EIC Accelerator Results October 2022

Summary

The results for the EIC Accelerator’s October 2022 cut-off:

• 78 companies have been selected for funding.
• 58% of applicants have been selected to receive €394 million in the form of either blended finance or equity-only investment.
• The total requested budget by the 78 companies is €470 million.
• The success rate for full applications was 7.1%.

The overall success rate is slightly lower than 7.1%. This is because the success rate for short proposals submission must be considered. However, there is no publicly available data for the number of short proposals submitted. Based on estimated figures, we calculated an overall success rate between ~4-5%.

Read more: EIC Accelerator Statistics & Insights, EIC Accelerator Results June 2022,  EIC Accelerator Results March 2022

Winners by Funding Type and Country 

44 companies have won blended funding, 12 have won grant-only funding and 21 have won grant-first funding.

Source: Data published by the EIC

The top 3 countries home to the most winners are Germany (13), the Netherlands (11) and France & Spain (9).

Source: Data published by the EIC

Blended Finance Winners by Country 

For the October 2022 cut-off, 44 companies have been awarded blended finance and 1 company has been awarded equity-only investment. Just over a third of the winners are based in the France & Benelux region. In the Nordic and DACH regions, 9 companies each have been awarded blended funding. For the first time, a Luxembourg-based company has been awarded blended funding.

Source: Data published by the EIC

Source: Data published by the EIC

Total Blended Finance

A total of €394 million was awarded for this call, which is similar to the amount awarded in the June 2022 cut-off (€325 million). The top 3 countries that have secured the most blended funding are France (21%), the Netherlands (17%) and Spain (12%). 

Companies in the Nordics and Southern Europe have won blended funding worth €75 million and €80 million respectively. France & Benelux-based companies have won blended funding worth €169 million which represents 42% of the total blended funding awarded. 

Source: Data published by the EIC

Source: Data published by the EIC

Average Blended Finance

Our data shows that start-ups received an average of €8.8 million in grant and equity funding. The median amount of funding was €7.5 million. 

A record-breaking six companies have won the maximum amount of blended funding (€17.5 million) during this call. Two of the companies are based in the Netherlands, one in Finland, one in Spain, one in Italy, and the last in France. 

Source: Data published by the EIC

Read more: EIC Accelerator Statistics & Insights, EIC Accelerator Results June 2022,  EIC Accelerator Results March 2022

Resources

1. EIC Cut-off Announcement: https://eic.ec.europa.eu/news/european-innovation-council-welcomes-78-high-potential-start-ups-and-smes-highly-competitive-2022-12-19_en
2. List of companies selected: https://eic.ec.europa.eu/system/files/2022-12/EIC%20Accelerator-October%205%202022%20Cut%20Off%20v2.pdf