June 2023 EIC Winners Announced: 47 Companies Secure Funding for Innovation

A new set of 47 companies have been selected to receive European Innovation Council (EIC) funding, combining grants and equity, following the third 2023 EIC Accelerator cut-off in June.The rigorous selection process involved 140 companies being evaluated by panels of seasoned investors and entrepreneurs out of a pool of 648 full proposals submitted.

The success rate for the June cut-off was 7.25%, lower than the 9.26% success rate of the March cut-off.

In total, the 47 chosen companies are set to collectively receive nearly €350 million in funding. A significant majority (68%) will receive the blended finance option, a mix of grants and equity investments facilitated through the EIC Fund. Geographically diverse, the selected companies hail from 15 countries, encompassing four widening countries.

Geographical Diversity 

The distribution of winners among the selected companies reflects a diverse representation of geographical regions. This pan-European approach underscores the EIC's commitment to fostering collaboration and driving innovation across borders. Moreover, it highlights the vast potential for groundbreaking developments arising from various cultural and technological perspectives. The successful companies exhibit a broad geographic presence, covering 15 countries, including four widening nations: Estonia, Hungary, Cyprus, and Portugal. Among the winners, France takes the lead with 12, followed by Germany with 5, and Belgium and the Netherlands, each with 5.

Diverse Financing Types for Customised Support

Among the 47 companies chosen as recipients of the European Innovation Council (EIC) funding, the allocated financing types are as diverse as the innovations they represent. Specifically, 33 companies are set to benefit from blended finance, a combination of grants and equity investments. Another group of 9 companies will initially receive grant funding, with the possibility of equity investments in the future. Furthermore, 5 companies have exclusively secured grant funding. The EIC Accelerator) cut-off results for June 2023 exhibit notable variations from those of March 2023 across different financing types. In the realm of blended finance, there is a substantial increase in success, with the June cut-off yielding an impressive 70.21%, a notable surge from the 45.50% recorded in March. Conversely, the grant-first category experienced a decline, dropping from 43.4% in March to 19.15% in June, indicating a shift in focus or strategy among participants, while, the grant-only category witnessed a marginal decrease from 11.10% in March to 10.64% in June.

 

Sectoral Breakdown

Sr.No

Sector

March Cut-off

June Cut-off

1

Health

31% - 16 grants

15% - 7 grants

2

Engineering and technology

6% - 3 grants

17% - 8 grants

3

Information and Communication Technology (ICT)

16% - 8 grants

21% - 10 grants

4

Biotechnology

25% - 13 grants.

19% - 9 grants.

 

Agriculture/Rural Development/Fisheries

6% - 3 grants

6% - 3 grants

5

Energy

6% - 3 Grants

11% - 5 Grants

6

Earth and related environmental sciences

0

0

7

Transport & mobility

0

0

8

Food and beverages

0

0

9

Space

6% - 3 Grants

4% - 2 Grants

10

Consumer products and services

2% - 1 Grant

0

11

Security

0

6% - 3 Grants

12

Construction, civil engineering, infrastructures

2% - 1 Grant

0

The sectors with the highest cut-offs in March and June exhibit notable variations in grant allocations. The Health sector boasts a substantial 31% cut-off in March, translating to 16 grants, while the June cut-off decreases to 15%, with 7 grants. Biotechnology displays a robust March cut-off of 25%, and a June cut-off of 19%.Whereas, sectors like  Food & Beverages, Transport & Mobility, and Earth and related environmental sciences had 0 grants during both cut-offs.

Advancements in Gender Equality

In March 2023, 30% of the selected companies were led by female Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), or Chief Strategy Officers (CSOs), while the June cut-offs showed a significant drop and only 11% of the winning companies were led by women. 

During the assessment in June 2023, there was a slight  decline in the number of companies receiving awards compared to the results from the March cutoff which saw a total of 51 winners.

Meanwhile, the November cut-off saw the highest number of submissions in 2023 with a total of 1083 submissions. 17% of all submitted proposals were from companies with female CEOs, reflecting a diverse applicant pool spanning 39 countries. Notably, Germany, France, and Israel emerged as the leading contributors to this international participation. Additionally, 14% of the applications were received from widening countries.

Invitations will be extended to a total of 243 companies to pitch before a panel of investors and business experts in January, with decisions on the selections expected by the end of February. 

Stay tuned for further updates on the upcoming cohort of EIC winners.

Published Date:01/11/2024