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EIC Accelerator DeepDive: Analyzing the Industries, Countries and Funding Types of EIC Accelerator Winners (2021-2024)

June 6, 2024 • By Stephan Segler, PhD

The EIC Accelerator funding (grant and equity, with blended financing option) by the European Innovation Council (EIC) and European Commission (EC) has supported 563 companies between 2021 and 2024 in a variety of different industries. It is a key program for DeepTech entrepreneurs in the EU and countries associated with Horizon Europe (2021-2027) since it provides funding for high-risk innovations to scale operations globally.

Designed for Small- and Medium-Sized Enterprises (SME) and startups, it awards up to €2.5 million in grant and €15 million in equity financing per project (€17.5 million total). Winning EIC Accelerator companies often use the support of professional writers, freelancers or consultants to prepare a successful grant proposal due to the complexity and effort required in the process.

This article presents an overview of the industries, countries and funding types supported through the EIC Accelerator between 2021 and 2024. It aims to illustrate the DeepTech nature of the program which generally prefers scientific projects over the support of broad or more general innovations.

EIC Accelerator By Country

The EIC Accelerator is accessible to a variety of different countries including all 27 EU member states while it is also including non-EU countries that are associated with Horizon Europe such as Ukraine, Israel or Tunesia (see: All Eligible EIC Accelerator Countries (including the United Kingdom, Switzerland and Ukraine)). Still, it is not a secret that participation rights do not correlate well with success rates since there is a great discrepancy in the funding rates between eligible countries under the EIC Accelerator.

The success of any individual country often depends on its scientific prowess as well as its entrepreneur-friendly environment which includes the availability of funding. The EU and EIC have long committed to supporting widening countries such as Bulgaria, Croatia, Cyprus and Czechia but such commitments remain difficult to execute since there is a general lack of excellent companies compared to other regions. If fewer companies apply then fewer companies will be funded.

Nonetheless, 30 different countries have been successful in the EIC Accelerator between 2021 and 2024. While this result is not perfect considering the long list of associated countries, it shows that there is at least an opportunity for companies to receive funding if they can display their DeepTech character adequately to the evaluators and are lucky enough to dodge the randomness in the selection process (see: Steering the EIC Accelerator: Lessons Learned from the Pilot Program).

The fact that the top 10 countries such as France, Germany, the Netherlands and others have obtained nearly 80% of all the EIC Accelerator awards remains a concerning statistic since it shows that the EIC Accelerator is reinforcing the wealth of the top countries rather than aiming to fund areas where funding is less available.

While funding based on merit is a positive strategy and is generally preferable over socialist alternatives where everything is shared equally regardless of contribution, this approach might not be the right strategy for the EIC Accelerator which has defined its mission as crowding in external investors.

If the EIC Accelerator funds companies that would have (or actually have) raised funding independently then the EIC Accelerator budget might be better spent on the weakest countries which do not have that luxury (see: Digging Deep: The New DeepTech Focus of the EIC Accelerator and its Funding Bottlenecks and Investing in Well-Funded Projects: How the EIC is Breaking its Own Rules (EIC Accelerator)).

Another key factor can be the cost of consultancy services which can exceed the budgets of many eligible startups in low-GDP countries and can impede success chances. Since the EIC Accelerator is continually gaining in complexity (i.e. the originally single-step program now encompasses 3 steps and submission documents keep expanding), there is a high degree of dependency on consultants who can act as gate-keepers in a variety of ways.

The full list of countries funded by the EIC Accelerator:

  1. France (88 companies and 15.6%)
  2. Germany (77 companies and 13.7%)
  3. Netherlands (61 companies and 10.8%)
  4. Spain (42 companies and 7.5%)
  5. Sweden (33 companies and 5.9%)
  6. Israel (32 companies and 5.7%)
  7. United Kingdom (32 companies and 5.7%)
  8. Finland (28 companies and 5%)
  9. Ireland (24 companies and 4.3%)
  10. Denmark (23 companies and 4.1%)
  11. Belgium (21 companies and 3.7%)
  12. Italy (21 companies and 3.7%)
  13. Norway (15 companies and 2.7%)
  14. Portugal (14 companies and 2.5%)
  15. Austria (12 companies and 2.1%)
  16. Estonia (8 companies and 1.4%)
  17. Poland (7 companies and 1.2%)
  18. Bulgaria (6 companies and 1.1%)
  19. Iceland (3 companies and 0.5%)
  20. Lithuania (2 companies and 0.4%)
  21. Slovakia (2 companies and 0.4%)
  22. Czechia (2 companies and 0.4%)
  23. Romania (2 companies and 0.4%)
  24. Luxembourg (2 companies and 0.4%)
  25. Croatia (1 company and 0.2%)
  26. Greece (1 company and 0.2%)
  27. Slovenia (1 company and 0.2%)
  28. Latvia (1 company and 0.2%)
  29. Cyprus (1 company and 0.2%)
  30. Hungary (1 company and 0.2%)

EIC Accelerator By Industry

Note: To determine the industry of the project, AI was used to analyze the project description and assign it to a specific industry. In approximately 11% of cases, the project was at the intersection of 2 different industries which is a typical result considering the often interdisciplinary nature of scientific discoveries and product innovations. In such cases, the more suitable industry classification was selected.

Due to the EIC Accelerator's focus on DeepTech and scientific discoveries, it comes as no surprise that MedTech is a key winner in the EIC Accelerator funding realm. Healthcare and medical technologies often rely on strong Intellectual Property (IP) and have high funding requirements which are difficult to allocate in private markets. Such technologies are therefore a natural fit for the program and it is unsurprising that 43.5% of all winners between 2021 and 2024 fall into the MedTech, Healthcare and Biopharma industries.

It is likewise an interesting observation that the long tail of less frequently funded industries displays rather diverse areas such as Winery, Textiles, Forestry, Music and others which illustrates that many companies can be successful with an unconventional or not obviously DeepTech product.

If DeepTech is the EIC Accelerator's wife then disruptive innovations are its mistress. The long tail of less-funded industries (i.e. 10 or below) might seem negligible but they make up over 22% of all funded companies.

Disruptions can occur in any industry but they are not necessarily DeepTech or scientific. While future statistics might change this focus, it can be assumed that disruptive companies will always have a chance in the program if they can present an excellent technology during the evaluation process.

The full list of industries funded by the EIC Accelerator:

  1. MedTech / Healthcare (197 companies and 35%)
  2. Biopharma (48 companies and 8.5%)
  3. Energy (41 companies and 7.3%)
  4. Agriculture (25 companies and 4.4%)
  5. Quantumtech (19 companies and 3.4%)
  6. Aerospace (18 companies and 3.2%)
  7. Advanced Materials (18 companies and 3.2%)
  8. AI (18 companies and 3.2%)
  9. Semiconductor (17 companies and 3%)
  10. Environment (16 companies and 2.8%)
  11. Battery (12 companies and 2.1%)
  12. Clean Tech (11 companies and 2%)
  13. Food Tech (10 companies and 1.8%)
  14. Construction (9 companies and 1.6%)
  15. Automotive (9 companies and 1.6%)
  16. Biotechnology (8 companies and 1.4%)
  17. Recycling (8 companies and 1.4%)
  18. Photonics (7 companies and 1.2%)
  19. Automation (6 companies and 1.1%)
  20. Packaging (6 companies and 1.1%)
  21. Marine Tech (6 companies and 1.1%)
  22. Telecommunications (6 companies and 1.1%)
  23. Logistics (5 companies and 0.9%)
  24. Chemicals (5 companies and 0.9%)
  25. Transportation (4 companies and 0.7%)
  26. Robotics (4 companies and 0.7%)
  27. Electronics (3 companies and 0.5%)
  28. Aquaculture (3 companies and 0.5%)
  29. IT (3 companies and 0.5%)
  30. Cybersecurity (3 companies and 0.5%)
  31. Entertainment (2 companies and 0.4%)
  32. Music Tech (2 companies and 0.4%)
  33. Meteorology (2 companies and 0.4%)
  34. Geotech (2 companies and 0.4%)
  35. Biometrics (2 companies and 0.4%)
  36. Textile (2 companies and 0.4%)
  37. Metrology (1 company and 0.2%)
  38. Mining (1 company and 0.2%)
  39. Wine (1 company and 0.2%)
  40. Aviation (1 company and 0.2%)
  41. Consumer Products (1 company and 0.2%)
  42. Forestry (1 company and 0.2%)

EIC Accelerator By Funding Type

The EIC Accelerator has provided a variety of different funding options between 2021 and 2024 such as grant-only, grant-first, equity-only and blended finance (see: A Short but Comprehensive Explanation of the EIC Accelerator (2024 Update)).

More than half of all EIC Accelerator success cases have opted for blended finance while grant-first was the second most popular option with over 30%. Grant-only was often dominated by UK companies due to their equity-restriction while equity-only was by far the least popular option. The latter is likely due to the general restrictions on who can apply for equity-only financing as well as the low interest of companies to spend months or years in the application process just to potentially gain the EIC Fund as a co-investor while still having to gather lead investors themselves.

The full list of funding types under the EIC Accelerator:

  1. Blended finance (320 companies and 56.8%)
  2. Grant first (171 companies and 30.4%)
  3. Grant only (65 companies and 11.5%)
  4. Equity only (7 companies and 1.2%)

Crossover

This section of the article presents a variety of breakdowns of the particular funding types whereas the industries funded under the grant-only, grant-first and equity-only schemes are investigated.

EIC Accelerator Equity-Only

Only 7 companies have received equity-only support under the EIC Accelerator which leads to an overseeable breakdown of the respective industries. MedTech and Healthcare top the list once again, followed by Quantum technology, electronics, agriculture and advanced materials.

The full list of industries receiving equity-only funding under the EIC Accelerator:

  1. MedTech / Healthcare (3 companies and 42.9%)
  2. Quantumtech (1 company and 14.3%)
  3. Electronics (1 company and 14.3%)
  4. Agriculture (1 company and 14.3%)
  5. Advanced Materials (1 company and 14.3%)

EIC Accelerator Grant-Only

Grant-only is a remarkably unpopular option under the EIC Accelerator, likely due to it being more difficult to justify in a proposal and the increased scrutiny placed on it by the evaluators. With 32 UK companies having received EIC Accelerator support and a total of 65 companies having received grant-only funding, the UK is making up almost 50% of the total funding allocation.

With grant-first support being phased out in 2024, it will be interesting to observe how the popularity of grant-only funding will change in the upcoming years.

There is a stronger participation of aerospace, AI and environmental technologies:

The full list of industries receiving grant-only funding under the EIC Accelerator:

  1. MedTech / Healthcare (18 companies and 27.7%)
  2. Environment (5 companies and 7.7%)
  3. AI (5 companies and 7.7%)
  4. Aerospace (5 companies and 7.7%)
  5. Energy (4 companies and 6.2%)
  6. Recycling (2 companies and 3.1%)
  7. Quantumtech (2 companies and 3.1%)
  8. IT (2 companies and 3.1%)
  9. Food Tech (2 companies and 3.1%)
  10. Biopharma (2 companies and 3.1%)
  11. Agriculture (2 companies and 3.1%)
  12. Advanced Materials (2 companies and 3.1%)
  13. Telecommunications (1 company and 1.5%)
  14. Semiconductor (1 company and 1.5%)
  15. Photonics (1 company and 1.5%)
  16. Packaging (1 company and 1.5%)
  17. Marine Tech (1 company and 1.5%)
  18. Logistics (1 company and 1.5%)
  19. Cybersecurity (1 company and 1.5%)
  20. Construction (1 company and 1.5%)
  21. Clean Tech (1 company and 1.5%)
  22. Biotechnology (1 company and 1.5%)
  23. Battery (1 company and 1.5%)
  24. Automotive (1 company and 1.5%)
  25. Automation (1 company and 1.5%)
  26. Aquaculture (1 company and 1.5%)

EIC Accelerator Grant-First

The grant-first option under the EIC Accelerator shows a strong preference for MedTech and Healthcare which is understandable since these companies generally require extensive clinical trials and developments that present a high risk. It has also been common for blended finance applicants in the healthcare sector to be converted into grant-first projects on the fly due to their high-risk profile.

While this might seem nonsensical since the EIC Accelerator should only fund high-risk projects, it has introduced grant-first to further protect its equity portfolio from excessive risks if important milestones need to be met in the future to attract private investors (see: How Grant-First Projects get Equity Investments (2023 EIC Accelerator Work Programme Part 2)).

171 Companies have received grant-first funding with over 43% being allocated to MedTech and healthcare innovations or over 51% if Biopharma is added.

The full list of industries receiving grant-first funding under the EIC Accelerator:

  1. MedTech / Healthcare (74 companies and 43.3%)
  2. Biopharma (14 companies and 8.2%)
  3. Energy (13 companies and 7.6%)
  4. Semiconductor (6 companies and 3.5%)
  5. Environment (6 companies and 3.5%)
  6. Automotive (5 companies and 2.9%)
  7. AI (5 companies and 2.9%)
  8. Quantumtech (4 companies and 2.3%)
  9. Clean Tech (4 companies and 2.3%)
  10. Battery (4 companies and 2.3%)
  11. Recycling (3 companies and 1.8%)
  12. Photonics (3 companies and 1.8%)
  13. Food Tech (3 companies and 1.8%)
  14. Chemicals (3 companies and 1.8%)
  15. Agriculture (3 companies and 1.8%)
  16. Advanced Materials (3 companies and 1.8%)
  17. Robotics (2 companies and 1.2%)
  18. Marine Tech (2 companies and 1.2%)
  19. Cybersecurity (2 companies and 1.2%)
  20. Biotechnology (2 companies and 1.2%)
  21. Aerospace (2 companies and 1.2%)
  22. Transportation (1 company and 0.6%)
  23. Textile (1 company and 0.6%)
  24. Telecommunications (1 company and 0.6%)
  25. Packaging (1 company and 0.6%)
  26. Logistics (1 company and 0.6%)
  27. Forestry (1 company and 0.6%)
  28. Construction (1 company and 0.6%)
  29. Aquaculture (1 company and 0.6%)

Conclusion

These EIC Accelerator statistics encompass 3 years and 563 beneficiaries and can inform potential applicants regarding their eligibility based on their country of origin as well as industry.

The top three countries in the EIC Accelerator are France (88 companies and 15.6%), Germany (77 companies and 13.7%) and the Netherlands (61 companies and 10.8%) while the top 3 industries are MedTech / Healthcare (197 companies and 35%), Biopharma (48 companies and 8.5%) and Energy (41 companies and 7.3%).

The top 3 countries have gathered 40.1% of all beneficiaries while the top 3 industries have seen 50.8% of the total EIC Accelerator winners.

 


 

These tips are not only useful for European startups, professional writers, consultants and Small and Medium-Sized Enterprises (SME) but are generally recommended when writing a business plan or investor documents.

Deadlines: Post-Horizon 2020, the EIC Accelerator accepts Step 1 submissions now while the deadlines for the full applications (Step 2) under Horizon Europe are listed below. The Step 1 applications must be submitted weeks in advance of Step 2. The next EIC Accelerator cut-off for Step 2 (full proposal) can be found here. After Brexit, UK companies can still apply to the EIC Accelerator under Horizon Europe albeit with non-dilutive grant applications only - thereby excluding equity-financing. Switzerland has resumed its participation in Horizon Europe and is now eligible for the EIC Accelerator.

EIC Accelerator Step 1 Deadline 2025

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EIC Accelerator Step 2 deadlines for 2025: March 12th and October 1st
EIC Accelerator Step 3 deadlines for 2025: June 2nd, 2025 and January 2026 (date TBD)
EIC Accelerator Step 2 deadlines for 2026: January 7th, March 4th, May 6th, July 8th, September 2nd, and November 3rd
EIC Accelerator Step 3 deadlines for 2026: April, August, and December (exact dates TBD)
EIC STEP Scale-Up deadlines for 2026: February 11th, May 6th, September 9th, and November 25th
EIC Advanced Innovation Challenges deadline for 2026: April (exact date TBD)
EIC Pathfinder deadlines for 2025: May 21st (Open call) and October 29th (Challenge call)
EIC Pathfinder deadlines for 2026: May 6th (Open call) and October 28th (Challenge call)
EIC Transition deadline for 2025: September 17th
EIC Transition deadline for 2026: September 16th
EIC Pre-Accelerator deadline for 2025: November 18th (Widening via WIDERA)

Contact: You can reach out to us via this contact form to work with a professional consultant.

AI Grant Writer: ChatEIC is a fully automated EIC Accelerator grant proposal writer: Get it here.

Eureka Network: The Eureka Network delivers various international collaborative R&D initiatives such as Network Projects, Clusters, Eurostars, Globalstars, and Innowwide, providing funding from €50K to €6.75M per project based on the specific initiative. This network emphasizes market-driven innovation and deep-tech advancement across multiple technology sectors including ICT/Digital, Industrial/Manufacturing, Bio/Medical Technologies, Energy/Environment, Quantum, AI, and Circular Economy. Eligible participants include SMEs, large enterprises, research organizations, universities, and startups, with Eurostars particularly focused on R&D-performing SMEs. Get Started

EIC Transition: EIC Transition delivers up to €2.5 million in funding to overcome the 'valley of death' gap between laboratory research and market deployment, emphasizing technology maturation and validation. The initiative supports single legal entities or small consortia of 2-5 partners including SMEs, start-ups, spin-offs, and research organizations. Key technology domains include Health/Medical Technologies, Green/Environmental Innovation, Digital/Microelectronics, Quantum Technologies, and AI/Robotics. Get Started

EIC STEP Scale-Up: EIC STEP Scale-Up delivers significant equity investments of €10-30 million for established deep-tech companies prepared for hyper-growth and large-scale expansion. The initiative targets SMEs or small mid-caps with up to 499 employees who have obtained pre-commitment from qualified investors. Primary focus areas include Digital & Deep Tech (Semiconductors, AI, Quantum), Clean Technologies for Net-Zero objectives, and Biotechnologies. Get Started

EIC Pre-Accelerator: EIC Pre-Accelerator represents a 2025 pilot initiative delivering €300,000-€500,000 in funding for early-stage deep-tech development and preparation for the EIC Accelerator program. This program is exclusively accessible to single SMEs or small mid-caps from 'Widening countries' to foster regional innovation development. The initiative encompasses deep-tech innovations across physical, biological, and digital domains. Get Started

EIC Pathfinder: EIC Pathfinder delivers up to €3 million for Open calls and up to €4 million for Challenge-based calls to support early-stage research and development with proof-of-principle validation. The initiative requires research consortia with a minimum of 3 partners from 3 different countries, including universities, research organizations, and SMEs. Primary technology focus areas include Health/Medical, Quantum Technologies, AI, Environmental/Energy, and Advanced Materials. Get Started

EIC Accelerator: EIC Accelerator delivers flexible funding options including blended finance (€2.5M grant + €0.5M-€10M equity), grant-only (up to €2.5M), or equity-only arrangements for scale-up and market deployment of breakthrough innovations. The initiative targets SMEs, start-ups, and small mid-caps with up to 499 employees, with MedTech/Healthcare representing 35% of funded projects. Additional technology areas include Biopharma, Energy, AI, Quantum, Aerospace, Advanced Materials, and Semiconductors. Get Started

Innovation Partnership: Innovation Partnership enables collaborative innovation between public and private sectors with typical funding of €1-5 million per project. The initiative supports cross-sectoral strategic technologies through public-private partnerships and consortia. Projects concentrate on addressing societal challenges through collaborative innovation approaches. Get Started

Innovation Fund: The EU Innovation Fund delivers substantial funding of €7.5 million to €300 million for large-scale demonstration of innovative low-carbon technologies. The initiative targets clean energy, carbon capture, renewable energy, and energy storage technologies to accelerate the transition to a low-carbon economy. Eligible participants include large companies, consortia, and public entities capable of implementing large-scale demonstration projects. Get Started

Innovate UK: Innovate UK delivers various programs with funding ranging from £25K to £10M depending on the specific initiative, supporting business-led innovation, collaborative R&D, and knowledge transfer. The organization funds projects across all sectors with particular emphasis on emerging technologies and supports UK-based businesses, research organizations, and universities. Programs are designed to drive economic growth through innovation and technology commercialization. Get Started

Industrial Partnership: Industrial Partnership delivers €2-10 million in funding for industrial research and innovation partnerships focusing on manufacturing, industrial technologies, and digital transformation. The initiative supports industrial consortia and research organizations in developing collaborative solutions for industrial challenges. Projects aim to strengthen European industrial competitiveness through strategic partnerships. Get Started

Eurostars: Eurostars represents a joint EU-Eureka initiative delivering €50K-€500K for international R&D collaboration specifically led by SMEs. The program adopts a bottom-up approach, accepting projects from all technology fields without predefined thematic restrictions. R&D-performing SMEs must lead the consortium and demonstrate significant R&D activities. Get Started

LIFE Programme: The LIFE Programme delivers €1-10 million in funding for environmental protection, climate action, and nature conservation projects across the European Union. The initiative supports environmental technologies, climate adaptation strategies, and biodiversity conservation initiatives. Eligible participants include public authorities, private companies, NGOs, and research institutions working on environmental and climate challenges. Get Started

Neotec: Neotec represents a Spanish initiative delivering €250K-€1M in funding for technology-based business creation and development, supporting the growth of innovative Spanish SMEs and start-ups. The program covers all technology sectors and aims to strengthen Spain's technology ecosystem. Funding is specifically targeted at Spanish technology-based SMEs and start-ups to enhance their competitiveness and market presence. Get Started

Thematic Priorities: EU Thematic Priorities encompass various programs aligned with EU strategic priorities including green transition, digital transformation, health, and security initiatives. Funding amounts vary based on the specific program and call requirements, with projects designed to address key European challenges. Applicant eligibility varies by specific program and call, with different requirements for different thematic areas. Get Started

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