On 10 April, the European Commission and the European Investment Fund (EIF) launched a Pan-European Venture Capital Funds-of-Funds programme (VentureEU) to boost investment in innovative start-up and scale-up companies across Europe. VentureEU will initially consist of six participating funds backed by EU funding to the tune of EUR 410 million. The funds aim to raise up to EUR 2.1 billion of public and private investment which in turn is expected to trigger an estimated EUR 6.5 billion of new investment in innovative start-up and scale-up companies across Europe, thereby doubling the amount of venture capital currently available. Europe boasts a wealth of talent, world-class researchers and skilled entrepreneurs, but turning that excellence into success stories requires improved access to risk capital for innovation. Venture capital is vital to a well-functioning Capital Markets Union but remains underdeveloped in Europe. In 2016, venture capitalists invested about EUR 6.5 billion in the EU compared to EUR 39.4 billion in the US.