European Innovation Council supports innovative start-ups and SMEs

Submitted by Imogen Allan on 02 July 2021

Since 2020, the European Innovation Council (EIC) Fund has approved 111 investments for highly innovative start-ups and SMEs, totalling around 500 million.

Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth said: “The EIC Fund has developed incredibly quickly and has established itself as a new force in EU technology investments. This unique form of financing – combining grants and equity – is proving itself highly attractive to Europe's most promising startups, and providing them with the means to develop and scale their businesses in Europe.”

Examples of recently signed investments include:

  • Antofénol (France) – protection of fruit and vegetables
  • Gleechi AB (Sweden) – transforming training with virtual reality
  • Keyou GmBH (Germany) – hydrogen use in diesel engines
  • Lixea (Estonia) – new technology to dissolve waste wood to get raw materials
  • Ophiomix (Portugal) – liver transplantation based on molecular signature

The EIC Fund aims to fill a financing gap and maximise financial investment returns. It also aims to support companies that produce disruptive technologies and help them grow.

The equity investments complement the grant financing of up to €2.5 million already provided through the EIC Accelerator.

The fund will build a large network of capital providers and strategic partners suitable for co-investments. In addition to this, the fund will focus specifically on empowering and supporting female founders, as well as reducing the innovation divide among EU countries.

The first investments under the EIC are expected later this year, following the first deadline for companies to send full applications to the EIC Accelerator on 16 June 2021.

Find out more here.

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