The venture capital fund has received a $214m commitment through EU program Competitiveness, Entrepreneurship and Innovation, which will be topped up by third parties.

Greece on Monday launched a call for financial institutions and private investors to participate in its VC fund Equifund, according to ERT International.

The fund has secured €200m ($214m) in public funding through the EU initiative Competitiveness, Entrepreneurship and Innovation, a part of the NSRF 2014-2020 program.

The Equifund was established at the end of December 2016 by the Ministry of Economy and Development with the European Investment Fund. The vehicle is expected to leverage more than €1bn in total funding.

The fund will act as a fund of funds and will allocate capital to VC firms through a tendering process. It will focus on three core areas: research and innovation, early-stage startups and development stage businesses.

Alexis Charitsis, alternate economy minister, said: “The creation of the new venture capital fund, Equifund, seeks the coupling between innovative and dynamic Greek SMEs, which experience difficulty in accessing funds on the one hand, and investors, domestic and international, on the other, who wish to invest in such operations, and they recognise the potential and prospects of the country, but because of the size of firms, they are unable to identify and approach them.”