EIC Accelerator and EIC Fund Investment Statistics: Grant Distribution, Equity Commitments, Funding Gaps, and Leverage by Sector

It covers 772 EIC Accelerator selected companies from cohort years 2021 to 2025.

The article tracks EC grants and EIC Fund equity across requested, IC-approved, committed, and paid-out stages.

The article identifies EISMEA as the source of the dataset.

The dataset covers selected companies from the 2021 to 2025 EIC Accelerator cohorts.

The dataset includes 772 unique selected companies.

These companies come from the 2021, 2022, 2023, 2024, and 2025 EIC Accelerator selected-company cohorts.

The total EC grant amount disbursed is €1,776.24M.

The article reports an average grant of €2.37M per company and a median grant of €2.50M.

The dataset records €1,084.68M in equity investment paid out.

That paid amount is far below the €3,620.69M originally requested by equity companies.

The combined capital total is €2,860.92M.

That figure combines €1,776.24M in EC grants with €1,084.68M in equity paid out.

537 companies had an equity component, equal to 69.6% of the dataset.

235 companies were grant-first or grant-only, equal to 30.4% of the dataset.

The ask-based blended finance leverage ratio is 2.76x.

This means every €1 of EC grant was associated with €2.76 of requested EIC equity, not necessarily paid equity.

The actual public money multiplier is 0.61x.

For every €1 of public grant, only €0.61 in EIC equity had been paid to companies at the time covered by the article.

The article compares the non-dilutive EC grant with the direct equity investment delivered through the EIC Fund.

Its core point is that selected companies often receive grant funding quickly while equity delivery depends on a longer post-approval investment process.

Germany leads the country distribution with 121 selected companies, equal to 15.7% of the dataset.

France follows with 115 selected companies, the Netherlands has 84, and Spain has 68.

Yes. They summarise the figures and tables in this EIC Accelerator and EIC Fund investment statistics article.

They should be read as article-specific explanations rather than general EIC programme guidance.

AgriFood Company 1 (AgriFood Project 1) appears in the sub-€2M grant table as a 2022 Agriculture, Food & Animal Health company.

Its EC grant is €0.87M, placing it at rank 1 among the 20 smallest listed awards.

Consumer Assistive Company 1 (Consumer Assistive Project 1) appears in the sub-€2M grant table as a 2022 Consumer, Media, Education & Assistive Tech company.

Its EC grant is €0.90M, placing it at rank 2 among the 20 smallest listed awards.

Clean Energy Company 3 (Clean Energy Project 3) appears in the sub-€2M grant table as a 2022 Clean Energy, Storage & Electrification company.

Its EC grant is €1.01M, placing it at rank 3 among the 20 smallest listed awards.

Biotech Company 5 (Biotech Project 5) appears in the sub-€2M grant table as a 2022 Biotechnology, Biomanufacturing & Life Science Tools company.

Its EC grant is €1.15M, placing it at rank 4 among the 20 smallest listed awards.

AgriFood Company 8 (AgriFood Project 8) appears in the sub-€2M grant table as a 2021 Agriculture, Food & Animal Health company.

Its EC grant is €1.16M, placing it at rank 5 among the 20 smallest listed awards.

Climate Circular Company 3 (Climate Circular Project 3) appears in the sub-€2M grant table as a 2021 Climate, Carbon, Water & Circular Economy company.

Its EC grant is €1.21M, placing it at rank 6 among the 20 smallest listed awards.

Robotics Mobility Company 2 (Robotics Mobility Project 1) appears in the sub-€2M grant table as a 2022 Robotics, Mobility & Logistics company.

Its EC grant is €1.25M, placing it at rank 7 among the 20 smallest listed awards.

AgriFood Company 2 (AgriFood Project 2) appears in the sub-€2M grant table as a 2023 Agriculture, Food & Animal Health company.

Its EC grant is €1.26M, placing it at rank 8 among the 20 smallest listed awards.

MedTech Company 1 (MedTech Project 1) appears in the sub-€2M grant table as a 2021 Medical Devices, Diagnostics & Digital Health company.

Its EC grant is €1.28M, placing it at rank 9 among the 20 smallest listed awards.

Aerospace Company 2 (Aerospace Project 2) appears in the sub-€2M grant table as a 2023 Space, Aerospace & Aviation company.

Its EC grant is €1.28M, placing it at rank 10 among the 20 smallest listed awards.

Industrial Materials Company 2 (Industrial Materials Project 2) appears in the sub-€2M grant table as a 2021 Advanced Materials, Chemicals & Industrial Manufacturing company.

Its EC grant is €1.29M, placing it at rank 11 among the 20 smallest listed awards.

AgriFood Company 3 (AgriFood Project 3) appears in the sub-€2M grant table as a 2023 Agriculture, Food & Animal Health company.

Its EC grant is €1.32M, placing it at rank 12 among the 20 smallest listed awards.

AgriFood Company 4 (AgriFood Project 4) appears in the sub-€2M grant table as a 2022 Agriculture, Food & Animal Health company.

Its EC grant is €1.37M, placing it at rank 13 among the 20 smallest listed awards.

MedTech Company 2 (MedTech Project 2) appears in the sub-€2M grant table as a 2022 Medical Devices, Diagnostics & Digital Health company.

Its EC grant is €1.39M, placing it at rank 14 among the 20 smallest listed awards.

Aerospace Company 5 (Aerospace Project 5) appears in the sub-€2M grant table as a 2021 Space, Aerospace & Aviation company.

Its EC grant is €1.40M, placing it at rank 15 among the 20 smallest listed awards.

MedTech Company 3 (MedTech Project 3) appears in the sub-€2M grant table as a 2022 Medical Devices, Diagnostics & Digital Health company.

Its EC grant is €1.41M, placing it at rank 16 among the 20 smallest listed awards.

Built Environment Company 3 (Built Environment Project 3) appears in the sub-€2M grant table as a 2022 Built Environment, Infrastructure & Construction company.

Its EC grant is €1.47M, placing it at rank 17 among the 20 smallest listed awards.

MedTech Company 22 (MedTech Project 21) appears in the sub-€2M grant table as a 2023 Medical Devices, Diagnostics & Digital Health company.

Its EC grant is €1.48M, placing it at rank 18 among the 20 smallest listed awards.

Biotech Company 6 (Biotech Project 6) appears in the sub-€2M grant table as a 2023 Biotechnology, Biomanufacturing & Life Science Tools company.

Its EC grant is €1.50M, placing it at rank 19 among the 20 smallest listed awards.

Aerospace Company 6 (Aerospace Project 6) appears in the sub-€2M grant table as a 2021 Space, Aerospace & Aviation company.

Its EC grant is €1.51M, placing it at rank 20 among the 20 smallest listed awards.

63 equity companies fall in the €15M maximum bucket.

That represents 11.7% of the 537 companies with an equity component.

81 equity companies fall in the €10M to €15M bucket.

That represents 15.1% of the 537 companies with an equity component.

183 equity companies fall in the €5M to €10M bucket.

That represents 34.1% of the 537 companies with an equity component.

182 equity companies fall in the €2M to €5M bucket.

That represents 33.9% of the 537 companies with an equity component.

28 equity companies fall in the under €2M bucket.

That represents 5.2% of the 537 companies with an equity component.

Space, Aerospace & Aviation includes 27 equity companies in the sector ask table.

The average ask is €8.37M, the median ask is €7.00M, and total requested equity is €225.90M.

Quantum Technologies includes 26 equity companies in the sector ask table.

The average ask is €7.16M, the median ask is €7.16M, and total requested equity is €186.07M.

Medical Devices, Diagnostics & Digital Health includes 114 equity companies in the sector ask table.

The average ask is €6.44M, the median ask is €5.00M, and total requested equity is €733.59M.

Semiconductors, Photonics & Electronics includes 39 equity companies in the sector ask table.

The average ask is €8.06M, the median ask is €7.50M, and total requested equity is €314.15M.

Climate, Carbon, Water & Circular Economy includes 41 equity companies in the sector ask table.

The average ask is €6.49M, the median ask is €6.00M, and total requested equity is €266.10M.

Therapeutics & Drug Development includes 56 equity companies in the sector ask table.

The average ask is €8.75M, the median ask is €7.75M, and total requested equity is €490.04M.

Agriculture, Food & Animal Health includes 50 equity companies in the sector ask table.

The average ask is €5.12M, the median ask is €4.10M, and total requested equity is €256.04M.

Robotics, Mobility & Logistics includes 18 equity companies in the sector ask table.

The average ask is €5.67M, the median ask is €4.86M, and total requested equity is €102.00M.

Advanced Materials, Chemicals & Industrial Manufacturing includes 26 equity companies in the sector ask table.

The average ask is €5.47M, the median ask is €3.75M, and total requested equity is €142.32M.

Clean Energy, Storage & Electrification includes 52 equity companies in the sector ask table.

The average ask is €7.02M, the median ask is €5.34M, and total requested equity is €364.79M.

AI, Software, Data & Cybersecurity includes 16 equity companies in the sector ask table.

The average ask is €4.44M, the median ask is €3.30M, and total requested equity is €71.03M.

Biotechnology, Biomanufacturing & Life Science Tools includes 31 equity companies in the sector ask table.

The average ask is €6.85M, the median ask is €6.00M, and total requested equity is €212.44M.

In the 2021 cohort, 39 of 99 equity companies had received no equity payment.

60 companies had received some equity, while the no-payment share was 39.4%.

In the 2022 cohort, 52 of 125 equity companies had received no equity payment.

73 companies had received some equity, while the no-payment share was 41.6%.

In the 2023 cohort, 60 of 99 equity companies had received no equity payment.

39 companies had received some equity, while the no-payment share was 60.6%.

In the 2024 cohort, 100 of 127 equity companies had received no equity payment.

27 companies had received some equity, while the no-payment share was 78.7%.

In the 2025 cohort, 85 of 87 equity companies had received no equity payment.

2 companies had received some equity, while the no-payment share was 97.7%.

Biotech Company 1 (Biotech Project 1) is ranked 1 by outstanding equity in the article table.

It is a 2023 Biotechnology, Biomanufacturing & Life Science Tools company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

Cloud Infrastructure Company 1 (no separate project acronym listed) is ranked 2 by outstanding equity in the article table.

It is a 2024 Communications, Networks & Cloud Infrastructure company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

Industrial Materials Company 1 (Industrial Materials Project 1) is ranked 3 by outstanding equity in the article table.

It is a 2024 Advanced Materials, Chemicals & Industrial Manufacturing company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

Aerospace Company 3 (Aerospace Project 3) is ranked 4 by outstanding equity in the article table.

It is a 2023 Space, Aerospace & Aviation company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

Biotech Company 7 (Biotech Project 7) is ranked 5 by outstanding equity in the article table.

It is a 2022 Biotechnology, Biomanufacturing & Life Science Tools company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

Quantum Company 4 (Quantum Project 4) is ranked 6 by outstanding equity in the article table.

It is a 2022 Quantum Technologies company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

MedTech Company 5 (MedTech Project 5) is ranked 7 by outstanding equity in the article table.

It is a 2021 Medical Devices, Diagnostics & Digital Health company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

MedTech Company 26 (MedTech Project 25) is ranked 8 by outstanding equity in the article table.

It is a 2021 Medical Devices, Diagnostics & Digital Health company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

Consumer Assistive Company 3 (Consumer Assistive Project 3) is ranked 9 by outstanding equity in the article table.

It is a 2021 Consumer, Media, Education & Assistive Tech company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

MedTech Company 7 (MedTech Project 7) is ranked 10 by outstanding equity in the article table.

It is a 2021 Medical Devices, Diagnostics & Digital Health company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

Climate Circular Company 1 (Climate Circular Project 1) is ranked 11 by outstanding equity in the article table.

It is a 2021 Climate, Carbon, Water & Circular Economy company with €15.00M approved, €0.00M paid, and €15.00M outstanding.

Semiconductor Company 6 (Semiconductor Project 6) is ranked 12 by outstanding equity in the article table.

It is a 2023 Semiconductors, Photonics & Electronics company with €15.00M approved, €1.00M paid, and €14.00M outstanding.

Biotech Company 8 (Biotech Project 8) is ranked 13 by outstanding equity in the article table.

It is a 2021 Biotechnology, Biomanufacturing & Life Science Tools company with €14.00M approved, €0.00M paid, and €14.00M outstanding.

Semiconductor Company 2 (Semiconductor Project 2) is ranked 14 by outstanding equity in the article table.

It is a 2023 Semiconductors, Photonics & Electronics company with €12.50M approved, €0.00M paid, and €12.50M outstanding.

Semiconductor Company 7 (Semiconductor Project 7B) is ranked 15 by outstanding equity in the article table.

It is a 2024 Semiconductors, Photonics & Electronics company with €12.50M approved, €0.00M paid, and €12.50M outstanding.

Aerospace Company 7 (Aerospace Project 7) is ranked 16 by outstanding equity in the article table.

It is a 2022 Space, Aerospace & Aviation company with €15.00M approved, €2.75M paid, and €12.25M outstanding.

Therapeutics Company 10 (Therapeutics Project 11) is ranked 17 by outstanding equity in the article table.

It is a 2023 Therapeutics & Drug Development company with €15.00M approved, €3.10M paid, and €11.90M outstanding.

Aerospace Company 12 (Aerospace Project 12) is ranked 18 by outstanding equity in the article table.

It is a 2023 Space, Aerospace & Aviation company with €15.00M approved, €3.86M paid, and €11.14M outstanding.

AgriFood Company 10 (AgriFood Project 10) is ranked 19 by outstanding equity in the article table.

It is a 2021 Agriculture, Food & Animal Health company with €13.50M approved, €2.50M paid, and €11.00M outstanding.

Therapeutics Company 9 (Therapeutics Project 10) is ranked 20 by outstanding equity in the article table.

It is a 2022 Therapeutics & Drug Development company with €15.00M approved, €4.23M paid, and €10.77M outstanding.

Semiconductor Company 8 (Semiconductor Project 8) appears in rank 1 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €10.00M. The company had €0.00M paid in the table.

Clean Energy Company 4 (Clean Energy Project 4) appears in rank 2 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Aerospace Company 8 (Aerospace Project 8) appears in rank 3 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Climate Circular Company 4 (Climate Circular Project 4) appears in rank 4 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Therapeutics Company 12 (Therapeutics Project 14) appears in rank 5 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €3.00M. The company had €0.00M paid in the table.

Quantum Company 5 (Quantum Project 5) appears in rank 6 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €10.00M. The company had €0.00M paid in the table.

Cloud Infrastructure Company 1 (no separate project acronym listed) appears in rank 7 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €15.00M. The company had €0.00M paid in the table.

Industrial Materials Company 1 (Industrial Materials Project 1) appears in rank 8 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €15.00M. The company had €0.00M paid in the table.

Semiconductor Company 5 (Semiconductor Project 5) appears in rank 9 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €0.00M. The company had €0.00M paid in the table.

Clean Energy Company 5 (Clean Energy Project 5) appears in rank 10 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Biotech Company 2 (Biotech Project 2) appears in rank 11 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Built Environment Company 4 (Built Environment Project 4) appears in rank 12 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

MedTech Company 25 (MedTech Project 24) appears in rank 13 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Biotech Company 3 (Biotech Project 3) appears in rank 14 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Semiconductor Company 7 (Semiconductor Project 7B) appears in rank 15 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €12.50M. The company had €0.00M paid in the table.

MedTech Company 9 (MedTech Project 8) appears in rank 16 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Therapeutics Company 11 (Therapeutics Project 13) appears in rank 17 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

Semiconductor Company 4 (Semiconductor Project 4) appears in rank 18 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €3.00M. The company had €0.00M paid in the table.

Clean Energy Company 11 (Clean Energy Project 11) appears in rank 19 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €10.00M. The company had €0.00M paid in the table.

Aerospace Company 9 (Aerospace Project 9) appears in rank 20 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €7.00M. The company had €0.00M paid in the table.

Aerospace Company 3 (Aerospace Project 3) appears in rank 21 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €15.00M. The company had €0.00M paid in the table.

Biotech Company 7 (Biotech Project 7) appears in rank 22 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €15.00M. The company had €0.00M paid in the table.

MedTech Company 5 (MedTech Project 5) appears in rank 23 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €15.00M. The company had €0.00M paid in the table.

Therapeutics Company 8 (Therapeutics Project 9) appears in rank 24 of the no-equity-paid table with a €15.00M equity request.

The article does not list an approved equity amount for this row. The company had €0.00M paid in the table.

MedTech Company 26 (MedTech Project 25) appears in rank 25 of the no-equity-paid table with a €15.00M equity request.

The listed IC-approved amount is €15.00M. The company had €0.00M paid in the table.

Therapeutics Company 1 (Therapeutics Project 1) is ranked 1 among companies with committed equity that remains materially under-disbursed.

The committed amount is €35.00M, the paid amount is €25.00M, the gap is €10.00M, and the paid share is 71.4%.

Therapeutics Company 2 (Therapeutics Project 2) is ranked 2 among companies with committed equity that remains materially under-disbursed.

The committed amount is €15.00M, the paid amount is €5.70M, the gap is €9.30M, and the paid share is 38.0%.

Robotics Mobility Company 4 (Robotics Mobility Project 3) is ranked 3 among companies with committed equity that remains materially under-disbursed.

The committed amount is €6.00M, the paid amount is €0.00M, the gap is €5.99M, and the paid share is 0.1%.

MedTech Company 10 (MedTech Project 9) is ranked 4 among companies with committed equity that remains materially under-disbursed.

The committed amount is €8.00M, the paid amount is €2.74M, the gap is €5.26M, and the paid share is 34.3%.

Therapeutics Company 4 (Therapeutics Project 4) is ranked 5 among companies with committed equity that remains materially under-disbursed.

The committed amount is €6.70M, the paid amount is €1.90M, the gap is €4.80M, and the paid share is 28.4%.

Built Environment Company 2 (Built Environment Project 2) is ranked 6 among companies with committed equity that remains materially under-disbursed.

The committed amount is €7.50M, the paid amount is €3.01M, the gap is €4.49M, and the paid share is 40.1%.

Climate Circular Company 5 (no separate project acronym listed) is ranked 7 among companies with committed equity that remains materially under-disbursed.

The committed amount is €5.00M, the paid amount is €1.00M, the gap is €4.00M, and the paid share is 20.0%.

MedTech Company 13 (MedTech Project 12) is ranked 8 among companies with committed equity that remains materially under-disbursed.

The committed amount is €6.51M, the paid amount is €2.63M, the gap is €3.88M, and the paid share is 40.4%.

MedTech Company 14 (MedTech Project 13) is ranked 9 among companies with committed equity that remains materially under-disbursed.

The committed amount is €7.50M, the paid amount is €3.75M, the gap is €3.75M, and the paid share is 50.0%.

MedTech Company 23 (MedTech Project 22) is ranked 10 among companies with committed equity that remains materially under-disbursed.

The committed amount is €4.70M, the paid amount is €1.41M, the gap is €3.29M, and the paid share is 30.0%.

Climate Circular Company 7 (no separate project acronym listed) is ranked 11 among companies with committed equity that remains materially under-disbursed.

The committed amount is €5.57M, the paid amount is €2.80M, the gap is €2.77M, and the paid share is 50.3%.

AgriFood Company 6 (AgriFood Project 6) is ranked 12 among companies with committed equity that remains materially under-disbursed.

The committed amount is €5.00M, the paid amount is €2.50M, the gap is €2.50M, and the paid share is 50.0%.

Quantum Company 2 (Quantum Project 2) is ranked 13 among companies with committed equity that remains materially under-disbursed.

The committed amount is €15.00M, the paid amount is €12.50M, the gap is €2.50M, and the paid share is 83.3%.

Semiconductor Company 9 (Semiconductor Project 9) is ranked 14 among companies with committed equity that remains materially under-disbursed.

The committed amount is €12.87M, the paid amount is €10.47M, the gap is €2.40M, and the paid share is 81.4%.

Therapeutics Company 15 (Therapeutics Project 15) is ranked 15 among companies with committed equity that remains materially under-disbursed.

The committed amount is €10.00M, the paid amount is €7.60M, the gap is €2.40M, and the paid share is 76.0%.

MedTech Company 28 (MedTech Project 28) is ranked 16 among companies with committed equity that remains materially under-disbursed.

The committed amount is €4.00M, the paid amount is €1.88M, the gap is €2.12M, and the paid share is 47.1%.

Semiconductor Company 10 (Semiconductor Project 10) is ranked 17 among companies with committed equity that remains materially under-disbursed.

The committed amount is €4.00M, the paid amount is €2.00M, the gap is €2.00M, and the paid share is 50.0%.

MedTech Company 6 (MedTech Project 6) is ranked 18 among companies with committed equity that remains materially under-disbursed.

The committed amount is €8.00M, the paid amount is €6.12M, the gap is €1.88M, and the paid share is 76.5%.

MedTech Company 29 (MedTech Project 29) is ranked 19 among companies with committed equity that remains materially under-disbursed.

The committed amount is €7.00M, the paid amount is €5.12M, the gap is €1.88M, and the paid share is 73.2%.

Therapeutics Company 16 (Therapeutics Project 16) is ranked 20 among companies with committed equity that remains materially under-disbursed.

The committed amount is €4.00M, the paid amount is €2.20M, the gap is €1.80M, and the paid share is 55.0%.

Semiconductor Company 3 (Semiconductor Project 3) appears in the overperformer table at rank 1.

It had €15.00M approved and €30.00M paid, equal to 2.00x the approved amount.

Quantum Company 7 (Quantum Project 7) appears in the overperformer table at rank 2.

It had €7.50M approved and €15.00M paid, equal to 2.00x the approved amount.

Quantum Company 1 (Quantum Project 1) appears in the overperformer table at rank 3.

It had €15.00M approved and €29.99M paid, equal to 2.00x the approved amount.

Therapeutics Company 5 (Therapeutics Project 5) appears in the overperformer table at rank 4.

It had €8.00M approved and €15.02M paid, equal to 1.88x the approved amount.

Therapeutics Company 6 (Therapeutics Project 6) appears in the overperformer table at rank 5.

It had €5.90M approved and €10.90M paid, equal to 1.85x the approved amount.

Semiconductor Company 7 (Semiconductor Project 7) appears in the overperformer table at rank 6.

It had €15.00M approved and €27.50M paid, equal to 1.83x the approved amount.

Quantum Company 2 (Quantum Project 2) appears in the overperformer table at rank 7.

It had €7.50M approved and €12.50M paid, equal to 1.67x the approved amount.

Cloud Infrastructure Company 3 (Cloud Infrastructure Project 2) appears in the overperformer table at rank 8.

It had €6.00M approved and €10.00M paid, equal to 1.67x the approved amount.

Clean Energy Company 12 (Clean Energy Project 12) appears in the overperformer table at rank 9.

It had €10.00M approved and €15.00M paid, equal to 1.50x the approved amount.

Clean Energy Company 10 (Clean Energy Project 10) appears in the overperformer table at rank 10.

It had €2.00M approved and €2.82M paid, equal to 1.41x the approved amount.

Therapeutics Company 11 (Therapeutics Project 12) appears in the overperformer table at rank 11.

It had €15.00M approved and €18.51M paid, equal to 1.23x the approved amount.

Aerospace Company 11 (Aerospace Project 11) appears in the overperformer table at rank 12.

It had €7.00M approved and €8.05M paid, equal to 1.15x the approved amount.

MedTech Company 27 (MedTech Project 26) appears in the overperformer table at rank 13.

It had €2.00M approved and €2.03M paid, equal to 1.01x the approved amount.

Medical Devices, Diagnostics & Digital Health includes 195 companies in the sector breakdown.

Its average grant is €2.40M, total grants are €455.88M, and its blended finance share is 55.9%.

Therapeutics & Drug Development includes 79 companies in the sector breakdown.

Its average grant is €2.45M, total grants are €188.37M, and its blended finance share is 68.4%.

Clean Energy, Storage & Electrification includes 74 companies in the sector breakdown.

Its average grant is €2.39M, total grants are €174.49M, and its blended finance share is 68.9%.

AI, Software, Data & Cybersecurity includes 26 companies in the sector breakdown.

Its average grant is €2.36M, total grants are €61.45M, and its blended finance share is 61.5%.

Agriculture, Food & Animal Health includes 62 companies in the sector breakdown.

Its average grant is €2.26M, total grants are €135.78M, and its blended finance share is 77.4%.

Advanced Materials, Chemicals & Industrial Manufacturing includes 40 companies in the sector breakdown.

Its average grant is €2.29M, total grants are €91.80M, and its blended finance share is 65.0%.

Climate, Carbon, Water & Circular Economy includes 65 companies in the sector breakdown.

Its average grant is €2.33M, total grants are €149.12M, and its blended finance share is 61.5%.

Semiconductors, Photonics & Electronics includes 47 companies in the sector breakdown.

Its average grant is €2.43M, total grants are €111.77M, and its blended finance share is 80.9%.

Quantum Technologies includes 30 companies in the sector breakdown.

Its average grant is €2.48M, total grants are €71.85M, and its blended finance share is 83.3%.

Space, Aerospace & Aviation includes 31 companies in the sector breakdown.

Its average grant is €2.31M, total grants are €69.38M, and its blended finance share is 83.9%.

Robotics, Mobility & Logistics includes 27 companies in the sector breakdown.

Its average grant is €2.29M, total grants are €59.60M, and its blended finance share is 63.0%.

Biotechnology, Biomanufacturing & Life Science Tools includes 41 companies in the sector breakdown.

Its average grant is €2.34M, total grants are €84.17M, and its blended finance share is 63.4%.

Biotechnology, Biomanufacturing & Life Science Tools has 31 equity companies in the sector equity table.

Its IC approval rate is 78.2%, while its payout rate is 13.3%.

AI, Software, Data & Cybersecurity has 16 equity companies in the sector equity table.

Its IC approval rate is 43.1%, while its payout rate is 10.3%.

Medical Devices, Diagnostics & Digital Health has 114 equity companies in the sector equity table.

Its IC approval rate is 84.1%, while its payout rate is 32.0%.

Quantum Technologies has 26 equity companies in the sector equity table.

Its IC approval rate is 87.0%, while its payout rate is 66.0%.

Robotics, Mobility & Logistics has 18 equity companies in the sector equity table.

Its IC approval rate is 75.8%, while its payout rate is 36.3%.

Consumer, Media, Education & Assistive Tech has 11 equity companies in the sector equity table.

Its IC approval rate is 89.8%, while its payout rate is 37.4%.

Semiconductors, Photonics & Electronics has 39 equity companies in the sector equity table.

Its IC approval rate is 70.3%, while its payout rate is 41.3%.

Agriculture, Food & Animal Health has 50 equity companies in the sector equity table.

Its IC approval rate is 58.0%, while its payout rate is 19.4%.

Space, Aerospace & Aviation has 27 equity companies in the sector equity table.

Its IC approval rate is 68.2%, while its payout rate is 33.2%.

Clean Energy, Storage & Electrification has 52 equity companies in the sector equity table.

Its IC approval rate is 56.2%, while its payout rate is 26.5%.

Advanced Materials, Chemicals & Industrial Manufacturing has 26 equity companies in the sector equity table.

Its IC approval rate is 39.7%, while its payout rate is 14.5%.

Climate, Carbon, Water & Circular Economy has 41 equity companies in the sector equity table.

Its IC approval rate is 48.8%, while its payout rate is 10.8%.

Therapeutics & Drug Development has an average paid equity to grant leverage ratio of 2.99x.

The maximum leverage in the sector is 10.00x, and the total paid equity listed is €175.92M.

Space, Aerospace & Aviation has an average paid equity to grant leverage ratio of 2.22x.

The maximum leverage in the sector is 5.92x, and the total paid equity listed is €74.99M.

Medical Devices, Diagnostics & Digital Health has an average paid equity to grant leverage ratio of 1.62x.

The maximum leverage in the sector is 6.01x, and the total paid equity listed is €234.57M.

Quantum Technologies has an average paid equity to grant leverage ratio of 2.70x.

The maximum leverage in the sector is 12.01x, and the total paid equity listed is €122.81M.

Agriculture, Food & Animal Health has an average paid equity to grant leverage ratio of 1.46x.

The maximum leverage in the sector is 6.13x, and the total paid equity listed is €49.61M.

Fintech, Identity, Commerce & Supply Chain has an average paid equity to grant leverage ratio of 2.40x.

The maximum leverage in the sector is 4.00x, and the total paid equity listed is €12.00M.

Semiconductors, Photonics & Electronics has an average paid equity to grant leverage ratio of 2.49x.

The maximum leverage in the sector is 12.00x, and the total paid equity listed is €129.68M.

Clean Energy, Storage & Electrification has an average paid equity to grant leverage ratio of 1.83x.

The maximum leverage in the sector is 6.28x, and the total paid equity listed is €96.49M.

Robotics, Mobility & Logistics has an average paid equity to grant leverage ratio of 1.79x.

The maximum leverage in the sector is 4.00x, and the total paid equity listed is €37.02M.

Climate, Carbon, Water & Circular Economy has an average paid equity to grant leverage ratio of 0.89x.

The maximum leverage in the sector is 2.16x, and the total paid equity listed is €28.81M.

Biotechnology, Biomanufacturing & Life Science Tools has an average paid equity to grant leverage ratio of 1.19x.

The maximum leverage in the sector is 2.80x, and the total paid equity listed is €28.25M.

Advanced Materials, Chemicals & Industrial Manufacturing has an average paid equity to grant leverage ratio of 1.21x.

The maximum leverage in the sector is 2.86x, and the total paid equity listed is €20.70M.

AI, Software, Data & Cybersecurity has 3 companies in the fulfilment table.

Its average fulfilment rate is 77.3%, and its median fulfilment rate is 99.9%.

Quantum Technologies has 17 companies in the fulfilment table.

Its average fulfilment rate is 93.8%, and its median fulfilment rate is 100.0%.

Semiconductors, Photonics & Electronics has 21 companies in the fulfilment table.

Its average fulfilment rate is 74.4%, and its median fulfilment rate is 63.7%.

Space, Aerospace & Aviation has 13 companies in the fulfilment table.

Its average fulfilment rate is 71.7%, and its median fulfilment rate is 75.0%.

Advanced Materials, Chemicals & Industrial Manufacturing has 7 companies in the fulfilment table.

Its average fulfilment rate is 72.5%, and its median fulfilment rate is 78.7%.

Medical Devices, Diagnostics & Digital Health has 60 companies in the fulfilment table.

Its average fulfilment rate is 62.5%, and its median fulfilment rate is 52.5%.

Communications, Networks & Cloud Infrastructure has 6 companies in the fulfilment table.

Its average fulfilment rate is 103.1%, and its median fulfilment rate is 99.7%.

Biotechnology, Biomanufacturing & Life Science Tools has 10 companies in the fulfilment table.

Its average fulfilment rate is 77.1%, and its median fulfilment rate is 89.0%.

Clean Energy, Storage & Electrification has 22 companies in the fulfilment table.

Its average fulfilment rate is 63.0%, and its median fulfilment rate is 49.7%.

Agriculture, Food & Animal Health has 15 companies in the fulfilment table.

Its average fulfilment rate is 57.1%, and its median fulfilment rate is 48.6%.

Robotics, Mobility & Logistics has 9 companies in the fulfilment table.

Its average fulfilment rate is 59.1%, and its median fulfilment rate is 46.7%.

Climate, Carbon, Water & Circular Economy has 14 companies in the fulfilment table.

Its average fulfilment rate is 47.0%, and its median fulfilment rate is 39.4%.

Quantum Company 1 (Quantum Project 1) ranks 1 by paid equity to grant leverage.

It is a Quantum Technologies company with a €2.50M grant, €29.99M paid equity, and a 12.01x leverage ratio.

Semiconductor Company 3 (Semiconductor Project 3) ranks 2 by paid equity to grant leverage.

It is a Semiconductors, Photonics & Electronics company with a €2.50M grant, €30.00M paid equity, and a 12.00x leverage ratio.

Semiconductor Company 7 (Semiconductor Project 7) ranks 3 by paid equity to grant leverage.

It is a Semiconductors, Photonics & Electronics company with a €2.50M grant, €27.50M paid equity, and a 11.00x leverage ratio.

Therapeutics Company 1 (Therapeutics Project 1) ranks 4 by paid equity to grant leverage.

It is a Therapeutics & Drug Development company with a €2.50M grant, €25.00M paid equity, and a 10.00x leverage ratio.

Therapeutics Company 11 (Therapeutics Project 12) ranks 5 by paid equity to grant leverage.

It is a Therapeutics & Drug Development company with a €2.50M grant, €18.51M paid equity, and a 7.40x leverage ratio.

Clean Energy Company 12 (Clean Energy Project 12) ranks 6 by paid equity to grant leverage.

It is a Clean Energy, Storage & Electrification company with a €2.39M grant, €15.00M paid equity, and a 6.28x leverage ratio.

AgriFood Company 5 (AgriFood Project 5) ranks 7 by paid equity to grant leverage.

It is a Agriculture, Food & Animal Health company with a €2.43M grant, €14.87M paid equity, and a 6.13x leverage ratio.

Clean Energy Company 7 (Clean Energy Project 7) ranks 8 by paid equity to grant leverage.

It is a Clean Energy, Storage & Electrification company with a €2.49M grant, €15.00M paid equity, and a 6.03x leverage ratio.

MedTech Company 16 (MedTech Project 15) ranks 9 by paid equity to grant leverage.

It is a Medical Devices, Diagnostics & Digital Health company with a €2.49M grant, €15.00M paid equity, and a 6.01x leverage ratio.

Therapeutics Company 5 (Therapeutics Project 5) ranks 10 by paid equity to grant leverage.

It is a Therapeutics & Drug Development company with a €2.50M grant, €15.02M paid equity, and a 6.01x leverage ratio.

Semiconductor Company 1 (Semiconductor Project 1) ranks 11 by paid equity to grant leverage.

It is a Semiconductors, Photonics & Electronics company with a €2.50M grant, €15.00M paid equity, and a 6.00x leverage ratio.

Clean Energy Company 6 (Clean Energy Project 6) ranks 12 by paid equity to grant leverage.

It is a Clean Energy, Storage & Electrification company with a €2.50M grant, €15.00M paid equity, and a 6.00x leverage ratio.

Therapeutics Company 7 (Therapeutics Project 8) ranks 13 by paid equity to grant leverage.

It is a Therapeutics & Drug Development company with a €2.50M grant, €15.00M paid equity, and a 6.00x leverage ratio.

Quantum Company 7 (Quantum Project 7) ranks 14 by paid equity to grant leverage.

It is a Quantum Technologies company with a €2.50M grant, €15.00M paid equity, and a 6.00x leverage ratio.

Aerospace Company 10 (Aerospace Project 10) ranks 15 by paid equity to grant leverage.

It is a Space, Aerospace & Aviation company with a €2.50M grant, €14.80M paid equity, and a 5.92x leverage ratio.

Semiconductor Company 3 (Semiconductor Project 3) ranks 1 by absolute equity paid out.

It is a 2021 Semiconductors, Photonics & Electronics company with €30.00M in paid equity.

Quantum Company 1 (Quantum Project 1) ranks 2 by absolute equity paid out.

It is a 2022 Quantum Technologies company with €29.99M in paid equity.

Semiconductor Company 7 (Semiconductor Project 7) ranks 3 by absolute equity paid out.

It is a 2022 Semiconductors, Photonics & Electronics company with €27.50M in paid equity.

Therapeutics Company 1 (Therapeutics Project 1) ranks 4 by absolute equity paid out.

It is a 2024 Therapeutics & Drug Development company with €25.00M in paid equity.

Therapeutics Company 11 (Therapeutics Project 12) ranks 5 by absolute equity paid out.

It is a 2021 Therapeutics & Drug Development company with €18.51M in paid equity.

Therapeutics Company 5 (Therapeutics Project 5) ranks 6 by absolute equity paid out.

It is a 2022 Therapeutics & Drug Development company with €15.02M in paid equity.

Semiconductor Company 1 (Semiconductor Project 1) ranks 7 by absolute equity paid out.

It is a 2023 Semiconductors, Photonics & Electronics company with €15.00M in paid equity.

Clean Energy Company 6 (Clean Energy Project 6) ranks 8 by absolute equity paid out.

It is a 2022 Clean Energy, Storage & Electrification company with €15.00M in paid equity.

Therapeutics Company 7 (Therapeutics Project 8) ranks 9 by absolute equity paid out.

It is a 2022 Therapeutics & Drug Development company with €15.00M in paid equity.

Quantum Company 3 (Quantum Project 3) ranks 10 by absolute equity paid out.

It is a 2023 Quantum Technologies company with €15.00M in paid equity.

Quantum Company 7 (Quantum Project 7) ranks 11 by absolute equity paid out.

It is a 2021 Quantum Technologies company with €15.00M in paid equity.

Clean Energy Company 12 (Clean Energy Project 12) ranks 12 by absolute equity paid out.

It is a 2023 Clean Energy, Storage & Electrification company with €15.00M in paid equity.

MedTech Company 16 (MedTech Project 15) ranks 13 by absolute equity paid out.

It is a 2022 Medical Devices, Diagnostics & Digital Health company with €15.00M in paid equity.

Clean Energy Company 7 (Clean Energy Project 7) ranks 14 by absolute equity paid out.

It is a 2024 Clean Energy, Storage & Electrification company with €15.00M in paid equity.

AgriFood Company 5 (AgriFood Project 5) ranks 15 by absolute equity paid out.

It is a 2022 Agriculture, Food & Animal Health company with €14.87M in paid equity.

MedTech Company 5 (MedTech Project 5) appears in row 1 of the maximum-ticket table.

It is a 2021 Medical Devices, Diagnostics & Digital Health company with a €2.50M grant and a €15.00M equity ask.

Therapeutics Company 8 (Therapeutics Project 9) appears in row 2 of the maximum-ticket table.

It is a 2021 Therapeutics & Drug Development company with a €2.50M grant and a €15.00M equity ask.

MedTech Company 26 (MedTech Project 25) appears in row 3 of the maximum-ticket table.

It is a 2021 Medical Devices, Diagnostics & Digital Health company with a €2.50M grant and a €15.00M equity ask.

Consumer Assistive Company 3 (Consumer Assistive Project 3) appears in row 4 of the maximum-ticket table.

It is a 2021 Consumer, Media, Education & Assistive Tech company with a €2.50M grant and a €15.00M equity ask.

Therapeutics Company 11 (Therapeutics Project 12) appears in row 5 of the maximum-ticket table.

It is a 2021 Therapeutics & Drug Development company with a €2.50M grant and a €15.00M equity ask.

Semiconductor Company 3 (Semiconductor Project 3) appears in row 6 of the maximum-ticket table.

It is a 2021 Semiconductors, Photonics & Electronics company with a €2.50M grant and a €15.00M equity ask.

Semiconductor Company 7 (Semiconductor Project 7) appears in row 7 of the maximum-ticket table.

It is a 2022 Semiconductors, Photonics & Electronics company with a €2.50M grant and a €15.00M equity ask.

Clean Energy Company 6 (Clean Energy Project 6) appears in row 8 of the maximum-ticket table.

It is a 2022 Clean Energy, Storage & Electrification company with a €2.50M grant and a €15.00M equity ask.

Therapeutics Company 9 (Therapeutics Project 10) appears in row 9 of the maximum-ticket table.

It is a 2022 Therapeutics & Drug Development company with a €2.50M grant and a €15.00M equity ask.

Aerospace Company 7 (Aerospace Project 7) appears in row 10 of the maximum-ticket table.

It is a 2022 Space, Aerospace & Aviation company with a €2.50M grant and a €15.00M equity ask.

MedTech Company 16 (MedTech Project 15) appears in row 11 of the maximum-ticket table.

It is a 2022 Medical Devices, Diagnostics & Digital Health company with a €2.49M grant and a €15.00M equity ask.

MedTech Company 17 (MedTech Project 16) appears in row 12 of the maximum-ticket table.

It is a 2022 Medical Devices, Diagnostics & Digital Health company with a €2.50M grant and a €15.00M equity ask.

Therapeutics Company 7 (Therapeutics Project 8) appears in row 13 of the maximum-ticket table.

It is a 2022 Therapeutics & Drug Development company with a €2.50M grant and a €15.00M equity ask.

Clean Energy Company 8 (Clean Energy Project 8) appears in row 14 of the maximum-ticket table.

It is a 2022 Clean Energy, Storage & Electrification company with a €2.50M grant and a €15.00M equity ask.

MedTech Company 21 (MedTech Project 20) appears in row 15 of the maximum-ticket table.

It is a 2022 Medical Devices, Diagnostics & Digital Health company with a €2.50M grant and a €15.00M equity ask.

MedTech Company 24 (MedTech Project 23) appears in row 16 of the maximum-ticket table.

It is a 2023 Medical Devices, Diagnostics & Digital Health company with a €2.50M grant and a €15.00M equity ask.

Aerospace Company 10 (Aerospace Project 10) appears in row 17 of the maximum-ticket table.

It is a 2023 Space, Aerospace & Aviation company with a €2.50M grant and a €15.00M equity ask.

Semiconductor Company 1 (Semiconductor Project 1) appears in row 18 of the maximum-ticket table.

It is a 2023 Semiconductors, Photonics & Electronics company with a €2.50M grant and a €15.00M equity ask.

Consumer Assistive Company 2 (Consumer Assistive Project 2) appears in row 19 of the maximum-ticket table.

It is a 2023 Consumer, Media, Education & Assistive Tech company with a €2.49M grant and a €15.00M equity ask.

Clean Energy Company 4 (Clean Energy Project 4) appears in row 20 of the maximum-ticket table.

It is a 2023 Clean Energy, Storage & Electrification company with a €2.50M grant and a €15.00M equity ask.

Semiconductor Company 6 (Semiconductor Project 6) appears in row 21 of the maximum-ticket table.

It is a 2023 Semiconductors, Photonics & Electronics company with a €2.50M grant and a €15.00M equity ask.

Aerospace Company 12 (Aerospace Project 12) appears in row 22 of the maximum-ticket table.

It is a 2023 Space, Aerospace & Aviation company with a €2.50M grant and a €15.00M equity ask.

Therapeutics Company 10 (Therapeutics Project 11) appears in row 23 of the maximum-ticket table.

It is a 2023 Therapeutics & Drug Development company with a €2.50M grant and a €15.00M equity ask.

Clean Energy Company 9 (Clean Energy Project 9) appears in row 24 of the maximum-ticket table.

It is a 2023 Clean Energy, Storage & Electrification company with a €2.50M grant and a €15.00M equity ask.

Aerospace Company 8 (Aerospace Project 8) appears in row 25 of the maximum-ticket table.

It is a 2024 Space, Aerospace & Aviation company with a €2.50M grant and a €15.00M equity ask.

Climate Circular Company 4 (Climate Circular Project 4) appears in row 26 of the maximum-ticket table.

It is a 2024 Climate, Carbon, Water & Circular Economy company with a €2.50M grant and a €15.00M equity ask.

Therapeutics Company 12 (Therapeutics Project 14) appears in row 27 of the maximum-ticket table.

It is a 2024 Therapeutics & Drug Development company with a €2.49M grant and a €15.00M equity ask.

Quantum Company 5 (Quantum Project 5) appears in row 28 of the maximum-ticket table.

It is a 2024 Quantum Technologies company with a €2.50M grant and a €15.00M equity ask.

Aerospace Company 4 (Aerospace Project 4) appears in row 29 of the maximum-ticket table.

It is a 2024 Space, Aerospace & Aviation company with a €2.50M grant and a €15.00M equity ask.

Cloud Infrastructure Company 1 (no separate project acronym listed) appears in row 30 of the maximum-ticket table.

It is a 2024 Communications, Networks & Cloud Infrastructure company with a €2.50M grant and a €15.00M equity ask.

Industrial Materials Company 1 (Industrial Materials Project 1) appears in row 31 of the maximum-ticket table.

It is a 2024 Advanced Materials, Chemicals & Industrial Manufacturing company with a €2.50M grant and a €15.00M equity ask.

Semiconductor Company 5 (Semiconductor Project 5) appears in row 32 of the maximum-ticket table.

It is a 2024 Semiconductors, Photonics & Electronics company with a €2.50M grant and a €15.00M equity ask.

MedTech Company 27 (MedTech Project 26) appears in row 33 of the maximum-ticket table.

It is a 2024 Medical Devices, Diagnostics & Digital Health company with a €2.50M grant and a €15.00M equity ask.

Biotech Company 2 (Biotech Project 2) appears in row 34 of the maximum-ticket table.

It is a 2024 Biotechnology, Biomanufacturing & Life Science Tools company with a €2.50M grant and a €15.00M equity ask.

Built Environment Company 4 (Built Environment Project 4) appears in row 35 of the maximum-ticket table.

It is a 2024 Built Environment, Infrastructure & Construction company with a €2.50M grant and a €15.00M equity ask.

Therapeutics Company 2 (Therapeutics Project 2) appears in row 36 of the maximum-ticket table.

It is a 2024 Therapeutics & Drug Development company with a €2.50M grant and a €15.00M equity ask.

MedTech Company 25 (MedTech Project 24) appears in row 37 of the maximum-ticket table.

It is a 2024 Medical Devices, Diagnostics & Digital Health company with a €2.50M grant and a €15.00M equity ask.

MedTech Company 9 (MedTech Project 8) appears in row 38 of the maximum-ticket table.

It is a 2024 Medical Devices, Diagnostics & Digital Health company with a €2.50M grant and a €15.00M equity ask.

Clean Energy Company 1 (Clean Energy Project 1) appears in row 39 of the maximum-ticket table.

It is a 2024 Clean Energy, Storage & Electrification company with a €2.50M grant and a €15.00M equity ask.

Semiconductor Company 4 (Semiconductor Project 4) appears in row 40 of the maximum-ticket table.

It is a 2024 Semiconductors, Photonics & Electronics company with a €2.50M grant and a €15.00M equity ask.

Clean Energy Company 11 (Clean Energy Project 11) appears in row 41 of the maximum-ticket table.

It is a 2024 Clean Energy, Storage & Electrification company with a €2.50M grant and a €15.00M equity ask.

Therapeutics Company 1 (Therapeutics Project 1) appears in row 42 of the maximum-ticket table.

It is a 2024 Therapeutics & Drug Development company with a €2.50M grant and a €15.00M equity ask.

Aerospace Company 9 (Aerospace Project 9) appears in row 43 of the maximum-ticket table.

It is a 2024 Space, Aerospace & Aviation company with a €2.50M grant and a €15.00M equity ask.

Quantum Company 3 (Quantum Project 3) appears in the equity-only table as a 2023 Quantum Technologies company.

It requested €15.00M in equity, had €0.00M in EC grant funding, and had €15.00M paid equity listed.

Biotech Company 3 (Biotech Project 3) appears in the equity-only table as a 2024 Biotechnology, Biomanufacturing & Life Science Tools company.

It requested €15.00M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

Semiconductor Company 7 (Semiconductor Project 7B) appears in the equity-only table as a 2024 Semiconductors, Photonics & Electronics company.

It requested €15.00M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

Therapeutics Company 11 (Therapeutics Project 13) appears in the equity-only table as a 2024 Therapeutics & Drug Development company.

It requested €15.00M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

AgriFood Company 7 (AgriFood Project 7) appears in the equity-only table as a 2021 Agriculture, Food & Animal Health company.

It requested €15.00M in equity, had €0.00M in EC grant funding, and had €5.00M paid equity listed.

Biotech Company 7 (Biotech Project 7) appears in the equity-only table as a 2022 Biotechnology, Biomanufacturing & Life Science Tools company.

It requested €15.00M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

MedTech Company 4 (MedTech Project 4) appears in the equity-only table as a 2021 Medical Devices, Diagnostics & Digital Health company.

It requested €15.00M in equity, had €0.00M in EC grant funding, and had €4.88M paid equity listed.

MedTech Company 6 (MedTech Project 6) appears in the equity-only table as a 2022 Medical Devices, Diagnostics & Digital Health company.

It requested €15.00M in equity, had €0.00M in EC grant funding, and had €6.12M paid equity listed.

Therapeutics Company 6 (Therapeutics Project 7) appears in the equity-only table as a 2024 Therapeutics & Drug Development company.

It requested €10.00M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

Aerospace Company 1 (Aerospace Project 1) appears in the equity-only table as a 2024 Space, Aerospace & Aviation company.

It requested €10.00M in equity, had €0.00M in EC grant funding, and had €10.00M paid equity listed.

Climate Circular Company 2 (Climate Circular Project 2) appears in the equity-only table as a 2025 Climate, Carbon, Water & Circular Economy company.

It requested €10.00M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

Biotech Company 4 (Biotech Project 4) appears in the equity-only table as a 2021 Biotechnology, Biomanufacturing & Life Science Tools company.

It requested €9.60M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

MedTech Company 18 (MedTech Project 17) appears in the equity-only table as a 2021 Medical Devices, Diagnostics & Digital Health company.

It requested €8.00M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

Built Environment Company 2 (Built Environment Project 2) appears in the equity-only table as a 2024 Built Environment, Infrastructure & Construction company.

It requested €7.65M in equity, had €0.00M in EC grant funding, and had €3.01M paid equity listed.

MedTech Company 19 (MedTech Project 18) appears in the equity-only table as a 2023 Medical Devices, Diagnostics & Digital Health company.

It requested €7.50M in equity, had €0.00M in EC grant funding, and had €3.12M paid equity listed.

MedTech Company 20 (MedTech Project 19) appears in the equity-only table as a 2021 Medical Devices, Diagnostics & Digital Health company.

It requested €7.00M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

Biotech Company 9 (Biotech Project 9) appears in the equity-only table as a 2021 Biotechnology, Biomanufacturing & Life Science Tools company.

It requested €6.00M in equity, had €0.00M in EC grant funding, and had €3.50M paid equity listed.

Robotics Mobility Company 1 (no separate project acronym listed) appears in the equity-only table as a 2022 Robotics, Mobility & Logistics company.

It requested €4.00M in equity, had €0.00M in EC grant funding, and had €1.87M paid equity listed.

Cloud Infrastructure Company 2 (Cloud Infrastructure Project 1) appears in the equity-only table as a 2021 Communications, Networks & Cloud Infrastructure company.

It requested €4.00M in equity, had €0.00M in EC grant funding, and had €4.00M paid equity listed.

Clean Energy Company 2 (Clean Energy Project 2) appears in the equity-only table as a 2022 Clean Energy, Storage & Electrification company.

It requested €2.90M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

AgriFood Company 9 (AgriFood Project 9) appears in the equity-only table as a 2022 Agriculture, Food & Animal Health company.

It requested €2.85M in equity, had €0.00M in EC grant funding, and had €0.00M paid equity listed.

Biotech Company 10 (Biotech Project 10) appears in the equity-only table as a 2021 Biotechnology, Biomanufacturing & Life Science Tools company.

It requested €2.00M in equity, had €0.00M in EC grant funding, and had €1.65M paid equity listed.

Cross-referencing against CORDIS confirms that 21 of the 22 equity-only companies had already received a prior EIC grant, making them ineligible for a second EC grant under programme rules.

Eight had a prior H2020 SME Instrument grant and entered the equity-only track directly. Nine were originally announced as blended finance but had their grant stripped because prior SME Instrument eligibility blocked a new grant. Five returned after a prior Horizon Europe EIC Accelerator grant.

Only one company has no confirmed prior grant and represents the only genuinely grant-free equity-only case across all 22.

Of the 22 equity-only companies, three have received their full equity payment, eight have received partial payments, and eleven have received nothing.

The 50% non-payment rate among equity-only companies mirrors the broader equity delivery gap across the programme.

Group A (nine companies): originally announced as blended finance by the EIC but had their EC grant stripped in the final EISMEA data, in most cases because a prior SME Instrument grant made a second grant ineligible.

Group B (five companies): applied for equity only after having already received a prior Horizon Europe EIC Accelerator grant in the 2021 or 2022 cohort.

Group C (eight companies): applied for equity only after having received a prior H2020 SME Instrument Phase 2 grant, without a blended finance announcement.

Germany accounts for 121 selected companies in the country distribution table.

That equals 15.7% of the 772-company dataset in the article country table.

France accounts for 115 selected companies in the country distribution table.

That equals 14.9% of the 772-company dataset in the article country table.

Netherlands accounts for 84 selected companies in the country distribution table.

That equals 10.9% of the 772-company dataset in the article country table.

Spain accounts for 68 selected companies in the country distribution table.

That equals 8.8% of the 772-company dataset in the article country table.

Sweden accounts for 53 selected companies in the country distribution table.

That equals 6.9% of the 772-company dataset in the article country table.

Israel accounts for 48 selected companies in the country distribution table.

That equals 6.2% of the 772-company dataset in the article country table.

Finland accounts for 40 selected companies in the country distribution table.

That equals 5.2% of the 772-company dataset in the article country table.

Denmark accounts for 30 selected companies in the country distribution table.

That equals 3.9% of the 772-company dataset in the article country table.

Italy accounts for 30 selected companies in the country distribution table.

That equals 3.9% of the 772-company dataset in the article country table.

Belgium accounts for 29 selected companies in the country distribution table.

That equals 3.8% of the 772-company dataset in the article country table.

Ireland accounts for 29 selected companies in the country distribution table.

That equals 3.8% of the 772-company dataset in the article country table.

Austria accounts for 17 selected companies in the country distribution table.

That equals 2.2% of the 772-company dataset in the article country table.

Norway accounts for 17 selected companies in the country distribution table.

That equals 2.2% of the 772-company dataset in the article country table.

Portugal accounts for 16 selected companies in the country distribution table.

That equals 2.1% of the 772-company dataset in the article country table.

United Kingdom accounts for 13 selected companies in the country distribution table.

That equals 1.7% of the 772-company dataset in the article country table.

Poland accounts for 10 selected companies in the country distribution table.

That equals 1.3% of the 772-company dataset in the article country table.

Estonia accounts for 9 selected companies in the country distribution table.

That equals 1.2% of the 772-company dataset in the article country table.

Lithuania accounts for 8 selected companies in the country distribution table.

That equals 1.0% of the 772-company dataset in the article country table.

Bulgaria accounts for 7 selected companies in the country distribution table.

That equals 0.9% of the 772-company dataset in the article country table.

Luxembourg accounts for 4 selected companies in the country distribution table.

That equals 0.5% of the 772-company dataset in the article country table.

Czechia accounts for 4 selected companies in the country distribution table.

That equals 0.5% of the 772-company dataset in the article country table.

Switzerland accounts for 4 selected companies in the country distribution table.

That equals 0.5% of the 772-company dataset in the article country table.

Greece accounts for 3 selected companies in the country distribution table.

That equals 0.4% of the 772-company dataset in the article country table.

Iceland accounts for 3 selected companies in the country distribution table.

That equals 0.4% of the 772-company dataset in the article country table.

Hungary accounts for 2 selected companies in the country distribution table.

That equals 0.3% of the 772-company dataset in the article country table.

Slovakia accounts for 2 selected companies in the country distribution table.

That equals 0.3% of the 772-company dataset in the article country table.

Croatia accounts for 2 selected companies in the country distribution table.

That equals 0.3% of the 772-company dataset in the article country table.

Cyprus accounts for 1 selected companies in the country distribution table.

That equals 0.1% of the 772-company dataset in the article country table.

Latvia accounts for 1 selected companies in the country distribution table.

That equals 0.1% of the 772-company dataset in the article country table.

Slovenia accounts for 1 selected companies in the country distribution table.

That equals 0.1% of the 772-company dataset in the article country table.

Romania accounts for 1 selected companies in the country distribution table.

That equals 0.1% of the 772-company dataset in the article country table.

Grant distribution is nearly uniform at the ceiling.

77.5% of companies received at least €2.4M, and the median grant sits at the approximate cap.

Equity conversion is the programme's defining structural challenge.

29.4% of equity companies have IC approval but nothing committed, and approved-to-committed conversion is 47.9%.

Time is the dominant variable for equity payout.

The 2021 paid-equity-to-requested-equity rate is 50.5%, while the 2024 rate is 13.3%, showing a multi-year delivery lag.

Therapeutics & Drug Development companies achieve the highest paid equity to grant ratio.

The sector averages 2.99x paid equity per grant euro in the updated report.

Space, Aerospace & Aviation shows the highest blended finance uptake at 83.9%.

The sector reaches 83.9% blended finance participation in the updated sector table.

The actual public money multiplier is 0.61x today, not 2.04x.

The 2.04x figure reflects equity asks, while 0.61x reflects equity actually paid.

A small group exceeds IC-approved equity through follow-on rounds.

The article notes 13 companies above the strict overperformance threshold.

Medical Devices, Diagnostics & Digital Health dominates by volume but not by leverage performance.

Its 32.0% payout rate and 1.62x average delivered leverage are not sector outliers.

The article reports €1,374.19M of IC-approved equity as still unpaid.

That represents 55.9% of the approved equity pool.

€1,280.59M of approved equity had not converted into fund-manager commitments.

That equals 52.1% of the IC-approved equity amount.

537 selected companies requested an EIC Fund equity component.

Together, those companies requested €3,620.69M in equity investment.

393 companies had equity approved by the Investment Committee.

The approved amount was €2,458.86M across those companies.

235 companies had committed equity listed in the article.

The committed equity amount was €1,178.28M.

IC-approved equity represented 67.9% of the €3,620.69M requested equity pool.

The approved equity total was €2,458.86M.

Committed equity represented 32.5% of the requested equity pool.

That corresponds to €1,178.28M committed out of €3,620.69M requested.

Paid equity represented 30.0% of the requested equity pool.

The paid-out amount was €1,084.68M out of €3,620.69M requested.

The average EC grant was €2.37M.

The median EC grant was €2.50M, which sits at the approximate programme ceiling.

Medical Devices, Diagnostics & Digital Health had the largest grant volume in the article.

The sector had 195 companies and €455.88M in total grants.

Space, Aerospace & Aviation had the highest blended finance participation at 83.9%.

The sector reached an 83.9% blended finance share in the article sector table.

The 2022 cohort had the highest equity paid rate at 56.0%.

The 2021 cohort followed at 50.5%, while newer cohorts were much lower because equity payments take longer to complete.

Across the 537 blended-finance and equity-only companies, 201 received at least one equity payment.

That equals 37.4% by company count, while the overall money-paid rate is 30.0% of requested equity.

Quantum Technologies is strongest on both measures: 14 of 26 equity-batch companies received a payment.

That is 53.8% by company count, and 66.0% of requested equity in the sector has been paid.

AI, Software, Data & Cybersecurity has the weakest payout breadth: 3 of 16 equity-batch companies received a payment.

That is 18.8% by company count, with a 10.3% money-paid rate.

The fulfilment-rate base is 235 companies with approved equity and a recorded paid amount.

Using the audit's ≥99% near-full threshold, 70 companies are effectively fully paid. The exact 100%+ chart bucket contains 30 companies, equal to 12.8% of the base.