First 48 companies join EIC Scaling Club as Brussels event formally launches pan‑European deep tech scaling network

Brussels, April 9th 2024

Summary

›The European Innovation Council and EISMEA formally launched the EIC Scaling Club and welcomed 48 handpicked deep tech scaleups at the Ignition Forum on 9 April 2024.
›The initial cohort covers four market opportunity groups: Digital Security and Trust, Next‑Gen Computing, Smart Mobility, and Renewable Energies.
›The Club offers curated mentoring, investor and corporate matchmaking, and media and recruitment support as part of EIC Business Acceleration Services.
›Organisers say the Club will grow to a curated community of 120 deep tech companies and connect them with leading investors, corporates and mentors, but measurable outcomes and timelines remain unspecified.

EIC Scaling Club launches with first 48 companies at Ignition Forum

On 9 April 2024 the European Innovation Council together with the European Innovation Council and SMEs Executive Agency welcomed the first 48 members of the EIC Scaling Club at the Ignition Forum, an invitation only event held across Brussels and Leuven. The initiative aims to assemble a curated pan European community of high potential deep tech scaleups, investors, corporates, mentors and media to accelerate growth of so called deep tech champions. Commissioner Iliana Ivanova publicly congratulated the initial cohort and framed the Club as part of Europe’s effort to bolster technological leadership.

EIC Scaling Club defined:The EIC Scaling Club is an EIC funded, curated community built into the European Innovation Council’s Business Acceleration Services. Its stated purpose is to nurture Europe’s next generation of deep tech unicorns by providing a network, tailored mentoring and exposure to investors and corporate partners. The Club selects companies from top performing awardees of EIC funding streams and other national and European innovation programmes.

Ignition Forum explained:The Ignition Forum was presented as the two day launch event and networking platform for the Club. Organisers said the Forum brought together about 500 high level stakeholder members, including entrepreneurs, investors, corporates and institutions to begin targeted market group work and to give the selected companies exposure at European level.

Who is in the first cohort

The first 48 scaleups were grouped into four market opportunity areas. The full list of companies in each group was released by the EIC and is reproduced below.

Digital Security & Trust	Next‑Gen Computing	Renewable Energies	Smart Mobility
Hadrian Security	.lumen	Aerones	Daze
Probely	Axelera AI	bound4blue	Dronamics
QuoIntelligence	Basemark	CorPower Ocean	Easelink
Salv	Dispelix	Eneida	Elaphe Propulsion Technologies
Sekoia.io	GScan	Eologix-ping	KONUX
SettleMint	Multiverse Computing	Focused Energy	Manna Drones
Sherpa.ai	QuiX Quantum	GA Drilling	SHIPPEO
ThreatMark	Quobly	Heimdall Power	Tallano Technologies
Tilkal	Quside	Modvion	Teraki
UMNAI	sensiBel	ROSI	Transmetrics
VaultSpeed	VisIC	SWEETCH ENERGY	Vay Technology
XXII GROUP	XTPL	Sympower	Vianova

What the Club offers and how it is positioned

According to organisers the EIC Scaling Club provides a combination of curated services intended to accelerate scaleups that already demonstrate advanced technology and market potential. Those services are presented as tailored mentoring, fundraising support, corporate partnership identification and matchmaking, media visibility and recruitment assistance. The Club is described as part of the EIC’s Business Acceleration Services and is backed by Horizon Europe’s European Innovation Council.

Tailored mentoring and coaching:Selected companies will receive mentoring from a vetted pool of business mentors. The Club team coordinates coach lists and arranges coaching for preparation of funding applications and go to market activities.

Investor and corporate matchmaking:The Club aims to expose members to European and international investors and to corporate innovation teams. The stated goal is to create introductions that accelerate follow‑on funding and commercial partnerships.

Visibility and recruitment:The programme promises media exposure, communications coaching and help with senior hires to support growth phases where talent shortages commonly constrain scaleups.

Selection, governance and partners

The first cohort was selected from companies already recognised within EIC schemes and other European and national programmes. The Club is run as an EIC funded initiative implemented by a consortium of partners. Tech Tour was listed as coordinator. Other named partners in the Scaling Club programme include Bpifrance (EuroQuity), Hello Tomorrow, Tech.eu, EurA and IESE Business School. The Agency responsible for implementing the EIC is EISMEA.

Public statements:Commissioner for Innovation, Research, Culture, Education and Youth Iliana Ivanova welcomed the companies and emphasised the aim to empower Europe’s most promising innovators. William Stevens, co founder and group managing director of Tech Tour and coordinator of the Club, said the partners will act as a catalyst for scale and accelerate members’ scale up journeys.

Scale, targets and future plans

Organisers say the Club will expand its efforts to build a high level international network of more than 120 deep tech champions. The ambition includes surrounding those companies with leading investment firms, corporates, media representatives, vetted business mentors and other stakeholders. In promotional materials the broader EIC ecosystem is presented as a major investor in European deep tech with references to large budget envelopes managed across EIC and EIC Fund instruments.

EIC and the EIC Fund in context:The EU describes the EIC as a flagship innovation initiative and the EIC Fund as a venture arm that provides equity and co investing alongside private investors. The EIC and EIC Fund aim to address the funding gap for capital intensive deep tech scaleups by offering a combination of grants and investment. Public material cites multi billion euro budgets for EIC activities at a programme level. The EIC Fund is also presented as leveraging private co investment but independent scrutiny of long term impact is required.

Event mechanics and visibility

Ignition Forum was described by organisers as a concentrated two day programme to initiate work within the four market groups. The agenda included closed sessions such as pitch dry runs and breakout sessions for each market group. There was also a press briefing and a set of keynotes and panels designed to link companies to investors and corporate stakeholders. A significant proportion of sessions were invitation only.

Critical perspective and risks

The Scaling Club is one of several recent EU initiatives that aim to help scaleups bridge gaps between research, deployment and commercial growth. The concept of a curated community linking scaleups to investors and corporates is sensible in principle. However there are open questions about how public programmes convert curated exposure into measurable scaling outcomes. The Club faces several practical challenges that are familiar across European deep tech policy efforts.

Funding follow through:Grants and visibility are useful, but scaleups often need substantial follow on capital and a sequence of private investors to scale internationally. The Club’s ability to catalyse that follow up funding will be a key metric to watch.

Selection bias and funnel issues:The initial cohort is drawn from applicants already identified by EIC or other programmes. That reduces selection risk but also means the Club is amplifying support for companies that have already cleared several filters. Policy impact depends on whether the Club also improves outcomes compared to similar companies that do not receive the same package of services.

Accountability and metrics:Claims such as creating the next batch of European 'unicorns' or converting a specific proportion of members into unicorns are ambitious. Delineated metrics, timelines and transparent reporting will be required if the initiative is to be evaluated beyond promotional statements.

Ecosystem gaps:Europe faces structural challenges around fragmented capital markets, later stage funding depth and uneven national ecosystems. A curated Club can help overcome information frictions, but it cannot on its own remedy macro level constraints such as insufficient follow on funds in certain countries or misalignment between regulation and rapid market entry for deep tech products.

Why this matters for policymakers and investors

Deep tech scaleups are resource intensive and require patient capital, skilled talent and strong industrial partnerships to move from prototype to global market leader. The Scaling Club is an example of the EU using curated networks and targeted business acceleration services to try to address those needs. Success will be judged on whether participating companies raise follow on capital, secure significant commercial partnerships, create jobs in the EU and meaningfully increase European technological independence in priority sectors.

Practical next steps for observers and companies

Journalists and sector observers can monitor the Club through EIC press channels and by tracking concrete outcomes such as capital raised by Club members, partnerships announced, licensing deals and hiring milestones. Scaleups interested in Club membership should note that future selections are intended to expand to a curated set of 120 companies and that membership is targeted at companies with prior recognition from EIC or comparable national programmes.

The EIC Scaling Club is a high profile attempt to consolidate support around Europe’s most promising deep tech scaleups. It bundles mentoring, investor access and promotion in a single branded community. The concept addresses real pain points for scaleups but its long term impact will depend on execution, the availability of follow on capital and the wider policy environment for deep tech scaling across EU member states.

Where to find original source material:Further factual details and official lists were published by the European Innovation Council, EISMEA and the EIC Scaling Club. The event agenda and partner lists were made available by the Club ahead of and during the Ignition Forum.

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