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EIC Fund has approved €1 billion in deep tech venture investments its first year
Published on: 15/11/2023
The European Innovation Council (EIC) Fund is the venture investment arm of the European Innovation Council, which was launched under Horizon Europe to support breakthrough technologies and innovations. In just over one year, 159 start-ups and SMEs, all selected under the EIC Accelerator programme, have had their investments approved. By reaching this €1 billion milestone, the EIC consolidates its position as the investor of choice for European deep tech companies.
Under the EIC programme, companies are selected following a rigorous evaluation process by external experts and thorough due diligence by the European Investment Bank, who acts as investment adviser to the EIC Fund. Following investment approvals, companies typically have up to 12 months to find co-investors with the support of the EIC. 71 companies have already completed this process and attracted co-investments worth a multiple of 3 times the amount of EIC Fund investments. The majority of companies also receive grant support of up to €2.5 million and access to expertise, partnerships and market opportunities through the EIC business acceleration services.
The EIC Fund invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. The EIC Fund is managed by an independent fund manager with the EIB as investment adviser. It aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players. It helps to share risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. This is one of the key-objectives of the New European Innovation Agenda launched in 2022, in its flagship area on “funding deep tech innovation”.
Source: EIC news