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Ireland-UK, EIT Health Ireland-UK

Three sources of funding for your health innovation start-up

21st April 2022

Raising funds is a lengthy and complex process for start-ups, especially those with an ambition to launch in multiple markets across Europe. At EIT Health we have a range of programmes on offer to help start-ups access European finance, as well as knowledge, stakeholders, and markets.

Here is our pick of three carefully selected programmes that can act as a launchpad for start-ups at varying stages of Technology Readiness Level (TRL), seeking to connect with European investors.

1. Investor Network

The EIT Health Investor Network connects qualified companies seeking early-stage funding with the first pan-European consortium of more than 80 healthcare investors across 21 countries. The Investor Network helps start-ups accelerate equity rounds by highlighting and connecting those in the early stage with targeted private and institutional healthcare investors across Europe. To date the programme has closed €38 million in deals.

Investors that join the network share an ambition to bring the most innovative ideas to health markets faster. The network is made up of venture capitalists, corporate venture funds, family offices, angel networks, and super angels seeking to invest in seed, bridge, or Series A deals, of up to €6 million.

To qualify, start-ups must have already raised a minimum of €500K and operate in Biotech, MedTech, or Digital Health. Successful alumni include innovative start-ups such as Arete Medical, PatchAI, and PMD Solutions. Applications can be made to the Investor Network year round.

2. Gold Track

Gold Track pairs healthcare and life sciences start-ups / scale-ups with expert mentors, who provide individualised guidance towards investment opportunities that help scale your businesses within a short timeframe. Participants benefit from 1:1 and group sessions with Expert Council members, along with regular opportunities to present to additional hand-picked investors and industry partners.

This highly competitive programme is based around three four-month phases. Each phase begins and ends with an interactive workshop, where current and new Gold Track companies compete for their place in the next phase.

To qualify for the programme, start-ups must have a financial runway of at least nine months, be privately-owned with less than 50 employees, be based in Europe, the UK, or Israel, and provide therapeutics, diagnostics, platform technologies, MedTech, or digital health solutions.

To date, Gold Track has led to companies raising over €250M and achieving four exits, totalling over €1B, e.g. PhagoMed was acquired by BioNTech in November 2021. Apply to Gold Track.

3. Venture Centre of Excellence

Venture Centre of Excellence (VCOE) is run in collaboration with the European Investment Fund, and provides highly qualified pan-European SMEs with access to finance and strategic connections. The programme connects these SMEs to life science investors with high investment capabilities such as venture capital funds, corporate or industrial firms, Technology Transfer Offices, insurers and more. VCOE provides members with access to an exclusive AI networking platform.

To qualify, healthcare SMEs must be seeking more than €6 million in their next fundraising round and be developing transformational technology, currently at TRL6+. Companies in the programme have key access to services provided by EIT Health in support of their Series A, B and up to pre-IPO fundraising rounds. To date, the programme has encompassed €1.7 billion of investment capabilities. Applications are open throughout the year.

Next week EIT Health Ireland-UK, in partnership with Investor Network, will sponsor MedTech Strategist’s Innovation Summit, Europe’s largest MedTech partnering and investment conference, taking place in Dublin.  If you’re interested in learning more about investment opportunities available to your start-up, such as the three listed above, contact us to book a meeting at the event: clc.ireland-uk@eithealth.eu 

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