EIC STEP Scale Up

The EIC STEP Scale Up HORIZON-EIC offers equity-only investments managed by the EIC Fund of €10–€30 millionper company to catalyse funding rounds of €50–€150 millionand expects 3–5x leverage. Eligible applicants are single SMEs or small mid-caps (up to 499 employees) established in EU Member States or Horizon Europe Associated Countries and must demonstrate a pre-commitment from a single qualified investor representing at least 20% of the target round. The call opened 6 November 2025, has an indicative 2026 budget of €300 million, operates continuous submission with quarterly batches and a final batch deadline of 25 November 2026 (17:00 Brussels time), and selected proposals proceed to jury interviews, EIC Fund due diligence and negotiated investment terms.

What it funds

Equity investments for scaling strategic deep tech

Equity-only investments managed by the EIC Fund to co-invest in late-stage scale-up rounds for companies developing critical technologies under the STEP priority areas (digital and deep tech, clean and resource-efficient technologies including net-zero, and biotechnologies). No grant component is awarded; business acceleration services are provided alongside the investment.

Investment size and leverage:EIC investments are expected to be between €10 million and €30 million per company to co-invest in funding rounds of roughly €50–€150 millionand to catalyse at least 3–5x follow-on financing ¹.

1. 1Funding form: equity-only (managed by the EIC Fund); no grant component
2. 2Requested EIC investment per company: €10,000,000 to €30,000,000
3. 3Target funding round size to be catalysed: €50,000,000 to €150,000,000
4. 4Total indicative budget for 2026: €300 million (anticipated €900 million for 2025–2027)
5. 5Support includes Business Acceleration Services and an award of a STEP Sovereignty Seal if evaluation thresholds are met

Who can apply

Single companies only:SMEs and small mid-caps (up to 499 employees) established in an EU Member State or a Horizon Europe Associated Country. An investor may submit on behalf of an eligible company if a prior agreement exists but the investment agreement is signed with the company. Affiliated holding companies used for the investment must also be established in a Member State or Associated Country.

Key eligibility and selection conditions

Applicants must operate in STEP priority technology areas and demonstrate initial market interest and investor pre-commitment: a single qualified investor pre-committing at least 20% of the target round is required. Investments and specific terms are negotiated case-by-case under the EIC Fund Investment Guidelines; the EIC Fund will apply safeguard measures where needed to protect European strategic interests ¹.

Deadlines and process:Call opens 06 November 2025; continuous submission with quarterly batches and final deadline 25 November 2026 (Brussels time). Evaluation uses remote assessment and interviews; successful applicants proceed to investment due diligence and negotiation.

1. 1Opening date: 06 November 2025
2. 2Final batch deadline: 25 November 2026, 17:00 Brussels time
3. 3Submission model: continuous with quarterly batches

Companies should prepare a pitch deck, a financial plan and a pre-commitment letter from a qualified investor. Applicants are encouraged to explain complementarity with other investors and InvestEU instruments; the EIC may prioritise projects addressing strategic technologies such as semiconductors and quantum in 2026. Apply through the Funding & Tenders Portal EIC STEP Scale Up topic.

Footnotes

1. 1Details on eligibility, evaluation, investment terms and safeguard measures are set out in the EIC Work Programme 2026 and the EIC Fund Investment Guidelines available from the call page and the EIC Work Programme documents on the Funding & Tenders Portal EIC Work Programme 2026.

Call identity and key dates

Call title:EIC STEP Scale Up. Call identifier: HORIZON-EIC. Programme: Horizon Europe (EIC). Type of action: HORIZON EIC Equity Only (equity-only investments managed by the EIC Fund). Opening date: 06 November 2025. Final deadline (continuous/one batch model with quarterly batches): 25 November 2026, 17:00 Brussels time. The call is run on the EU Funding & Tenders Portal and uses the HORIZON Equity Investment Model Grant Agreement where applicable.

Total and annual indicative budget:Indicative budget for 2026: €300,000,000. Expected total for 2025–2027 period: €900,000,000. Any unused amounts from this STEP budget will be prioritised for allocation to the EIC Accelerator Open call ¹.

What the call funds and who should apply

Objective:Provide equity-only investments to ambitious scale-up companies (SMEs and small mid-caps up to 499 employees) developing game-changing innovations in STEP priority areas (digital/deep tech, clean and resource-efficient/net-zero technologies, and biotechnologies). The call targets companies that need significant follow-on capital to scale manufacturing, critical technologies, or value-chains in the EU/Associated Countries and where public equity can act as a catalyst for large commercial funding rounds.

Investment size, co-investment profile and financial model

Form of support:Equity-only investments provided by the EIC Fund. No grant component is available under this call. Applicants must request an EIC investment between €10,000,000 and €30,000,000. The EIC investment is expected to co-invest in a funding round sized between €50,000,000 and €150,000,000, and the EIC expects the total round to be at least three to five times the EIC contribution. Specific investment terms are negotiated on a case-by-case basis following the EIC Fund Investment Guidelines and standard investment due diligence. The EIC Fund will prioritise keeping value and IP in the EU/Associated Countries and may impose safeguard measures where required to protect European interests.

Minimum investor pre-commitment requirement:To be eligible, the applicant must demonstrate an existing pre-commitment for equity investment representing at least 20% of the total target funding round from a single qualified investor (investor must be subject to KYC by the EIC Fund or EIF). The pre-commitment investor should demonstrate relevant market/technology/jurisdiction know-how; the pre-committed investor may be an existing investor and need not be the eventual lead.

Eligibility and applicant requirements

Eligible applicants:A single company classified as an SME or a small mid-cap (up to 499 employees) established in an EU Member State or an Associated Country. A holding company may be used for the investment provided the holding is also established in a Member State or an Associated Country. Investors may submit a proposal on behalf of an eligible company if a prior agreement with the company exists; the investment agreement will be signed with the eligible SME or small mid-cap.

1. 1Eligible applicant types: SME, start-up, small mid-cap, investor on behalf of eligible company (investor submits but legal investee signs investment agreement).
2. 2Geographic eligibility for beneficiaries: EU Member States and Horizon Europe Associated Countries (see EIC Work Programme Annex 2 for the current list).
3. 3Consortium requirement: Single legal entity application (a single company is the applicant). An investor can apply on behalf of a company but the investee company must be the investment counterparty.
4. 4Priority sectors: Digital and deep technologies (advanced semiconductors, AI, quantum, advanced connectivity, sensing, robotics, etc.), Clean and resource efficient and net-zero technologies (solar, batteries, hydrogen, CCUS, advanced manufacturing and recycling, water technologies, circular economy), and Biotechnologies (including medicinal products on the Union list of critical medicines and components).
5. 5Criticality test: Technologies must meet STEP criticality conditions (innovative/cutting-edge with significant economic potential or reducing strategic dependencies of the Union).

Restrictions and safeguards:Participation may be restricted for projects touching certain sensitive areas, public communication networks or projects related to strategic dependencies. The EIC Fund and the Commission may require safeguard measures in investment agreements to protect European strategic interests. Entities subject to EU restrictive measures and other exclusion rules are not eligible to receive funding.

Target sector and technology scope (detailed)

STEP priority technology scope follows the STEP Regulation and the Commission Guidance Note and is broad. Important illustrative technology lists include (indicative and non-exhaustive): advanced semiconductor technologies and manufacturing equipment, AI technologies, quantum computing and communication, advanced connectivity (5G/6G, Open RAN), advanced sensing and photonics, robotics and autonomous systems, solar, wind, batteries and energy storage, heat pumps, hydrogen (electrolysers/fuel cells), carbon capture and storage, renewable fuels, advanced materials and recycling technologies, desalination and water purification, biotechnologies (DNA/RNA, proteins, cell and tissue engineering, gene vectors, bioinformatics, nanobiotechnology), and associated services and specific components critical for value chains (e.g. cleanrooms, HPC, testing and experimentation services). The call specifically highlights support in 2026 for scale-ups in semiconductor and quantum technologies relevant to the Chips Act.

Project stage and expected maturity

Target project stage:Scale-up / late development and commercialisation readiness. Applicants are expected to be post-product-market-fit or with validated technology and commercial traction where the requested equity will catalyse a major growth/scale round. EIC STEP Scale Up fills a financing gap where private investors cannot fully finance the required scale-up and the EIC investment is catalytic to attract follow-on investors.

Application process, forms and templates

How to apply:Applications are submitted electronically on the Funding & Tenders Portal. Applicants select the HORIZON EIC Equity Only / HORIZON-EQU model at submission. The application uses Part A (administrative data entered in the portal) and Part B (technical description uploaded as PDF). The call is labelled equity-only and applicants must select Equity Only at submission. The portal contains a call-specific application form template HE EIC STEP and guidance documents including the HE Programme Guide and the EIC Work Programme 2026.

Mandatory annexes and templates to upload:Applicants must upload specific annexes as separate files: 1) a pitch deck (max 15 slides, PDF) for investor / jury review; 2) financial plan and consent using the Excel template provided (mandatory); 3) results of a freedom-to-operate (FTO) analysis or a 2-page statement if no formal FTO exists; 4) pre-commitment letter from a qualified investor using the provided template (showing at least 20% of the total round); 5) letters of intent / client or partner LOIs (merged into one PDF) where relevant. Other supporting documents (legal entity validation, audited accounts) will be requested during grant preparation and due diligence.

1. 1Application structure: Part A (portal fields) + Part B technical narrative (structured business case, technology, market, team, risks, financials) with page limits set by the submission template.
2. 2Pitch deck: 15 slides maximum; required for interview preparation (applicants will present at face-to-face or virtual interview if shortlisted).
3. 3Financial plan template: Mandatory Excel templates to capture forecast, cap table, funding ask and use of proceeds.
4. 4Pre-commitment letter: Template must evidence the qualified investor pre-commitment (>=20% of target round).
5. 5Freedom-to-operate document: FTO report or concise statement must be supplied.

Evaluation, stages, timelines and decision model

Evaluation approach:The call is evaluated under the EIC STEP Scale Up procedures in Section VI of the EIC Work Programme 2026. The evaluation for STEP Scale Up is interview-based and uses a binary GO/NO GO scoring at the interview stage. Proposals that meet evaluation thresholds will be awarded a Sovereignty (STEP) Seal. The EIC Fund performs investment due diligence and negotiates investment terms with selected companies. Business Acceleration Services are offered to awardees. The process includes legal and financial validation, KYC and investment committee review by the EIC Fund Manager and EIB advisory due diligence prior to signature.

Application stages count:At least two principal evaluation phases: remote documentation review and interview-driven decision; additional third-party due diligence and legal/financial checks by the EIC Fund and EIB occur prior to signature, therefore applicants should plan for a multi-stage process and provide timely access to requested documentation.

Nature of support, co-funding and leverage expectations

Nature of support:The call provides monetary equity investment only (no grant). In addition to finance, selected companies receive non-monetary Business Acceleration Services (coaching, investor introductions, corporate partnerships, market access support) managed by the EIC BAS ecosystem. Applicants should expect investment terms consistent with the EIC Fund Investment Guidelines.

Co-funding requirement and private leverage:Co-funding expectations: there is no applicant cash grant co-funding requirement, but the call requires demonstrable investor pre-commitment (minimum 20% of the target round) and expects the EIC investment to unlock at least three to five times leverage from other private or public investors. Applicants are encouraged to plan complementary sources such as venture debt or InvestEU implementing partner products to meet financing needs.

Success rates and competitiveness

Success rates:Not published for the call. The opportunity is highly selective and aims to support a small number of scale-ups per year relative to applications; selection is competitive and based on strategic fit with STEP priorities, investment readiness, pre-commitment validation, and expected EU impact. Applicants should assume a rigorous selection process and prepare for investor-style due diligence and board-level interviews.

Reporting, commitments and post-selection obligations

Awarded companies will enter into investment agreements with the EIC Fund (equity contracts) and into any required grant agreements for non-investment support. Post-selection obligations include standard investment reporting, participation in Business Acceleration Services, and compliance with EIC conditions on IP retention in the EU/Associated Countries and any safeguard measures. The Sovereignty (STEP) Seal is issued to companies meeting evaluation thresholds and facilitates access to other EU programmes and investors.

Templates, forms and application guidance summary

1. 1Submission method: Funding & Tenders Portal; choose model HORIZON-EIC-EQU / HORIZON-EQU at start submission.
2. 2Part A: Administrative details (legal entity PIC, contact, budget summary, declarations).
3. 3Part B: Full technical proposal narrative following the EIC STEP Part B template: business case, company description, technology and USP, market and scale plan, team, detailed risks, financial model and scale-up plan, how EIC support will drive the next value point, and STEP impact.
4. 4Annexes required: pitch deck (PDF, 15 slides max), financial plan Excel template, pre-commitment letter from qualified investor (template), FTO document, letters of intent, other supporting documents as prescribed.
5. 5Page limits and structure: follow the Part B template and portal guidance. Pitch deck and financial plan are mandatory annexes for evaluation and interview.

Other important practical notes and compliance

Applicants must verify country eligibility per Annex 2 of the EIC Work Programme 2026. Projects must focus on civil applications and comply with ethical, security and export-control obligations. The EIC Fund will undertake KYC and 'red flag' checks; special rules apply for strategic technology areas, for example possible exclusion or additional measures for entities linked to non-eligible third countries, and for protection of European communication networks. Applicants must ensure no involvement of entities subject to EU sanctions; the EIC may request additional safeguards where required.

Categorisation and structured answers

Below are the structured extraction fields summarising the opportunity in concise, searchable items.

1. 1Eligible Applicant Types: SME (start-up scale-ups), small mid-cap (up to 499 employees), investor on behalf of an eligible SME/mid-cap. Universities, research institutes or large enterprises are not the primary eligible investees under this call unless they are SMEs or small mid-caps as defined.
2. 2Funding Type: Equity-only investment managed by the EIC Fund (no grant component).
3. 3Consortium Requirement: Single applicant (single company). Investors may apply on behalf of a company with prior agreement, but the investee company signs the investment agreement.
4. 4Beneficiary Scope (Geographic Eligibility): Entities must be established in an EU Member State or an Associated Country (see EIC Work Programme Annex 2 for list).
5. 5Target Sector: Digital and deep tech (semiconductors, AI, quantum, connectivity, sensing, robotics), Clean and resource-efficient/net-zero technologies (solar, batteries, hydrogen, CCUS, grid, recycling, advanced manufacturing), Biotechnologies (medicines, DNA/RNA, cell/tissue engineering, bioinformatics, nanobiotech), and associated critical components and services in STEP value chains.
6. 6Mentioned Countries: EU Member States and Horizon Europe Associated Countries (the call text references Member States and Associated Countries generally; no single Member State is singled out).
7. 7Project Stage: Scale-up / commercialization / late-stage development and deployment (TRL typically high, investment-readiness expected).
8. 8Funding Amount: EIC investment range €10,000,000 to €30,000,000 per company. Call-level indicative budget €300 million for 2026 (expected €900 million for 2025–2027). Target co-investment round €50–€150 millionand leverage of 3–5x EIC investment expected.
9. 9Application Type: Open call via Funding & Tenders Portal, continuous with batching (quarterly batches within the 06/11/2025–25/11/2026 window).
10. 10Nature of Support: Monetary equity investment (money) plus non-monetary Business Acceleration Services (coaching, BAS).
11. 11Application Stages: Multi-stage: initial documentation review, interview (binary GO/NO GO), followed by investment due diligence and legal/financial checks leading to negotiation and signature (effectively 3 stages including due diligence).
12. 12Success Rates: Not published; highly selective and competitive. No official success rate provided in call text.
13. 13Co-funding Requirement: No applicant cash co-funding required for the EIC investment, but strong private investor pre-commitment is required (minimum 20% of the target funding round) and EIC expects to catalyse additional private funding of at least 3–5x its investment.
14. 14Templates: Required annex templates include pitch deck, financial plan Excel template, pre-commitment letter template, Freedom-to-Operate statement/template, LOIs guidance template. The Part B application follows the HE EIC STEP Part B template in the Submission System and must respect page limits and structure as published.

How to prepare a competitive application — key recommendations

1. 1Demonstrate strong existing market traction and a qualified investor pre-commitment (>=20% of the target round) with evidence of investor capability and KYC readiness.
2. 2Build a clear scale-up plan showing how the EIC investment will be catalytic to reach the target €50–€150Mround; justify the requested €10–€30Mtranche and the use of proceeds.
3. 3Provide a robust financial plan and cap table consistent with the pitch deck and Part B narrative; upload the required Excel template and ensure figures reconcile.
4. 4Supply a succinct FTO analysis and IP protection plan demonstrating freedom to operate and that IP/value remain in the EU/Associated Countries.
5. 5Prepare a professional 10–15 slide pitch deck tailored to investor/jury review including team, traction, market sizing (TAM/SAM/SOM), competitive positioning, and exit assumptions.
6. 6Anticipate investment due diligence requests (audited financials, KYC, corporate structure, major contracts) and ensure timely availability of documentation.

This EIC STEP Scale Up call is designed to accelerate a limited number of European scale-ups in strategic technologies by providing substantial equity investments combined with tailored acceleration services and portfolio management. The call prioritises technologies and value-chains defined under STEP, seeks to reduce strategic dependencies, and expects investment leverage from private and public co-investors. The award process is investment-style and includes investor-grade due diligence and negotiation of investment terms by the EIC Fund.

Footnotes

1. 1See the EIC Work Programme 2026 for full call text, evaluation procedures, eligibility and annex references and the STEP Guidance Note for details on STEP criticality and priorities EIC Work Programme 2026 Guidance Note on STEP.

Overview

The EIC STEP Scale Up call provides equity-only investments from the EIC Fund to ambitious scale-up companies (SMEs and small mid-caps up to 499 employees) developing game-changing innovations in Europe's critical technology areas. It targets the funding gap for high-risk innovations that cannot be fully financed by other investors, catalysing major funding rounds of €50-€150 million, at least 3-5 times the EIC investment. Investments range from €10-€30 millionper company, with terms negotiated case-by-case per EIC Fund Investment Guidelines. The 2026 indicative budget is €300 million, expected to reach €900 million over 2025-2027. Unused funds prioritise the EIC Accelerator Open call.

Key Dates and Budget

Opening Date:6 November 2025.

Deadlines (Quarterly Batches):11 February 2026, 6 May 2026, 9 September 2026, 25 November 2026 (17:00 Brussels time). Continuous submission with batch evaluation.

Budget:€300 million for 2026 (equity-only, €10-€30 millionper investment).

Eligibility and Who Can Apply

Single SMEs or small mid-caps (up to 499 employees) established in EU Member States or Associated Countries. Holding entities for investment purposes must also be established there. Investors may apply on behalf of eligible companies with prior agreement (investment signed with the company). Innovation must align with STEP priority areas: digital/deep tech (e.g. semiconductors, AI, quantum), clean/resource-efficient/net-zero technologies, biotechnologies (including critical medicines). Must demonstrate pre-commitment from one qualified investor (20% of target round, subject to EIC Fund/EIF KYC) for funding rounds of €50-€150 million (3-5x EIC amount). Proposal page limits in Part B of application form.

Eligible Countries

EU Member States and Associated Countries (see EIC Work Programme 2026 Annex 2(B)).

Technology Focus and Criticality

Technologies must meet STEP Regulation criteria:innovative/emerging/cutting-edge with economic potential or reducing EU strategic dependencies. Priority for semiconductors/quantum in 2026 (Chips Act support). Detailed lists in Commission Guidance Note (May 2024): digital (AI, quantum, robotics), clean (solar, batteries, hydrogen), biotech (DNA/RNA, nanobiotech). Ensures EU value/IP retention via safeguards.

Funding Details

Tailored to company needs, aligning with EIC objectives. Complementarity with InvestEU Venture Debt encouraged. Sovereignty (STEP) Seal awarded to threshold passers for access to other EU funding.

Application and Evaluation Process

1. 1Submit via Funding & Tenders Portal (Part A administrative, Part B business plan max 50 pages).
2. 2Mandatory annexes: Pitch deck (15 slides), financial plan, FTO analysis, pre-commitment letter, letters of intent.
3. 3Remote jury interview (GO/NO-GO on Excellence, Impact, Risk/Implementation).
4. 4Successful proposals advance to EIC Fund due diligence and negotiation.
5. 5Timeline: Evaluation ~5 months, grant ~8 months.

Additional Support

Business Acceleration Services (coaching, ecosystem access, Section VII EIC WP 2026). STEP Seal facilitates other EU programme access. Ensures EU value retention/job creation via IP safeguards.

Key Requirements and Risks

• Pre-commitment: Single qualified investor, 20% of round.
• High TRL (typically 8-9) for commercial scaling.
• Alignment with STEP critical tech areas.
• Demonstrate funding gap and EIC leverage effect.
• No grant component; equity-only.

Apply via Funding & Tenders Portal. EIC Work Programme 2026 and STEP Guidance Note essential reading. ¹

Footnotes

1. 1Sources: Official call page, EIC WP 2026, STEP Regulation (EU) 2024/795, Commission Guidance Note (C(2024)3148).