The European Commission’s Directorate‑General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) published a commissioned study on barriers to scaling up funds investing in innovative and growth‑oriented companies, with a view to improving access to finance for EU businesses under the Savings and Investments Union and the EU startup and scaleup strategy. Delivered by Civitta, EBAN and Bourse Consult, the study finds that legal and regulatory, tax and market factors continue to hinder venture capital investment across the EU and fundraising from investors including insurers and pension funds. It also outlines key trends in the venture and growth capital segments and their investor base, noting that the EU ecosystem remains fragmented and underdeveloped compared with the United States despite recent progress. The Commission frames the findings as input to future policy work in the context of the Savings and Investments Union.
European Commission 2025-10-15
European Commission study identifies regulatory, tax and market barriers to scaling EU venture and growth capital
The European Commission’s Directorate‑General for Financial Stability, Financial Services and Capital Markets Union published a study identifying barriers to scaling up funds for innovative companies in the EU. Delivered by Civitta, EBAN, and Bourse Consult, it highlights the fragmented and underdeveloped EU venture capital ecosystem compared to the U.S. The findings will inform future policy work under the Savings and Investments Union.