Day one of the Sifted Summit's fifth edition delivered a major development for UK startups: the EU's €5bn Scaleup Fund is now officially able to invest in UK companies. The announcement was the day's big headline, according to the publication covering the event.
However, the fund's new UK reach is not matched by British participation in the pot. No UK capital has been committed to the €5bn fund so far, a detail that could shape how the instrument is used and perceived.
The news gives UK scaleups a potential new source of EU-backed funding, even as questions remain about the terms and the lack of UK financial involvement.