The Venture Codex Logo

The Venture Codex

European Investment Fund

37, rue d'Arlon, Luxembourg, 1140

Overview

EIF was founded in 1994 to support Europe's small and medium-sized businesses (SMEs) by enhancing their access to finance. EIF designs and develops venture capital and guarantees instruments which specifically target this market segment. Venture capital is behind many of Europe’s innovative SMEs but it requires a complex ecosystem to thrive. This is why some geographies have a dynamic venture capital scene and others have none. Many components make up a successful ecosystem: Venture capital investment f low attracts talented entrepreneurs which can give rise to serial entrepreneurs willing to re-invest their money, which creates demand for bigger funds able to growth-finance SMEs, an established exit ecosystem and the inflow of even more talent. The EIF has played a significant role in the growth of a venture capital market in Europe. By taking cornerstone investments in funds we catalyse further investments and ‘crowd in’ private investors thus nurturing the development of an ecosystem. Our engagement in the European equity (both venture capital and private equity) arena has evolved from around EUR 60m across 22 deals in the first year of EIF operations to around 146 transactions, reaching more than EUR 3.3bn in 2017. Today, due to such developments, the EIF has more than EUR 14bn of assets under management in its equity investments portfolio, just at a time when European venture capital is finally turning into a demanded and attractive asset class, generating exits and delivering healthy returns for investors. Above all, we see the venture capital industry strongly supporting innovative European entrepreneurs that are at the forefront of global disruption, primarily in technology (ICT) and life sciences, but also across various other sectors.

Total investments
36
Lead investments
8
Investments · 12mo
5
Active investors
8

Sector focus

  • Financial Services
  • FinTech
  • Government
  • Small and Medium Businesses
  • Venture Capital
Visit website

Investment portfolio

  • Bcas

    Led · Debt Financing · Jun 2026

    Bcas operates a fintech platform focused on financing education across executive education, master's programs, vocational training and bootcamps in Europe. Its financing model uses an FEI-backed guarantee to expand lending capacity and make terms more accessible and flexible for students. Bcas evaluates risk using a data-driven methodology that incorporates student employability metrics to approve credit to profiles underserved by traditional lenders. Students repay loans once employed, with installments adapted to their income and flexible conditions. The FEI agreement is expected to enable Bcas to reach over 14,000 new students by mobilizing up to €72 million in financing capacity. Company leadership frames the initiative as building a financial layer to support the education economy at scale and to address demand for high-skill digital, technological and management roles.

  • Morpheus Space

    Led · Equity · Feb 2026

    Morpheus Space designs and produces space-proven electric propulsion systems, branded GO-2, that give satellites the ability to maneuver efficiently in increasingly crowded orbits. Operating out of its development and mass-production facilities in Dresden, Germany, and with additional operations in El Segundo, California, the company targets both commercial and government customers deploying large-scale constellations. Its core value proposition is scalable, cost-efficient propulsion hardware that can be rapidly integrated and deployed. The firm is now expanding its Reloaded Facility in Dresden to industrialize production and meet accelerating global demand. Management positions the company as a critical solution provider at a time when orbital congestion makes maneuverability a strategic necessity. Proceeds from the latest funding will be used to scale manufacturing capacity and advance next-generation mobility products. No revenue, user, or profitability figures were disclosed in the announcement.

  • Hydrosat

    Participated · Series B · Jan 2026

    Hydrosat operates a thermal-infrared satellite constellation combined with AI and machine-learning analytics to provide daily, field-scale “thermal intelligence.” With two satellites already in orbit, the company collects more than 10 million km² of imagery per day—an order-of-magnitude increase over existing commercial alternatives. Its data are used to monitor water consumption, optimize irrigation, detect vegetation stress, and generate temperature-based signals for defense and intelligence customers, even at night. Hydrosat’s platform currently oversees millions of hectares for clients such as NOAA, the National Reconnaissance Office, Bayer, SupPlant and Nutradrip. The firm plans to expand its presence in Central Asia, the Middle East and North Africa, India and Latin America while building a larger next-generation satellite fleet and broadening its crop and water-management solutions. The newly raised capital strengthens its balance sheet and supports this global expansion strategy.

  • SHINEPHI

    Participated · Seed · Oct 2025

    Spun out of the Institut de Ciències Fotòniques (ICFO), SHINEPHI has engineered hardware that delivers quantitative optical measurements with 0.1-nanometre path-length sensitivity at up to 50 frames per second. The plug-and-play modules upgrade existing optical microscopes into precision metrology tools capable of early defect detection on semiconductor wafers, high-throughput live-cell analysis for biotechnology, and advanced materials research. The platform combines high sensitivity, speed and stability without damaging samples or requiring toxic reagents, positioning it as a complementary enhancement to incumbent inspection systems rather than a replacement. SHINEPHI is already collaborating with industry players such as Park Systems and has produced several functional prototypes. Near-term goals include CE certification, new industrial licensing agreements and the development of a second-generation product line. The fresh capital will be channelled into accelerating commercial rollout and scaling manufacturing to meet semiconductor and nanofabrication demand. Financially, the company has secured €1 million in seed funding; no revenue or user figures were disclosed.

  • Space Cargo Unlimited

    Participated · Series A · Sep 2025

    Space Cargo Unlimited focuses on creating logistics infrastructure that enables customers to run microgravity research and manufacturing missions. Its core product is BentoBox, a modular platform that can host up to 100 kg of customer payloads and is designed to fit inside the company’s returnable REV-1 cargo vehicle. While REV-1 is still under development with Thales Alenia Space, the firm will first fly BentoBox as a stand-alone unit aboard ATMOS Space Cargo’s Phoenix return capsule, which uses an inflatable heat-shield for re-entry. The maiden BentoBox flight is targeted for the second quarter of 2026, and Space Cargo Unlimited has scheduled seven missions with ATMOS between 2026 and 2027. The company recently secured a €27.5 million Series A round to accelerate BentoBox development and mission execution. Two months earlier it obtained a €12.5 million blended investment from the European Innovation Council Accelerator, giving the firm fresh capital to pursue its roadmap. No operating metrics such as revenue or user count were disclosed in the articles.

Team

  • Alain Godard

    Chief Executive Officer

    LinkedIn
  • Johannes Virkkunen

    Head Of Division - Front Office Business Support

    LinkedIn
  • Jerome Samson

    Investment Manager

    LinkedIn
  • Marjut Falkstedt

    Chief Executive

    LinkedIn