EQT Growth closes at EUR 2.4 billion: The story behind the largest ever first-time growth equity fund based in Europe

There’s something undeniably exciting about creating something new. That moment when you see an opportunity, bring the best people together, and grab it with both hands. Every founder will know exactly what we’re talking about.

Our creation is EQT Growth, a fund dedicated to supporting leading growth-stage technology companies, especially in Europe and Israel, by deploying our unique expertise, platform scale and now large pocket of capital to partner with entrepreneurs on their journey to the world stage. Today we announced the close of our debut fund, which at EUR 2.4 billion in total commitments is the largest ever first-time growth equity fund based in Europe.

The world continues to be in the throes of digital transformation, with Europe and Israel a major catalyst and contributor to that shift. Growth investments in European technology companies have increased rapidly, a testament to the talent, innovation and centers of excellence present here. And yet, European funds remain notably absent from cap tables. In 2021, funding rounds with all-European investors only made-up one-in-five of late stage rounds.

Europe is uniquely diverse in its constituents, which provides opportunities but also has its challenges. Each country has different laws and languages, levels of government support, unique consumer behavior and business ecosystems. We believe that companies are best served by investors who truly understand this complexity. EQT Growth’s on-the-ground approach, where we have offices and people across Europe, positions us strongly. We have a first-hand understanding of the unique nuances of each country we invest in, with local networks that we can tap into whenever needed.

We are looking to invest between EUR 50 to EUR 200 million in companies within four primary tech sub-sectors: enterprise, con/prosumer, health, and climate. We invest behind long-term macro trends, deeply researching and reflecting on each sub-sector so we can invest with complete conviction in the companies that are truly primed for enduring success.

Despite the current macro volatility, particularly within tech, we are unwavering in our belief and commitment to the European market opportunity. We are active investors, who want to roll up our sleeves and support our portfolio companies however called upon, including through our in-house sustainability and tech operating partners, capital markets experts, and proprietary AI platform, Motherbrain.

This is also a good moment to reflect on the quality of the companies already in our portfolio. The seven companies — Ardoq, Epidemic Sound, ManyPets, Mambu, Mollie, Vinted, Wolt — are all leading European technology companies playing on the world stage and we’re so excited to be part of their journey.

Last but not least, we are humbled by the trust our investors and entrepreneurs have placed in us — thank you. Onward and upward.

Keep following the EQT Growth journey on LinkedIn and Twitter.