31 Oct 2023
European Innovation Council funds 47 companies under Accelerator scheme
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. This cut-off showed a strong performance of engineering and tech-based companies. They account for 25% of the selected companies, close to the traditionally strong performance of health tech companies that make up 30% of the total.
The companies were selected in a highly competitive process, in which 140 companies were interviewed by juries of experienced investors and entrepreneurs, out of a total of 648 full proposals submitted.
The 47 selected companies will together receive nearly €350 million of funding. A large majority of selected companies (68%) will receive a blended finance option, which is a combination of grants and equity investments. The equity investments will be made through the EIC Fund. The selected companies have a geographical spread spanning 15 countries, including four widening countries.
The June cut-off saw some more companies coming from the ‘Plug In’ scheme, where applicants that are put forward by national innovation programmes and are immediately invited to submit a full proposal, skipping the usual first step of submitting and getting approval for a short proposal.