First EIC Accelerator 2023 cut-off shows continued strong demand for blended finance
- ›The EIC received 476 full applications for the first Accelerator cut-off of 2023.
- ›61 percent of applicants requested blended finance combining grants and equity from the EIC Fund.
- ›Applicants came from 30 countries with the largest cohorts from Israel, Germany, France and Italy.
- ›Only 14 percent of proposals were submitted by companies with female CEOs, highlighting a persistent gender gap.
- ›Proposals will be evaluated by independent experts, shortlisted firms will pitch in March and selection decisions are expected in April.
- ›The EIC Accelerator offers a total of €1.13 billion in 2023 in grants up to €2.5 million and equity investments from €0.5 million to €15 million.
First EIC Accelerator 2023 cut-off — demand and early signals
The European Innovation Council received 476 full applications for the EIC Accelerator cut-off on 11 January 2023. The submission set underlines continued appetite from deep tech start-ups and small and medium sized enterprises for the EIC's blended finance model that pairs non refundable grants with equity investments.
Application statistics at a glance
| Metric | Value | Notes |
| Total full applications | 476 | Submitted for the 11 January 2023 cut-off |
| Companies requesting blended finance | 290 | 61% of applicants requested grants combined with equity |
| Companies asking for grant only | 80 | Requested grants without equity |
| Companies applying for grant first with possible later equity | 103 | Indicated possibility of equity at a later stage |
| Proposals with female CEOs | 14% | Share of total proposals |
| Countries represented | 30 | Applicants came from 30 different countries |
| Top source countries | Israel 65, Germany 56, France 40, Italy 33 | Highest number of applicants by country |
| Applications from widening countries | 57 | Widening countries are EU regions with lower R&D and innovation performance |
| EIC Accelerator 2023 budget | €1.13 billion | Grants and equity investments available in 2023 |
| Grant ceiling per project | up to €2.5 million | Non refundable support for scaling activities |
| Equity investment range | €0.5 million to €15 million | EIC Fund equity component |
What applicants requested and why it matters
The preference for blended finance is a useful signal about market needs but it is not evidence that all requests will be satisfied. Asking for blended finance does not equal being awarded it. The EIC evaluation and due diligence processes determine whether the project is technically and commercially credible and whether it meets the criteria for EU funded equity.
Geography and diversity — headline concerns
Applicants came from 30 countries with the largest number originating from Israel, Germany, France and Italy. Israel is not an EU Member State but it participates in Horizon Europe as an associated country in many calls. The distribution shows both the cross border nature of EIC calls and an uneven spread of applicants. Representation from widening countries is present but limited to 57 applications. Meanwhile only 14 percent of submissions listed a female CEO which is well below parity and highlights a persistent gender imbalance in applicants seeking high value scaling capital.
Selection process and timeline
Proposals from this cut-off are being evaluated by independent experts. Companies judged successful in the remote evaluation will be invited to pitch to a jury of investors and business experts in March. Selection decisions following those pitch sessions are expected in April. This selection step is a mix of technical assessment and investor oriented evaluation in which the EIC aims to assess both scientific novelty and commercial scale potential.
Funding opportunities and how to apply
The EIC Accelerator is offering a total envelope of €1.13 billion for 2023. That budget supports grants up to €2.5 million per project and equity investments from €0.5 million up to €15 million through the EIC Fund. The Accelerator accepts applications on a continuous basis via the EIC platform using a two stage approach.
This open first cut off in January covered the open call only. The EIC also publishes more detailed work programme elements including targeted challenges and dedicated funding lines for strategic areas. Business acceleration services, coaching and matchmaking are additionally available to help applicants prepare stronger proposals.
Context and implications for the European innovation ecosystem
The demand level in this cut-off points to an ongoing funding gap for risky deep tech projects that need both grant support to reduce technical risk and sizable equity to scale. The EIC Accelerator is positioned to bridge that gap but it faces trade offs because demand outstrips supply. High demand for blended finance makes selection and due diligence capacity a bottleneck. It also places pressure on the EIC Fund to structure follow up finance in a way that attracts co investors.
There are policy implications in the data beyond funding volumes. The concentration of applicants in a few countries and the low share of women led companies indicate structural challenges in outreach and inclusiveness. Widening participation initiatives matter but they must be backed by sustained engagement and follow up support if they are to convert applications into funded projects and eventually into scale ups.
Finally, while headline figures signal interest they do not guarantee impact. A heavy emphasis on blended offers may skew applications toward companies that expect venture style growth rather than those with longer timelines. Independent evaluation and transparent reporting of awards and post award outcomes will be necessary to judge how effectively the EIC is meeting both strategic policy goals and the financing needs of European deep tech founders.
What to watch next
Watch for the March pitching sessions, the April selection decisions and subsequent public lists of awarded projects. Those outcomes will show how many of the blended finance requests are converted into grant plus equity packages, the country spread of successful applicants and whether the EIC is improving representation from widening regions and female led teams.