The European Innovation Council is investing €363 million in 65 promising European start-ups and SMEs working on disruptive technologies or advanced engineering. In addition to this investment, the European Commission offers them support through its gas pedal.
The European Innovation Council (EIC), which is part of the European Commission, announced on October 14, 2021 a new wave of start-ups benefiting from its financial support.
A total of 65 European startups and SMEs are receiving €363 million in funding for their innovations through this IEC gas pedal.
"Each company will receive a combination of grants and equity investments of up to €17 million," says the IEC. A total of €227 million of the €363 million will take the form of an investment.
BEYOND FINANCING, SUPPORT
The fund was set up by the European Commission to make direct capital investments in promising start-ups working on disruptive technologies or advanced engineering.
It is now attached to a gas pedal that gives start-ups access to a range of services including expertise, companies, investors and ecosystem players.
This gas pedal "supports the development of high-level innovations by attracting private investors and offers a portfolio of services to support the development of these innovations on a larger scale," explains Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth. Two initial packages were released in January and June, providing more than €500 million to 111 start-ups.
PUTTING EUROPE AT THE FOREFRONT OF INNOVATION
The idea is to help them scale up their innovation in healthcare, digital technologies, energy, biotechnology, space and other fields.
"With the European Innovation Council, we intend to put Europe at the forefront of innovation and new technologies, investing in new solutions to the health, environmental and societal challenges we face," Mariya Gabriel agrees.
In order to receive the funding, start-ups must pass two stages: the evaluation of applications by external experts and an interview with a jury of investors and entrepreneurs. The 65 start-ups selected come from 16 countries and 12 of them are French.
THE 12 FRENCH START-UPS
The list of all the selected start-ups and SMEs is available here.