The European Commission has announced today, on January 6, 2021, the first round of direct equity investment through the new
European Innovation Council (EIC) Fund. 42 highly innovative start-ups and small and medium sized
businesses (SMEs) will together receive equity financing of around €178 million to develop and
scale up breakthrough innovations in health, circular economy, advanced manufacturing and other
areas. Among them, the French company CorWave is the first EU company in which the EIC Fund is
investing.
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The equity investments, ranging from €500.000 to €15 million per beneficiary, complement the
grant financing, which has already been provided through the EIC Accelerator Pilot to enable
companies to scale up faster. This is the first time the Commission has made direct equity or quasi equity
investments, namely equity investment blended with a grant, in start-up companies, with
ownership stakes expected to range from 10% to 25%.
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