EIC Fund (equity component, EIC STEP Scale Up, Scaleup Europe Fund compartment) (Partly verified)
- Kind
- Equity or blended finance
- What it is for
- The EIC Fund is the EIC's venture arm and provides the investment component of the EIC Accelerator and the STEP call. (About the EIC Fund, What the EIC Fund is)
- EIC STEP Scale Up gives equity-only investments to scale-ups in strategic technologies, including quantum, to catalyse large funding rounds. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section VI, pp. 104-105)
- Designed by
- For EIC blended finance the Commission uses indirect management or may set up a special purpose vehicle (the EIC Fund), structured to attract other public or private investors. (Council Decision (EU) 2021/764 establishing the Specific Programme implementing Horizon Europe, Article 11(3))
- The EIC Board advises on the right balance of grants, equity and other financing for the Accelerator. (Council Decision (EU) 2021/764 establishing the Specific Programme implementing Horizon Europe, Article 12(1)(c))
- Implemented by
- The EIC Fund is an alternative investment fund managed by an external AIF manager (the 'EIC Fund Manager'), which makes investment decisions after EIB due diligence, with the EIB as Investment Advisor. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Glossary, p. 21)
- The Fund is a private-law investment fund with the European Commission as shareholder; the EIB acts as investor of record and investment advisor. (About the EIC Fund, Legal form / Shareholder / EIB role)
- Who can apply or take part
- STEP Scale Up is open to a single SME or small mid-cap (up to 499 employees) in a Member State or Associated Country, or to an investor applying on its behalf by prior agreement. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section VI Can you apply?, p. 107)
- STEP Scale Up applicants need a pre-commitment from a single qualified investor for at least 20% of the target funding round. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section VI, p. 106)
- Funding rate or co-funding
- The Fund takes minority equity stakes, typically about 10% and up to 25%. (About the EIC Fund, Stake sizes)
- Typical size
- Tickets range from EUR 0.5 million to EUR 30 million: EUR 0.5-10 million under the Accelerator and EUR 10-30 million under STEP Scale Up. (About the EIC Fund, Ticket sizes)
- STEP Scale Up invests EUR 10-30 million to co-invest in rounds of EUR 50-150 million or more and at least 3-5 times the EIC amount; the 2026 budget is EUR 300 million, rising to EUR 900 million for 2025-2027. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section VI, pp. 104 and 107)
- The new Scaleup Europe Fund compartment receives EUR 1 billion from the EIC (EUR 600 million in 2026 and EUR 400 million subject to 2027), aims to raise about EUR 5 billion in total, and invests about EUR 100 million per company. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section X.1 Scaleup Europe Fund, pp. 150-151)
- Follow-on investments are possible up to a maximum of EUR 10 million. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Approach for follow-on investments, p. 88)
- Maturity (TRL)
- Not stated in the sources read.
- Who owns the results
- The Fund ensures investees keep most of their value, including IP, in the EU or Associated Countries, and includes economic-security safeguards for quantum and other critical technologies and for all STEP Scale Up investments. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Economic security, Investment safeguards, p. 17; Section VI, p. 108)
- Time to grant or contract
- STEP Scale Up takes applications at any time and evaluates them in one quarterly batch (11/02, 06/05, 09/09 and 25/11/2026). (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section VI How do you apply, p. 108)
- The Accelerator investment decision takes an indicative 2-6 months. (EIC Accelerator, Application process / timeline)
- Legal basis
- EIC blended finance is in Horizon Europe Regulation Articles 46 and 48, and equity terms in Decision 2021/764; STEP Scale Up is a specific Accelerator call under Article 48 as amended by Article 17(2) of the STEP Regulation (EU) 2024/795. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section VI footnote 176, p. 104)
- Equity and repayable components of Accelerator support follow Decision (EU) 2021/764. (Regulation (EU) 2021/695 establishing Horizon Europe, laying down its rules for participation and dissemination, Article 48(10))
- Work programme, committee or other step needed
- Investments follow a Commission award decision and the EIC Fund Investment Guidelines; follow-ons need an amended award decision and new EIB due diligence, and the Programme Committee is informed. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section V, pp. 81-82 and 88)
- The Scaleup Europe Fund is a compartment of the EIC Fund with its own investment guidelines, governance and decision-making. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section X.1 Implementation approach, p. 151)
- Conditions and limits
- STEP Scale Up covers STEP sectors: digital and deep tech (explicitly including quantum technologies), clean and resource-efficient technologies, and biotechnologies. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section VI Can you apply?, pp. 105-106)
- In 2026, support for quantum and semiconductor start-ups is mainly through STEP Scale Up, while Accelerator Open stays available to them. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, Section VI, p. 105)
- The Fund may not deal with sanctioned parties or entities in non-cooperative tax jurisdictions. (European Innovation Council (EIC) Work Programme 2026, Annex to C(2026) 4080, EIC investments, pp. 17-18)
- Quantum examples
- In April 2025, the first STEP Scale Up cohort sent IQM Finland (quantum computing) and Pasqal (France, full-stack quantum computing) to the EIC Fund for EUR 10-30 million investments, subject to due diligence; Multiverse Computing (Spain) received a STEP Seal. (First companies put forward for major investments under the EIC STEP Scale Up scheme (3 April 2025), News item, 3 April 2025)
- In April 2026, Alice & Bob (France, general-purpose quantum computer) and Quantware (Netherlands, 3D scaling architecture) were among eight STEP Scale Up selections (EUR 146.5 million combined), pending EIC Fund decisions and due diligence. (Eight European startups set to receive scale-up funding from the EIC under the STEP Scale Up scheme (27 April 2026), News item, 27 April 2026)
- Who to contact
- EIC Fund (with the EIB as investment advisor); calls via EISMEA
- Next steps
- Equity comes through the EIC Accelerator (blended finance) or EIC STEP Scale-up; the EIC Fund invests on market terms.
- Verification
- Partly verified. I read Sections V-VI and X.1 of the EIC Work Programme 2026, the 2026 EIC Fund page and two STEP Scale Up news items. Neither source names the external EIC Fund Manager, so it is left out. I did not read the August 2026 EIC Fund Investment Guidelines.