.
Four European business people, including the influential Taavet Hinrikus, the co-founder of the funds transfer enterprise Wise Plc (WISEa.L), announced Plural’s launch, a 250 million euro ($263.20 million) venture fund intended to support emerging European tech firms.
Ian Hogarth, Sten Tamkivi, Khaled Heloui, and Hinrikus, the four entrepreneurs, declared that Plural would concentrate on the initial stage investment rounds of 1 million to 10 million euros.
Europe’s progress in the technology field
Plural’s debut coincides with Europe’s efforts to overtake the United States in technology to support the EU’s technology chip industry. The European Union loosened funding requirements for innovative semi-conductor plants in February, which will also boost its market for modern technology chips.
During the last week, the President of France, Emmanuel Macron, declared his desire for Europe to own ten tech giants within the next four to five years.
By 2030, Macron stated, he expected there to be at least 100 French unicorns in the technology sector, up from the current 27.
“Or plan is to create 10 tech behemoths in Europe over the next five years and to reach the achievable goal of at least 100 unicorns by 2030”, Macron said at the VivaTech conference in Paris.
SongKick, which Hogarth co-founded in 2007, was acquired by Warner Music (WMG.O) in 2017. Khaled Heloui served as the company’s chief executive officer before Big Point, a German game developer, was acquired by Youzu.
In terms of being a center for technology and finance in Europe, Paris has historically trailed behind New York, California, and London. However, in recent years, the French technology industry has seen some high-profile funding rounds for select startups.