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Macron announces €5 billion in private investments for French startups

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Macron announces €5 billion in private investments for French startups

French President Emmanuel Macron announced €5 billion in private investor funds to support startups, Reuters reported.

"The capital battle is essential. If we want to win this battle, we have to succeed at raising more capital, faster and stronger," he said in a speech at the Elysee presidential palace, according to Reuters.

French private institutional investors have agreed to facilitate funding over the next three years, with €2 billion set aside for companies in late-stage rounds, Reuters noted, citing Macron.

As the deadline for a potential no-deal Brexit approaches, financial institutions are scrambling to find new bases for EU operations; France is among the most preferred.