EIC Fund makes first Horizon Europe equity decisions: 35 investments totalling €190 million as equity arm ramps up
- ›The European Innovation Council Fund approved 35 equity investment decisions under Horizon Europe, totalling around €190 million.
- ›Two investment agreements were signed immediately with Apix Analytics and Lattice Medical; 24 further deals are in the EIC Fund approval pipeline.
- ›The decisions follow the Fund's restructuring and the appointment of an external fund manager on 29 September 2022.
- ›The equity activity complements the EIC Accelerator grant work where 313 companies were selected since June 2021, with €680 million in grants proposed.
EIC Fund makes first Horizon Europe equity decisions: 35 investments totalling €190 million
On 17 November 2022 the European Commission announced that the European Innovation Council Fund has taken 35 equity investment decisions under Horizon Europe. The 35 decisions represent about €190 million in planned equity. Two of the companies named in the announcement — Apix Analytics and Lattice Medical — had already moved from decision to signed investment agreements. A further 24 deals have been submitted to the EIC Fund approval pipeline with decisions expected in the following weeks.
What the announcement means
The statement marks a material step in bringing the EIC Fund's investment component fully online after a period of internal restructuring. The move follows the September 2022 appointment of an external fund manager to run the Fund's investment decisions and processes. The Commission presented the activity as completing the equity arm of the blended EIC Accelerator offer which combines grants and equity investments to back high‑risk deep‑tech startups across Europe.
| Metric | Value | Notes |
| Equity investment decisions announced | 35 | Decisions taken since external manager appointment on 29 September 2022 |
| Total equity amount (decisions) | ≈ €190 million | Aggregate of the 35 decisions |
| Investment agreements already signed | 2 | Apix Analytics and Lattice Medical |
| Deals submitted to approval pipeline | 24 | Awaiting EIC Fund approval in the coming weeks |
| Companies selected under EIC Accelerator since June 2021 | 313 | Programme combines grants and equity |
| Total grant funding to those companies | €680 million | 185 grant agreements signed at the time of announcement |
| Companies proposed for equity | 184 | Over half of the 313 Accelerator companies were proposed to receive equity |
| Notable earlier equity investment | SiPearl | First EIC Fund investment announced in June 2022 |
Who runs the investments and how decisions are made
Context in the wider EIC and EU innovation system
The equity decisions do not stand alone. They slot into a larger EIC offer that includes grant funding, business acceleration services, investor matchmaking and targeted scale‑up programmes. The EIC Fund is intended to bridge a known funding gap for capital‑intensive deep tech in Europe and to act as a catalytic investor to attract private follow‑on financing.
Why an EU equity investor matters and what it can deliver
Public equity for deep tech can address market failures where commercial investors are reluctant to provide patient, large tickets for long development cycles. An EU instrument can also support industrial and strategic priorities: securing intellectual property in Europe, enabling cross‑border scale‑ups and mobilising co‑investors through a Trusted Investor Network. The EIC Fund aims to act as a 'crowd‑in' investor pairing public capital with private funds to grow an EU deep‑tech ecosystem.
Open questions, risks and practical caveats
The announcement is a milestone but not a guarantee of long term success. Key risks and practical issues to watch include: operational speed in clearing the pipeline of pending deals; the governance of a public AIF and how it aligns with private co‑investors; potential conflicts between public policy aims and commercial return pressures; and the challenges of delivering successful exits in Europe for deep‑tech companies. The Fund also faces scrutiny on compliance, transparency and potential state aid implications as it scales its activity.
Short glossary of terms used in the announcement
What happens next
The Commission and EIC Fund expected further approvals in the weeks following the announcement as the 24 deals in the approval pipeline progress through the Fund's internal review. Market participants will monitor contract signatures, the speed of due diligence, and the Fund's success in mobilising private co‑investors for follow‑on rounds. For entrepreneurs the big test will be whether the Fund translates decisions into timely capital and effective operational support.
The November 2022 announcement is a clear operational milestone for the EIC Fund. It formalises the Fund's move to an external manager model and signals the EU's intent to be an active equity player in deep tech. That intent will only be judged successful by evidence of sustained, transparent investment flows, effective co‑investment, and measurable commercial scaling of the companies selected for support.