The €5bn Scaleup Europe Fund, managed by Swedish investment firm EQT, is already allowed to invest in British companies despite the UK not currently being an investor in the fund. It can also allocate up to 9% of the fund's capital to investments in the US, and is exploring whether the UK could join the Scaleup Europe Fund initiative, according to Sana Zuberi, who works at the British Business Bank and sits on the fund's Investment Committee in London.

The Scaleup Europe Fund is one of several new funds aimed at addressing the EU's scaling challenges for deep-tech, climate, health, and industrial startups. Zuberi noted that the fund was created to ensure that European startups have access to late-stage capital, especially as the UK's British Patient Capital program has also invested in the fund.

The UK is not yet a participant in the EU fund, but Zuberi described the UK as “best in class” for venture capital and said the door is open for the UK to join. “If the UK wants to be a hub for European venture, it’s a no-brainer to join,” she said. She added that the fund is already looking at UK deals, “so it's not a question of if, but when.”

*Correction, February 35, 2025: A previous version of this article misstated the fund's name.*