Ministers from 18 EU countries have just signed the new joint European Tech Champions Initiative (ETCI). The aim is to raise €10 billion for an umbrella fund, under which 10 to 20 new European venture capital funds will be created, each with more than €1 billion to invest. The declaration is signed by Denmark, Estonia, Greece, Spain, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Austria, Portugal, Romania, Finland, Sweden, and with the support of Bulgaria and Slovenia.