The EIC Fund and the Hare: How Much Has The EIC Fund Actually Invested?

I am finally publishing the EIC Fund investment data I have obtained, covering 772 companies over the last five years. Once again, I have anonymized company names but kept the individual details intact through pseudonyms.

Here are my biggest takeaways and insights:

Slow Motion

The EIC Fund is a very slow investor, and it generally leans toward not investing if the company is unable to obtain a lead investor or if it has any doubts about the company.

This is unfortunate since applicants applied for equity investment through a long, three-step process and were selected for funding.

This includes an official announcement by the EIC that these companies are receiving an equity investment. That is the equivalent of obtaining an enormous cheque at a press event but not knowing how to cash it after the dust has settled.

Only 50.5% of the 2021 requested equity has been paid to date. For the 2024 batch, only 13.3% of the requested equity has been paid.

Mind the Gap

Didn't the EIC want to make faster investment decisions in under 8 weeks? The main bottleneck seems to be the inability of most companies to convince the EIC Fund to invest at all.

In my opinion, the EIC Fund should take a lead-investor role in smaller rounds (i.e., 60% of a maximum €5M total round, which covers the seed range) and a co-investor role in larger rounds, as it does now.

It can then split the crowd-in factor, its core vanity metric, by the type of role the EIC takes, retaining a high crowd-in for larger rounds while also allowing struggling early-stage companies to get off the ground.

This would help bridge the gap and more effectively transition companies to the scaling stage and through the valley of death.

Follow The Leader

One case study that actually shows that the EIC Fund does, in fact, take a lead investor role happened very recently, when they invested €15 million in a €30 million round.

While the press release did claim that the round was co-led by three other investors, with the EIC Fund just getting an honorable mention, the EIC Fund clearly made the lead contribution.

In this case, the crowd-in factor was 1.

Gradualism

The EIC Fund seems to prefer partial investments over allocating the entire approved amount. While I believe that the crowd-in factor is confusing correlation with causation, it is likely spreading investments more thinly to make them last longer and to celebrate how little the EIC Fund invested to achieve so much.

The reality is that, of the 537 companies that requested equity under blended finance or equity-only, 336 (62.6%) have received nothing and 201 (37.4%) have received some equity payment. Across the full dataset, 235 companies have equity paid because 34 Grant first rows also show later IC-approved and paid equity.

Of the 235 companies with equity paid, 165 received less than 99% of their IC-approved equity, 57 received 99-101%, and 13 received more than 101%.

Since there is no political incentive to investigate how much is truly causal, we will go with that narrative for now.

Sectors

There is a significant discrepancy between sectors when it comes to EIC Fund equity investments. Quantum Technologies leads with 66.0% of requested equity paid out, while AI, Software, Data & Cybersecurity sits at only 10.3% and Climate, Carbon, Water & Circular Economy at 10.8%.

Trending sectors such as semiconductors, quantum technologies, fintech, robotics, and space see the highest payout rates, while climate and software sectors see the lowest, likely due to the difficulty in finding lead investors and the EIC Fund's preference to let private investors take the first step.

Especially the low payout rates for climate-related technologies might reflect investor fatigue regarding impact-driven investments and a return to a more value-driven approach.

Would it not be appropriate for the EIC Fund to help these less trending cases attract capital more effectively, rather than just joining existing funding rounds with a small share?

This would be an argument for the lead-investor role in smaller rounds, as suggested above.

Never Go Full Equity

I always recommend that companies apply for the grant first and foremost when applying for the EIC Accelerator. The equity contribution should be optional and never be the main goal.

22 companies are equity-only, which means these companies went through a long, three-step process with resubmissions and extensive work just to get funding approval that is now in limbo.

Of these 22 companies, 8 have received partial funding, while 3 have received their full or near-full payment. 11, or 50.0% of the companies, are still waiting for any equity investment from the EIC Fund.

In 21 of these 22 cases, the companies had already obtained a grant in the past, but it shows how applying for pure equity only makes sense post-grant, if at all.

An EIC Accelerator proposal has to outline the timing and urgency, an aspect that is heavily scrutinized.

But what is the point if the funding mechanism itself takes many years just to partially move?

Equity Only Breakdown

Of the 22 equity-only cases, nine were announced as blended finance but had their grant stripped in the final data. Eight of the nine had a prior SME Instrument grant (H2020, 2017–2020), making them ineligible for a second EIC grant, while the ninth has no confirmed prior grant and is the only true equity-only case across all 22.

Interestingly, the only true equity-only case was initially announced as a blended finance case in 2021, but it is unclear whether their grant was cancelled or why it does not appear on CORDIS.

The company obtained the full requested EIC Fund payment 2 years later as a stand-alone investment separate from significantly larger rounds a year before and a year after.

The remaining thirteen were announced as equity-only cases but had prior grants. Five under Horizon Europe (2021–2022) and eight under the SME Instrument (H2020).

Excess

6 companies have received more than the previous EIC Accelerator maximum of €15 million (now the maximum is €10 million), with paid equity reaching up to €30 million.

While the EIC Fund does reserve the option to add follow-on investments as of the latest guidelines, I am very surprised that the amounts are so high.

Not only have some companies received the maximum amount, but some have even received double that amount, while others have received nothing of a much smaller approved amount.

I looked up the last funding rounds for these companies, and they do fit the EIC Fund scheme with a minority share in the raise.

As to why the EIC Fund decided to double its stake, there seemed to be an urgent need for follow-on investments in the top 2 cases, and I suspect that in at least one, there was a tug-of-war with US investors for future IPO listings and control.

EIC STEP Scale-Up Connection

Among all the EIC Fund portfolio companies, at least 8 have been selected for the EIC STEP Scale-Up after their EIC Accelerator win.

Interestingly, some of the top recipients of EIC Fund funding under the EIC Accelerator also won the EIC STEP Scale-Up, making them the overall largest recipients of EIC Fund financing.

The EIC STEP Scale-Up offers up to €30 million in additional equity funding, which, due to its late introduction in 2025, has not been fully paid yet. Only 2 payments have been confirmed so far for 26 unique companies.

Full Breakdown

The article on the EIC Fund statistics is now live on Rasph. Here is a summary:

Overview

• Total unique companies: 772

• Total EC grants disbursed: €1,776.24M

• Total equity investment requested: €3,620.69M

• Total equity investment approved by IC: €2,458.86M

• Total equity investment committed: €1,178.28M

• Total equity investment paid out: €1,084.68M

• Combined total capital (grants + equity paid): €2,860.92M

• Companies with any equity component: 537 (69.6%)

• Grant-first/grant-only companies: 235 (30.4%)

• Cohort years covered: 2021-2025

Funding Type Breakdown

• Grant first: 175 companies, 22.7%

• Grant only: 60 companies, 7.8%

• Blended finance: 515 companies, 66.7%

• Equity only: 22 companies, 2.8%

Companies and Capital by Cutoff Year

• 2021: 157 companies (20.3%), €2.27M avg grant, €338.10M total grants, 99 equity companies, 50.5% equity paid rate

• 2022: 208 companies (26.9%), €2.33M avg grant, €473.93M total grants, 125 equity companies, 56.0% equity paid rate

• 2023: 165 companies (21.4%), €2.38M avg grant, €387.46M total grants, 99 equity companies, 32.2% equity paid rate

• 2024: 143 companies (18.5%), €2.46M avg grant, €336.40M total grants, 127 equity companies, 13.3% equity paid rate

• 2025: 99 companies (12.8%), €2.45M avg grant, €240.36M total grants, 87 equity companies, 1.4% equity paid rate

EC Grant Distribution

• Total grants: €1,776.24M

• Average grant: €2.37M

• Median grant: €2.50M

• Min grant: €0.87M

• Max grant: €2.77M

• Companies at or above €2.4M: 581 of 750 grant-receiving companies (77.5%)

Average Grant Size by Year

• 2021: €2.27M

• 2022: €2.33M

• 2023: €2.38M

• 2024: €2.46M

• 2025: €2.45M

Equity Investment Ask Distribution

• Total requested: €3,620.69M

• Average ask: €6.74M

• Median ask: €5.50M

• Min ask: €0.75M

• Max ask: €15.00M

Equity Delivery Funnel

• Investment Requested: €3,620.69M, 537 companies, 100.0% of requested

• Amount Approved by IC: €2,458.86M, 393 companies, 67.9% of requested

• Investment Committed: €1,178.28M, 235 companies, 32.5% of requested

• Investment Paid Out: €1,084.68M, 235 companies, 30.0% of requested

Equity Risk Signals

• Approved by IC but nothing committed: 158 companies, 29.4% of equity companies

• Partially paid after commitment (paid < 99% of committed): 41 companies, 7.6%

• Paid > approved (follow-on): 13 companies, 2.4%

• No equity paid at all: 336 companies, 62.6%

Blended Finance - No Equity Paid Yet

• Zero paid: 336 blended/equity-only companies show €0 equity paid.

• Top of the unpaid list: 32 companies each requested €15.00M equity.

• Of the 25 shown in the full unpaid table: IC approval ranges from €0 to €15.00M approved, none yet disbursed.

Equity Approval and Pay-out Rate by Sector

• Consumer, Media, Education & Assistive Tech: 11 companies, €65.58M requested, €58.87M approved, €24.55M paid, 89.8% approval rate, 37.4% pay-out rate

• Fintech, Identity, Commerce & Supply Chain: 4 companies, €24.93M requested, €21.80M approved, €12.00M paid, 87.4% approval rate, 48.1% pay-out rate

• Quantum Technologies: 26 companies, €186.07M requested, €161.97M approved, €122.81M paid, 87.0% approval rate, 66.0% pay-out rate

• Medical Devices, Diagnostics & Digital Health: 114 companies, €733.59M requested, €616.81M approved, €234.57M paid, 84.1% approval rate, 32.0% pay-out rate

• Biotechnology, Biomanufacturing & Life Science Tools: 31 companies, €212.44M requested, €166.06M approved, €28.25M paid, 78.2% approval rate, 13.3% pay-out rate

• Robotics, Mobility & Logistics: 18 companies, €102.00M requested, €77.28M approved, €37.02M paid, 75.8% approval rate, 36.3% pay-out rate

• Semiconductors, Photonics & Electronics: 39 companies, €314.15M requested, €220.78M approved, €129.68M paid, 70.3% approval rate, 41.3% pay-out rate

• Space, Aerospace & Aviation: 27 companies, €225.90M requested, €154.10M approved, €74.99M paid, 68.2% approval rate, 33.2% pay-out rate

• Therapeutics & Drug Development: 56 companies, €490.04M requested, €320.56M approved, €175.92M paid, 65.4% approval rate, 35.9% pay-out rate

• Communications, Networks & Cloud Infrastructure: 13 companies, €87.26M requested, €50.71M approved, €27.95M paid, 58.1% approval rate, 32.0% pay-out rate

• Agriculture, Food & Animal Health: 50 companies, €256.04M requested, €148.43M approved, €49.61M paid, 58.0% approval rate, 19.4% pay-out rate

• Clean Energy, Storage & Electrification: 52 companies, €364.79M requested, €204.91M approved, €96.49M paid, 56.2% approval rate, 26.5% pay-out rate

• Built Environment, Infrastructure & Construction: 13 companies, €78.43M requested, €39.57M approved, €14.00M paid, 50.5% approval rate, 17.8% pay-out rate

• Climate, Carbon, Water & Circular Economy: 41 companies, €266.10M requested, €129.98M approved, €28.81M paid, 48.8% approval rate, 10.8% pay-out rate

• AI, Software, Data & Cybersecurity: 16 companies, €71.03M requested, €30.60M approved, €7.32M paid, 43.1% approval rate, 10.3% pay-out rate

• Advanced Materials, Chemicals & Industrial Manufacturing: 26 companies, €142.32M requested, €56.43M approved, €20.70M paid, 39.7% approval rate, 14.5% pay-out rate

Sector Payout by Company Share (Equity Batch Only, ≥10 Companies)

• Quantum Technologies: 26 equity companies, 53.8% of companies received any payment, 66.0% of requested equity paid out

• Semiconductors, Photonics & Electronics: 39 equity companies, 48.7% of companies received any payment, 41.3% of requested equity paid out

• Space, Aerospace & Aviation: 27 equity companies, 48.1% of companies received any payment, 33.2% of requested equity paid out

• Consumer, Media, Education & Assistive Tech: 11 equity companies, 45.5% of companies received any payment, 37.4% of requested equity paid out

• Medical Devices, Diagnostics & Digital Health: 114 equity companies, 42.1% of companies received any payment, 32.0% of requested equity paid out

• Robotics, Mobility & Logistics: 18 equity companies, 38.9% of companies received any payment, 36.3% of requested equity paid out

• Built Environment, Infrastructure & Construction: 13 equity companies, 38.5% of companies received any payment, 17.8% of requested equity paid out

• Communications, Networks & Cloud Infrastructure: 13 equity companies, 38.5% of companies received any payment, 32.0% of requested equity paid out

• Therapeutics & Drug Development: 56 equity companies, 35.7% of companies received any payment, 35.9% of requested equity paid out

• Clean Energy, Storage & Electrification: 52 equity companies, 34.6% of companies received any payment, 26.5% of requested equity paid out

• Climate, Carbon, Water & Circular Economy: 41 equity companies, 34.1% of companies received any payment, 10.8% of requested equity paid out

• Biotechnology, Biomanufacturing & Life Science Tools: 31 equity companies, 29.0% of companies received any payment, 13.3% of requested equity paid out

• Agriculture, Food & Animal Health: 50 equity companies, 26.0% of companies received any payment, 19.4% of requested equity paid out

• Advanced Materials, Chemicals & Industrial Manufacturing: 26 equity companies, 23.1% of companies received any payment, 14.5% of requested equity paid out

• AI, Software, Data & Cybersecurity: 16 equity companies, 18.8% of companies received any payment, 10.3% of requested equity paid out

Maximum Ticket Companies

• Full programme ceiling: 43 companies requested the full programme ceiling on both instruments.

• Combined ticket: Each received €2.49-2.50M grant + €15.00M equity ask = €17.49-17.50M combined ticket.

• Cohort spread: 2021 (6 companies), 2022 (9), 2023 (9), 2024 (19).

• Top sectors: Medical Devices, Diagnostics & Digital Health (9), Therapeutics & Drug Development (8), and Semiconductors, Clean Energy, and Space/Aerospace (6 each).

Top 15 by Equity Paid Out

• Top paid: €30.00M equity paid (Semiconductors, Photonics & Electronics, 2021 cohort)

• 2nd: €29.99M (Quantum Technologies, 2022)

• 3rd: €27.50M (Semiconductors, Photonics & Electronics, 2022)

• 4th: €25.00M (Therapeutics & Drug Development, 2024)

• 5th: €18.51M (Therapeutics & Drug Development, 2021)

• 6th-15th range: €14.80M to €15.02M equity paid

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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.

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

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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. Technology areas include Biotech, Engineering, Artificial Intelligence, Energy, Quantum, Aerospace, Advanced Materials, and Semiconductors. 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 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 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 Advanced Innovation Challenges: EIC Advanced Innovation Challenges represents a new pilot initiative delivering €300,000 (Stage 1) and up to €2.5 million (Stage 2) for breakthrough deep-tech innovations through ARPA-style staged funding mechanisms with integrated demand-side engagement. This initiative targets single entities or small consortia (2-3 partners) including SMEs, start-ups, and research organizations. Primary focus areas include Physical AI for autonomous robotics applications and New Approach Methodologies (NAMs) for animal-free biomedical testing, with TRL 4 entry requirements and demonstrated end-user commitment. Get Started

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

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

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

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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