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News: First equity investments of €178 million in breakthrough innovations through the new European Innovation Council (EIC) Fund

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published
7 January 2021
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The Commission has announced the first round of direct equity investment through the new European Innovation Council (EIC) Fund. 42 highly innovative start-ups and small and medium-sized businesses (SMEs) will together receive equity financing of around €178 million to develop and scale up breakthrough innovations in health, circular economy, advanced manufacturing and other areas. Among them, the French company CorWave is the first EU company in which the EIC Fund is investing.

 

Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth said:

 

“Europe has many innovative, talented start-ups, but too often these companies remain small or relocate elsewhere. This new form of financing – combining grants and equity – is unique to the European Innovation Council. It will bridge the funding gap for highly innovative companies, unlock additional private investments and enable them scale up in Europe.”

 

The equity investments, ranging from €500.000 to €15 million per beneficiary, complement the grant financing, which has already been provided through the EIC Accelerator Pilot to enable companies to scale up faster. This is the first time the Commission has made direct equity or quasi-equity investments, namely equity investment blended with a grant, in start-up companies, with ownership stakes expected to range from 10% to 25%.

 

Read the full Press Release here. 

 

 

 

DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.

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Topics & Subtopics

  • Thematic
    Horizontal
    Business development, Financial development, Life cycle stage Expansion, Life cycle stage Upscaling, Organisation development

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News: European Innovation Council Equity Fund has become an official entity
The EIC Fund, which will provide equity from €0.5m to €15m to breakthrough innovation companies selected for EIC Accelerator blended finance support (grant and equity), has become an official entity. This is the first time the European Commission will make such direct equity investments in companies, with ownership stakes expected to be in general from 10% to 25% in start-up companies. The European Investment Bank, as advisors of the EIC Fund on behalf of the European Commission, will manage the ownership stakes of the European Commission.

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