What the report reveals
The European Innovation Council (EIC) published a new analysis titled Europe’s Deep Tech Scale‑ups: Building Momentum. It shows that the 120 companies admitted to the EIC Scaling Club have collectively raised €4.06 billion since joining, a sum that represents 128 % of the total capital they had secured before entering the programme.
Funding performance compared with non‑selected applicants
To gauge the programme’s impact, the report contrasts the Scaling Club members with 240 firms that applied but were not chosen. The comparison group increased its funding by 56 % over the same period, far below the 128 % growth seen among club members.
Deal closure rates also diverge: 56 % of Scaling Club companies closed a financing round after admission, versus 38 % of the non‑selected firms. When a round was raised, the average size for club members was €60.6 million, compared with €39.7 million for the other group.
Sector concentration and major deals
Funding is heavily weighted toward three deep‑tech domains. New‑Space ventures attracted €1.34 billion, next‑generation computing secured €1.32 billion, and renewable‑energy projects received €589 million. Together these sectors account for roughly 80 % of the total capital.
Only nine financing rounds exceeded €100 million each, yet they contributed 51 % of all money raised. The largest was a €500 million Series C for Spain’s Multiverse Computing, completed in July. Other headline transactions include:
- PLD Space (Spain) – €288 million Series C, raised in two tranches after an €180 million first close in March.
- Axelera AI (Netherlands) – more than $250 million raised in February.
Public versus private capital and geographic spread
Public money plays a dominant role. Approximately 80 % of the €4.06 billion flowed through rounds that involved the EIC or another public investor. Eight of the nine biggest rounds featured a public co‑investor, and the EIC Fund itself invested directly in four of them.
Non‑European investors, mainly from the United States, held 27 % of the equity stakes in the nine largest rounds, while their share across all post‑admission rounds was 18 %.
By country, Spanish companies led with €1.48 billion raised, followed by Germany (€750 million) and the Netherlands (€508 million). Bulgaria attracted €390 million, largely driven by satellite firm EnduroSat.
Portfolio valuation growth
Dealroom’s valuation estimates indicate that the combined worth of the Scaling Club portfolio rose to €14.3 billion two years after entry, up from €9.2 billion at the start. Average company valuations climbed from €77 million to €120 million.
Implications for Europe’s deep‑tech ecosystem
The findings suggest that the EIC Scaling Club is accelerating capital inflows and valuation growth for a subset of European deep‑tech firms, especially those operating in space, computing and clean‑energy technologies. The concentration of large rounds among a few “breakout” companies underscores the programme’s role in scaling high‑impact ventures.
Michiel Scheffer, president of the EIC Board, emphasized the broader relevance, stating, “Helping deep tech startups grow and bring their innovations to market is so important, both for society and for Europe’s competitiveness.” The report also notes that half of the club’s members focus on climate‑tech, contrasting with a more digitally‑oriented comparison group.