Raising money for deep tech businesses can be tricky, especially if you don’t have a proof of concept or a revenue stream yet. To solve this problem, the EU together with certain associated countries (including the UK) fund the derisking of breakthrough ideas from early feasibility through to scale-up. UK companies are eligible for certain types of EU funding under Horizon Europe and there are signs that ties are deepening in this space.
Money from EU granting authorities can be substantial and is also a great way to prove your breakthrough technology, whilst at the same time gaining credibility and helping raise your next round. New calls come out regularly so it’s good to keep an eye on what might be relevant to you and your business.
- Find out as much information as you can about your own likely area of interest as covered by the EU (Horizon Europe (HORIZON) | EU Funding & Tenders Portal)
- Sign up to relevant newsletters and resources from the UK (tech UK, UK Research and Innovation (UKRI))
- Consider getting advice early on the process to save missed opportunities.
North Pine Advisory can help guide you through the grant process from screening for relevant calls to submission. They offer a tailored process for each client – their top priority is that you get funded.
Here are some top tips for deep tech companies:
- Know the problem you are trying to fix with your technology – get customer feedback as early on as possible as this will be a good indication of the success levels of the project
- Grant timelines are longer than your average investment round – so start the conversation earlier than you think you should – there might also be more than one grant available to you to help you on your way before you tackle the big ones.
- The process can feel overwhelming, rigorous and burdensome – don’t solely rely on AI – consider speaking to specialists to guide you through the process and what evaluators think when they read an application
- Legals – clear company structure, shareholders agreements, pre-conditions – need a company and agreements in place, finance documents – EU will want to know who the grant is going to
At Branch Austin McCormick, our lawyers are experienced in helping tech businesses gain funding and grow, scale, and eventually exit.
Get in touch with Victoria Stausholm, Consultant in our Corporate and Commercial team, at vs@branchaustinmccormick.com, to find out more about how we can help you along your journey.
