European deeptech scaleups have raised more than €4 billion since joining the EIC Scaling Club, an EIC-funded initiative supporting promising European deeptech companies. According to a new report, their funding has grown 2.3 times faster than that of comparable businesses, measured against funding raised before joining the programme.
The EIC Scaling Club, running under the EIC Business Acceleration Services, launched its first cohort in April 2024, followed by a second cohort in October 2024.
The latest report analyses the funding performance of the Club’s portfolio of 120 companies across 26 European countries, using data up to 29 September 2026.
Deeptech scaleups outperform comparable companies
Of the 119 active companies, 56 per cent raised funding after joining the Club, compared with 38 per cent of companies in a control group of 240 eligible applicants who were not selected.
Among companies that secured investment, Club members raised an average of €60.6 million, compared with €39.7 million for the control group.
New Space and Next-Gen Computing attract the largest investments
The report reveals that investment is increasingly concentrated in technologies considered critical to Europe’s future competitiveness, resilience and technological sovereignty. Companies in New Space and Next-Gen Computing attracted the largest volumes of funding, securing €1.34 billion and €1.32 billion respectively, followed by Renewable Energies with €589 million.
Together, these sectors accounted for approximately 80 per cent of total funding raised.
Nine investment rounds exceeded €100 million, together accounting for more than half of the total funding, and eight of them involved the EIC or another public co-investor. These include a €500 million funding round secured by Spanish quantum and AI company Multiverse Computing, €288 million raised by Spanish space technology company PLD Space, and €234 million secured by Netherlands-based AI computing company Axelera AI.
Funding was also geographically concentrated. Spain led with €1.48 billion raised by portfolio companies, followed by Germany with €750 million, the Netherlands with €508 million, Bulgaria with €390 million and France with €369 million.
Overall, Club companies raised funding equivalent to 128 per cent of their total pre-joining investment, compared with 56 per cent for comparable businesses.
Public investment supports Europe’s deeptech growth
The report also highlights the importance of public funding, with approximately 80 per cent of the capital secured through investment rounds involving the EIC or another public co-investor. However, international investors remain important to larger funding rounds.
Non-European investors accounted for 18 per cent of investor participations after companies joined the Club, rising to 27 per cent in rounds exceeding €100 million.
Michiel Scheffer, President of the European Innovation Council Board, said:
“Innovation only truly makes a difference when it reaches people in their everyday lives, when workers on the ground develop it and becomes accessible to everyone.
That is why helping deeptech startups grow and bring their innovations to market is so important, both for society and for Europe’s competitiveness.”
Beyond funding: Building connections and commercial opportunities
According to Ezequiel Sánchez, Executive President of PLD Space, Europe must scale its technology, infrastructure and industrial capabilities if it wants to remain competitive and independent.
“For deeptech companies, growth is not only about access to funding. It also requires industrial capacity, talent, market opportunities and connections across the European ecosystem.
Communities such as the EIC Scaling Club can contribute by bringing growth-stage companies together with investors, corporate partners and other relevant stakeholders, helping to create the conditions for European technologies to scale.”
The report also identifies 210 publicly disclosed partnerships involving Club companies, including 67 commercial partnerships, 53 strategic alliances and 40 research and innovation collaborations.
According to the team at Multiverse Computing, the Club and wider EIC support programmes have helped the company access major technology events, including CES in Las Vegas, GITEX Global and Mobile World Congress.
“This support goes beyond opportunities to exhibit: it also includes curating an agenda of executive meetings, helping us present our technology directly to relevant business leaders and potential partners.”
The EIC Scaling Club has also helped Multiverse Computing build relationships with investors, corporate partners and industry experts through events such as the Scale 100 Forum.
A spokesperson for Multiverse Computing said:
“These events have provided opportunities to discuss the commercial applications of our technology, explore potential partnerships and engage with investors around our growth ambitions.”
The company has also gained visibility through the Club’s communications, including an interview with CFO Marta García at the Ignition Forum and coverage of its Series C funding round.
“These activities give us additional channels to explain our technology and share our progress with the European innovation and investment community."
While the report points to strong fundraising momentum among Club companies, it also identifies ongoing challenges, particularly access to growth capital and fragmented European markets. It argues that investment alone will not be enough to support Europe’s deeptech ambitions, calling for stronger industrial demand, commercial partnerships and public procurement to help companies bring their technologies to market.
The EIC Scaling Club is an EIC-funded initiative run in partnership with Tech Tour, Bpifrance (EuroQuity), Hello Tomorrow, Tech.eu (Webrazzi), EurA and IESE Business School.
Would you like to write the first comment?
Login to post comments