Europe aims to elbow in on the UK's tech dominance as Euronext stock exchange expands its support programmes into Germany, Italy, Spain and Switzerland

 
Lucy White
Dark clouds hang over the skyline of wes
Frankfurt is one city where Euronext will be establishing a new office, along with Munich, Milan, Madrid and Zurich (Source: Getty)

Although the UK may still hold the crown as Europe's tech capital, stock exchange Euronext is aiming put continental tech businesses on the map as Brexit approaches.

Euronext today announced it would expand its European Tech Small and Medium Enterprise (SME) initiative beyond its core markets into Germany, Italy, Spain and Switzerland, saying the stock exchange was “committed to becoming the reference listing venue for tech companies in Europe”.

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It will open new offices in five cities – Frankfurt, Munich, Milan, Madrid and Zurich – and deploy teams “on the ground” to help support young tech businesses.

“We believe that Euronext is well positioned to support local tech SME leaders across the continent to bridge funding and liquidity gaps, and contribute to making Europe a global hub for innovation and growth,” said Stephane Boujnah, chief executive of Euronext.

The exchange's four current key markets are France, the Netherlands, Belgium and Portugal. It said it chose the new locations for their growth opportunities in the tech sector.

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Euronext is aiming to help bridge the late-stage funding gap which many businesses face, while also offering business angels and venture capitalists more options to exit their investments through capital markets.

According to the exchange's data, it has the largest number of tech SMEs on its books of any of its European peers with a consolidated market value of more than €50bn.

The new programmes will involve an educational element to help executives understand IPOs and how to use capital markets, a partnership with investment research firm Morningstar to increase analyst coverage of tech SMEs, and a “Tech 40” label and index.

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