The EIC Scaling Club’s 120 European deep tech scaleups have collectively raised over €1.2 billion in funding within the scope of the programme. The milestone was announced by Stéphane Ouaki, Acting Director of the European Innovation Council & SMEs Executive Agency (EISMEA), at the EIC Scaling Club Ambition Forum held on 3 September in Riga, Latvia.

Funded by the European Innovation Council (EIC), the EIC Scaling Club is made up of 120 of Europe’s most promising deep tech scaleups in 10 sectors, ranging from Agri Tech to Space Tech. The Club’s purpose is to support its members’ growth over the course of the 2-year programme. 

The Club inaugurated its members in two cohorts – the first cohort, which joined in April of 2024, has already experienced funding growth of 58.27% since joining, reaching a median of €22.34M per funding round. Meanwhile, the second cohort, which joined six months later, has grown their teams by 27.7%.

The most funded sectors within the EIC Scaling Club are:

• €447.1 million – Next-Gen Computing, with an average round of €37 million
• €220.7 million – Renewable Energies, with an average round of €22 million
• €133.8 million – Smart Mobility, with an average round of €22 million

The largest deals of the period include:

• Multiverse Computing raised €189 million this June, following €67 million in March 2025, for a total of €256 million raised in 2025. The Spanish quantum software company delivers quantum and quantum-inspired solutions to solve complex challenges in finance, energy, manufacturing, and beyond.
• Axelera AI from the Netherlands raised €61.6 million in 2025 and €58.6 million in 2024 to develop its AI-native hardware and software platform to accelerate artificial intelligence.
• Aerones, the world's leading robot-enabled wind turbine maintenance and inspections service provider from Latvia, raised €53.4 million in 2025.
• Endurosat, from Bulgaria, raised €43 million and another undisclosed round in 2025 to make satellite and space missions universally accessible. The company aims to transform the complex satellite industry into a streamlined data service, giving instant access to space data from hundreds of orbiting sensors.
• H2Site, from Spain, raised €36 million to develop its patented palladium-alloy membrane reactors for high-purity hydrogen separation.

While speaking at the Forum, Stéphane Ouaki, Acting Director of EISMEA said: “Europe’s deep tech ecosystem has hit a new milestone: The EIC Scaling Club companies have together raised more than €1.2 billion since joining the action. This demonstrates that Europe’s most promising innovators are gaining investor backing, both from the private and the public sector. This achievement is not only about numbers, but also about Europe gaining its strength to lead in future-shaping technologies, making our continent more competitive, sustainable, and secure.”

Since joining the EIC Scaling Club, the companies have raised a cumulative €287.6 million in 2024, while in 2025, they have already surpassed €910.6 million, indicating an accelerated rate of fundraising.

In order to achieve the project’s fundraising targets, the EIC Scaling Club provides Club Members with biannual networking events, facilitating 1:1 meetings with deeptech investors. This year, the Club Members have gathered in Riga, Latvia, for the EIC Scaling Club Ambition Forum, which is hosted by the University of Latvia, with the Latvian Investment and Development Agency (LIAA) as the event’s partner.

“To develop deep tech technologies in Europe, both public and private funding have to work together in a format that is most appropriate for the time, as well as for the specific company. Latvia is moving in this direction, and hosting Europe’s leading technology developers in Riga, as well as Europe’s public and private funding representatives, 120 Club Members, and ecosystem participants, is a major foundational block for Latvia’s innovation ecosystem. Many meetings will be held, conversations will be further developed and decisions will be made. Riga is a very comfortable and hospitable place for hosting such conferences in Northern Europe.” – Egita Aizsilniece-Ibema, EIC Scaling Club Advisory Council Member, and Head of the Latvian office for Innovation and Technology in Brussels

The next EIC Scaling Club event will be held in the first half of 2026. It will be the final event of the programme, which will run until October 2026.

About the EIC Scaling Club