Summary

• EIC Scaling Club companies raised €4.06bn after joining, with 56% securing additional financing against 38% of eligible non-selected applicants.
• Nine rounds above €100m represented 51% of the capital raised, with computing, space, and renewable energy technology dominating.
• Around 80% of investment came through rounds involving public co-investors, although the figures do not establish how much funding was public money.

European deeptech companies selected for an EU-backed scaleup programme have raised €4.06 billion since joining, but more than half the funding came through just nine large transactions, underlining the concentration of capital among a relatively small number of businesses.

The EIC Scaling Club, funded by the European Innovation Council, published the figures on 4 November in a study comparing its portfolio with 240 eligible companies that applied but were not selected. Some 56% of Club members secured additional financing after joining, compared with 38% of the comparison group.

Among companies that raised capital, the average amount secured was €60.6 million for Club members and €39.7 million for non-selected applicants. The investment attracted by members after joining represented 128% of their previous funding total, compared with 56% among the comparison businesses over the assessed period.

The results indicate stronger fundraising performance among the selected companies, although they do not establish that membership caused the difference. The programme recruits businesses considered capable of substantial growth, and variations in company maturity, sector, and earlier investment may influence the results.

Computing and space attract the largest rounds

The Scaling Club supports 120 companies from 26 European countries, with the latest analysis covering 119 active businesses and using funding data collected through 29 September 2026. Its first cohort entered in April 2024, followed by a second group six months later.

Three technology sectors accounted for approximately 80% of the post-entry funding. Space companies raised €1.34 billion, next-generation computing businesses secured €1.32 billion, and renewable energy ventures attracted another €589 million.

These markets often require substantial engineering expenditure long before products generate repeatable revenue. Satellite launch systems, advanced processors, energy technologies, and industrial hardware can involve years of testing, manufacturing development, and technical qualification.

Large financing rounds may therefore reflect the capital intensity of particular technologies as much as their immediate commercial success. A company developing a production facility or launching complex hardware can require significantly more money than one distributing software through an established cloud platform.

Nine transactions exceeded €100 million, accounting for 51% of the reported funding. The largest involved Spanish AI and quantum technology company Multiverse Computing, which completed a €500 million financing round, while Spanish launch developer PLD Space raised €288 million.

Dutch AI hardware business Axelera AI also secured a substantial financing package, providing another example of investor demand for companies developing technologies associated with computing infrastructure.

The concentration means aggregate funding growth cannot be interpreted as an improvement shared equally across the portfolio. Some businesses may have secured enough financing for major expansion programmes, while others remain dependent on smaller rounds or have not raised additional capital.

Spain accounted for approximately €1.48 billion of the funding, followed by Germany with €750 million and the Netherlands with €508 million. Individual large transactions influenced these national totals, limiting how far they can be used to compare the overall financing conditions faced by startups in different markets.

Public investors remain part of the financing model

The research also identifies substantial public participation in European deeptech investment. Approximately 80% of the capital raised was associated with rounds involving the EIC or another public co-investor, while eight of the nine largest rounds included some form of public backing.

That does not mean public institutions supplied 80% of the money. A round involving a public investor may contain a much larger contribution from private institutions, and the figures describe participation in financing rather than the precise source of every euro invested.

Public capital can help businesses secure financing for projects whose technical or commercial risks are difficult for conventional venture investors to assess. It may also encourage private participation where development requires substantial expenditure before a product reaches commercial production.

However, the presence of public backing complicates simple comparisons between companies in different financing environments. Businesses selected for a recognised support programme may receive greater exposure to investors and industrial partners, while those outside the programme may have less access to similar networks.

The Scaling Club provides support through introductions to investors and corporate customers, mentoring, commercial partnerships, and international visibility. These services could improve companies’ readiness to raise capital, although the study does not isolate the financial contribution attributable to any individual programme activity.

International investors continue to participate in the larger transactions. Investors from outside Europe, predominantly the United States, represented 27% of investor positions in the nine largest rounds, compared with 18% across all post-entry financing rounds.

Those figures illustrate the continuing importance of international growth capital in sectors requiring substantial investment. European research capability does not automatically ensure that the region can finance the manufacturing and commercial expansion needed to exploit its discoveries.

Fundraising is not the same as commercial success

The programme’s reported portfolio valuation has also increased, with Dealroom estimating a combined value of €14.3 billion two years after joining, compared with €9.2 billion previously. Such figures are useful indicators of investor expectations, but private-market valuations do not necessarily correspond to realised returns or independently established commercial value.

Companies may receive high valuations because investors expect future market growth, valuable intellectual property, or strategic advantages, even when production and customer adoption remain at an early stage.

The comparison with rejected applicants also requires attention to portfolio composition. The research identifies a greater concentration of digital businesses in the comparison group, while climate technology represents a substantial share of the Scaling Club.

Differences in capital requirements between these sectors can affect average funding rounds and the relationship between recent investment and historical financing. They may also influence the timing of future revenue and the likelihood of requiring additional rounds.

Further evidence of programme performance would include manufacturing milestones, commercial contracts, revenue growth, employment, and the ability to attract subsequent financing without continuing public support.

The reported funding demonstrates that some European deeptech companies can secure substantial capital, particularly where their technologies align with strategic priorities in computing, energy, and space.

Whether the wider market is becoming more accessible remains less certain. The next assessments will need to examine performance beyond the largest transactions and establish how financing translates into viable products, sustainable operations, and long-term commercial growth.