Benzinga | Jun 22, 2021 04:17PM EDT

Germany Builds $12B Tech Startup Fund: Bloomberg

* Germany is investing (euro)10 billion ($12 billion) to support technology startups in their growth phase, Bloomberg reports.

* The money will find its way into an investment fund to help the startups seamlessly raise venture capital, Finance Minister Olaf Scholz and Economy Minister Peter Altmaier said.

* German startups, including financial technology firm N26, air-taxi maker Lilium and travel platform Omio, raised $4.5 billion in 2020, with the largest rounds still led by foreign investors.

* While access to private capital has improved in recent years, female founders remain a minority in the German startup ecosystem.