Novo Holdings commits €500 million to the Scaleup Europe Fund

Novo Holdings has committed €500 million as a founding investor in the newly launched Scaleup Europe Fund (SEF), a pan-European growth fund established to help scaling technology companies grow and remain anchored in Europe.

The Scaleup Europe Fund was formally launched yesterday at the European Innovation Council (EIC) Summit in Brussels. With a target size of €5 billion and a hard cap of €6–7 billion, the fund is expected to become one of Europe’s largest growth-stage investment platforms focused on supporting companies through growth, late-stage growth and pre-IPO phases.

Europe has a strong pipeline of innovative companies and research-driven businesses, particularly within deep tech and strategically important sectors. However, many European companies continue to face challenges accessing sufficient late-stage capital to scale globally from a European base. The Scaleup Europe Fund has been established to help address this funding gap by mobilising long-term capital and supporting the next generation of European technology leaders.

Kasim Kutay, CEO, Novo Holdings, said: “The significance of the Scaleup Europe Fund extends beyond the capital being committed. It demonstrates what can be achieved when long-term investors and public institutions work together towards a common goal. Europe has an opportunity to strengthen its competitiveness and build more globally leading businesses. Realising that opportunity will require continued ambition, collaboration and a willingness to act with greater urgency.”

Supporting strategic technologies and long-term competitiveness
The fund will invest across three broad themes: Digital and Intelligent Systems, Physical Systems, Human and Planetary Health. The investment strategy has been designed to maintain flexibility while supporting sectors considered important to Europe’s long-term competitiveness, resilience and technological capabilities.

The Scaleup Europe Fund brings together a group of European institutional and public founding investors, including the European Commission, Novo Holdings, EIFO (Export and Investment Fund of Denmark), CriteriaCaixa, Santander / Mouro Capital, Fondazione Compagnia di San Paolo / Intesa Sanpaolo / Fondazione Cariplo, APG Asset Management (on behalf of ABP) and Allianz.

Nigel Govett, CFO of Novo Holdings, said: “At Novo Holdings, we invest with a disciplined long-term perspective and a strong belief in Europe’s capacity to build globally leading companies. The Scaleup Europe Fund brings together long-term capital and aligned investors to help strengthen Europe’s ability to scale innovation and retain strategic technologies and companies within Europe.”

Next steps for the fund
The fund will focus on growth and late-stage investments across Europe, with typical investment sizes of €100+ million, including follow-ons. Investments are expected to be made primarily through direct equity positions, with the ambition to take substantial minority ownership stakes and active board roles in portfolio companies. EQT has been selected as the preferred fund manager following a competitive selection process involving 27 eligible managers.

The launch of the Scaleup Europe Fund marks the beginning of the fund’s next phase, with the ambition to build a long-term investment platform capable of strengthening Europe’s innovation ecosystem and supporting the development of globally competitive companies from Europe, while creating attractive market returns.

The fund is currently finalising legal documentation and operational set-up, with first investments expected from autumn 2026.