Europe’s deep tech scale-ups in the EIC Scaling Club raised €4.06 billion after joining , according to the Club’s funding analysis using data through September 29, 2026. But the capital was concentrated: nine rounds above €100 million accounted for 51% of the total, largely backing computing, space and energy technologies tied to Europe’s strategic priorities.
Key takeaways
The Club selected 120 companies across 26 European countries.
Funding reached 56% of portfolio companies, versus 38% of comparable peers.
Rounds involving public backers generated roughly 80% of capital raised.
Spain led fundraising, with €1.48 billion secured after joining.
Europe’s deep tech scale-ups outpace comparable peers
The EIC Scaling Club reported a 40% funding compound annual growth rate for its portfolio. Its analysis covers 119 active companies from 120 selected, with cohorts measured from April 2024 and October 2024 through September 29, 2026.
Using Dealroom funding data, the report compares the portfolio with 240 eligible applicants that were not selected. After joining, 56% of Club companies raised funding, against 38% in that control group.
Companies that secured capital raised an average of €60.6 million, compared with €39.7 million among funded peers. Median amounts were €22 million and €17.1 million, respectively. The portfolio’s post-entry fundraising equaled 128% of its previous funding total; the control group raised 56% of its earlier total over the comparison period.
Public backing anchors private investment
Roughly 80% of capital raised after joining came from rounds involving the European Innovation Council (EIC) or other public investors. This measures capital in publicly backed rounds, not the share directly supplied by public bodies.
The report describes early public support as helping reduce investment risk and attract private capital, which remained the majority of post-entry funding. About five other investors participated in each EIC Fund-backed round, while 22% of companies that raised funding received EIC Fund co-investment.
National and European public backers included Invest-NL, CDTI, CDP Venture, ESA and EIB.
Non-European investors, mostly from the US, accounted for 18% of investor participations across post-entry rounds. Their share rose to 27% in mega-rounds, while European investors held about 73% of those investor seats. These percentages count participations, not euros invested.
Computing, space and energy dominate large rounds
Nine rounds exceeding €100 million captured 51% of post-entry capital. The largest investments clustered around Quantum & AI Compute, New Space and Energy Security—areas the report links to European technological sovereignty.
The largest individual round was Multiverse Computing’s €500 million financing in July 2026. PLD Space raised €288 million in March 2026, Axelera AI secured €234 million in February 2026, and Focused Energy raised €225 million in May 2026. The EIC or EIC Fund directly participated in four of the nine mega-rounds.
Spain leads fundraising as portfolio value rises
Spain, Germany and the Netherlands led capital raised after joining, securing €1.48 billion, €750 million and €508 million , respectively. Companies that raised funding spanned 21 countries within the portfolio’s 26-country footprint.
Bulgaria followed with €390 million, including €355 million raised by EnduroSat. France had the most portfolio companies, at 24, and recorded €369 million in fundraising.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
