Equity funds based in Italy, Spain, France and the Netherlands gain a total of $100m in investment from the European Investment Fund.

The European Investment Fund (EIF) has made a total commitment of €90m ($100m) to equity funds in Italy, the Netherlands, Spain and France.

The funds are Netherlands-based Set Fund II, Italy-based Panakès Fund I, Spain-based Bullnet Capital III SCR and France-based Caphorn 2 Fund.

The four investments have been made possible through the backing of the European Commission’s Cosme and Horizon 2020 Innovfin programs. Each of the four equity funds will use the money to back startups, small and medium-sized enterprises and midcaps.

EIF hopes its commitment will mobilise third-party investments of more than €200m.

Pier Luigi Gilibert, chief executive of EIF, said: “I am delighted that the first four funds under the European Commission’s Cosme and Horizon 2020 Innovfin programs have reached closing.

“High-tech companies in the digital, information and communications technology, medtech and cleantech sectors can benefit from investment and industry know-how from the funds we are working with in Italy, France the Netherlands and Spain, in order to scale up their businesses and boost innovation within the EU.”