The German government is allocating 10 billion euros to help start-up technology companies to grow further. According to the German government, the support is intended for start-ups struggling to attract investors’ financing.
The money will be distributed through an investment fund, said Finance Minister Olaf Scholz and Economic Affairs Minister Peter Altmaier.
According to Altmaier, start-ups are drivers of structural change and create jobs. According to the minister, they also lay the foundation for further growth and prosperity in Germany and Europe.
Last year, German start-ups, including fintech company N26, the builder of air taxis Lilium and travel platform Omio, secured around 4 billion euros in funding, according to research by consultant EY. Most of the money came from foreign investors.