* Fund of funds launched to double investment in EU
start-ups. :
BRUSSELS (Reuters) - The European Union launched on Tuesday a venture capital “fund of funds” aimed at boosting investment in innovative start-ups and narrow Europe’s gap with the United States and China in turning small firms into “unicorns” with high market valuation. The 28-country bloc has long lagged behind international competitors in propping up promising start-ups because of an excessive reliance on risk-averse banks and a weaker market for investment funds.