35 companies including Blablacar, FacilityLive, Cabifyon, Adyen, Collibra and Supercell are expected to participate.
The companies are expected to argue that a European fund would allow startups to stay independently European instead of getting bought by US companies.
“This presents a risk to growth, jobs and Europe’s influence in key strategic areas,” they say in a policy document.
If they succeed in getting the fund established, they have another in the pipeline – The European Sovereign Green Fund.
It is envisaged that the tech fund would combine public and private money and would take long-term equity stakes in EU companies.