08.01.2021

EIC Fund: first capital investment of € 178 million in breakthrough innovation

The European Commission has announced the first round of direct capital investments through the new European Innovation Council (EIC) Fund. Forty-two highly innovative start-ups and small and medium-sized enterprises (SMEs) will receive capital funding totaling around € 178 million to develop and expand breakthrough innovations in healthcare, the circular economy, cutting-edge manufacturing and other areas. Of these, the French company CorWave is the first EU company to invest in the EIC Fund.

"There are many innovative and talented start-ups in Europe, but all too often they remain small or relocate. This new form of funding - a combination of grants and capital investment - is unique to the European Innovation Council. It will fill the funding gap for highly innovative companies, attract additional private investment and enable them to grow in Europe." said Maria Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth.

More information can be found here.