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EU to grant passport for VCs

Good news for startups looking for funding the VC pool is about to get a whole lot bigger and more competitive.

Under new proposals to spur the single market, the European Commission would like to see European venture funds have access to a single framework to invest anywhere in the EU.

In a statement from the European Venture Capital Association, it was announced that the proposals would create a common statute for early-stage funds, which would be recognised in all member states.

According to EVCA, this would make it easier for tech startups to access funding at an attractive price.

The EU has already agreed to grant private equity managers access to investors across the region with a single registration in return for signing up to transparency rules.

Michel Barnier, the financial services commissioner, is hoping to put in place these measures by the end of 2012.

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