The 120 young deep tech companies gathered in the EIC Scaling Club have raised just over €4 billion since joining this European programme, according to a report the club published on 4 November 2026 on its website. According to The Next Web and tech.eu, around 80% of that sum came from rounds in which the EIC or another public investor took part. French companies account for only €369 million, far behind Spain. The club, which publishes the report itself, is run notably by Bpifrance (EuroQuity), Tech Tour and Hello Tomorrow, according to its website; the report, written by the programme, is therefore not an independent evaluation.
A club to help European deep tech grow
The club is part of the acceleration services of the European Innovation Council (EIC), the EU body responsible for funding breakthrough innovation. It welcomed a first cohort in April 2024, then a second in October of the same year. It brought together 120 companies from 26 countries, 119 of which were still operating as of 29 September 2026, tech.eu notes. The report, entitled “Europe’s Deep Tech Scale-ups: Building Momentum”, is based on Dealroom data as of 29 September 2026, The Next Web reports.
Members raise more often, and more
To isolate the programme’s effect, the authors compare members with a control group of 240 eligible but unselected applicants. The gaps are clear:
- members raised the equivalent of 128% of the funds obtained before joining, against 56% for the control group;
- 56% of them have closed at least one round since, against 38% of those not selected;
- the average ticket per company that raised funds reached €60.6 million, against €39.7 million;
- the estimated value of the portfolio rose from €9.2 billion to €14.3 billion two years after joining, according to The Next Web.
The money is concentrated in a few sectors. Space (€1.34 billion), next-generation computing (€1.32 billion) and renewable energy (€589 million) together account for around 80% of the amounts. Nine deals of more than €100 million represent just over half of the total, including Spanish company Multiverse Computing’s €500 million Series C in July, PLD Space’s €288 million and the round raised by Axelera AI in the Netherlands.
Public money, the engine of the big deals
This is the most political finding in the document. Eight of the nine largest rounds had a public co-investor, and the EIC Fund invested directly in four of them, The Next Web details. Non-European investors, mostly American, hold 27% of the seats in these nine mega-rounds and 18% across all post-membership deals.
In other words, public money acts as a lever: it reassures private funds on long, capital-intensive projects. But a notable share of the biggest cheques still comes from across the Atlantic, which raises the question of who will control these companies in the future. According to tech.eu, the report itself highlights difficult access to growth capital and the fragmentation of European markets, and calls for more industrial demand, commercial partnerships and public procurement.
What this means for France
The country ranking is unflattering for France. Spain comes first with €1.48 billion, ahead of Germany (€750 million), the Netherlands (€508 million) and Bulgaria (€390 million, mainly thanks to EnduroSat). France follows with €369 million, spread across 24 companies, according to the club; Spain has only 16. This ranking does not sum up the health of French deep tech, which has its own funding channels; it reflects the club’s composition and the weight of a few very large Spanish rounds.
For a French startup, the benefit remains concrete: the EIC label brings companies closer to European public co-investors and major international trade shows. Thanks to the club and other EIC programmes, Multiverse Computing took part in CES, GITEX and MWC, according to tech.eu. The club therefore remains a lever worth watching, particularly in space and energy, two of the sectors where the amounts raised by its members are concentrated.
Caution is nonetheless warranted: a few star companies weigh heavily in the results, the report acknowledges, and the control group, more focused on digital, does not have the same profile as the members, half of whom work in climate technologies. The comparison suggests an effect of the programme without strictly demonstrating it.
Frequently asked questions
What is the EIC Scaling Club?
A European Innovation Council programme, launched in 2024, that supports 120 deep tech companies in 26 countries towards growth rounds, partnerships and new markets.
How much have French members raised?
€369 million since joining, which puts France in fifth place, behind Spain, Germany, the Netherlands and Bulgaria.
Does membership of the club guarantee funding?
No. The club makes it easier to reach investors and customers, but 44% of members had not closed any new round as of the date of the study.
Sources
- Six signals that Europe is experiencing stronger deep tech growth — EIC Scaling Club, 2026-11-04
- EIC Scaling Club companies raise €4B, outpacing European deeptech peers — tech.eu, 2026-11-12
- EIC Scaling Club deep tech scale-ups raised €4bn after joining, report says — The Next Web, 2026-11-04
- EIC Scaling Club Reports €4 Billion Raised, Including Major Quantum and AI Round — The Quantum Insider, 2026-11-04