The European Commission (EC) launched an initiative designed to connect a network of investors with technology start-ups, with the first batch of financial backers holding more than €90 billion in assets.

Dubbed Trusted Investors Network, the programme is intended to attract investors who are looking to co-invest in “deep-tech companies” within the European Union (EU), responding to demand for increased financing in Europe.

According to EC’s announcement, the network’s first group of backers comprise of 71 investors including corporate venture funds, venture capital funds, public investment banks and foundations.

Capital from these investors will be combined with funding from the European Innovation Council (EIC), which is part of the bloc’s Horizon Europe programme.

The money will be used to support start-ups under the EIC Scaling Club community, which gathers more than 120 companies focusing on a diverse set of areas spanning biotechnology, agri- and food tech, clean fuels and hydrogen and energy storage.

EC said the start-ups have collectively raised more than €73 million to date, with more financing rounds to be expected.

EIC Fund has invested nearly €1 billion in 251 promising European scale-ups and attracted co-investments of more than €4 billion from around 1,000 investors.

EC hopes the Trusted Investors Network “will further strengthen these co-investments and enable companies in critical technologies areas to access larger investments needed to compete globally”.

“By joining forces with venture capital, we are responding to the urgent challenges laid out in the Draghi report that call for bold action to ensure Europe’s competitiveness in critical technologies,” said Iliana Ivanova, European Commissioner for Innovation, Research, Culture, Education and Youth.