Three promising Irish SMEs to receive European Innovation Council funding
Three promising Irish SMEs have been selected for funding under the latest round of the European Innovation Council (EIC) Accelerator.
Two of the Irish SMEs are set to receive both a grant (of up to €2.5 million) and a direct equity investment (blended finance). This is the first time that this “blended finance” has been offered, and allows a much higher level of funding (up to €17.5 million per company) to accelerate the growth of European companies with ground-breaking innovations. The Commission has also signed an agreement with the European Investment Bank Group to set up a dedicated EIC Fund to manage the equity investment.
In total 75, promising start-ups and SMEs around Europe were selected in this funding round, the largest one so far under the pilot phase of the European Innovation Council (EIC) Accelerator for a total funding of over €278 million.
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