On 31 March, a selection of EIC innovators showcased their solutions to top European investors at the EIC ePitching on Transport & Mobility. We spoke to some of the participants to learn just what this experience meant to them, and what value this type of event can add to both companies and investors.
From Electric Vehicle (EV) optimization, cargo and energy transport to aviation, the online event introduced cutting-edge, sustainable solutions that address pressing issues in the Transport & Mobility sectors.
The attending investors got to hear from EIC-funded companies AVILOO, C2C-NewCap, DazeTechnology, Dronamics, Maeve Aerospace, MAGMENT and VOOL.
The online event also featured a poll to select the best pitch of the afternoon. The winner was Italian company DazeTechnology, which is offering a range of solutions to make daily EV charging comfortable. DazeTechnology previously attended the EIC ePitching on Space and Transport and is already an EIC success story.
This was the latest ePitching under the EIC Ecosystem Partnerships and Co-Investment Support programme, part of the ongoing effort to bridge the funding gap for Europe’s most innovative companies.
A quality stamp for investors
Beatrice Böhm attended the event on behalf of Munich Venture Partners (MVP), a German Venture Capital firm with over 15 years of experience investing in cleantech startups across Europe. MVP has been attending EIC pitching events for a while, as many of them overlap with their sectors of focus, but the appeal doesn’t end there.
“[EIC Funding] is a quality stamp or proof that there is a business case behind the technology. When looking at deep tech companies, it might be that there is an outstanding technology, but there’s not really a business case behind it. And I would say that having been granted EIC money or any other public money can be seen as a guarantee that it’s not only a nice technology, but that there is an outstanding team and hopefully a nice business case behind it”, argues Böhm.
Sjoerd Coolen, Senior Investment Specialist at Brabant Development Agency (BOM), shares this sentiment. EIC-funded companies are appealing because “the EU has looked at those business cases already, and so they should be at some kind of a standard or level that it would be interesting to invest in.”
Due to BOM’s regional focus, the EIC companies don’t always fall within their investment strategy, but Coolen mentions that attending these events helps him keep up with what is going on in Europe and, in this case, the Transport & Mobility sector. There is also the potential to build synergies.
“When I cannot invest in the company, I might be able to help them on another level with another investor or another contact that would be relevant to them”, explains Coolen.
Decarbonising Transport & Mobility
Magment offers materials with magnetic fields to charge electric vehicles that can be either at rest or in motion. This includes, for example, road and industrial floor electrification and scooter charging stations.
Mauricio Esguerra, Co-Founder & CEO of the company, attended the event to meet relevant investors, but mentions one other important takeaway.
“Looking at the other companies and technologies, everybody is working in the decarbonisation of transport in different ways. Whether it’s a drone, a plane, a charging station…In the end it’s this same trend, which I believe is incredibly important and strong”, Esguerra points out.
The connections made in these events also go beyond immediate opportunities. Supporting Sjoerd Coolen’s point, Esguerra argues that even when there is no time to onboard investors in a round that is closing shortly, many of them are interested in helping with their network. As an innovator operating in both Europe and the US, Esguerra expresses that there is an opportunity for Europe to look for a more open European market, and that the EIC has a crucial chance to make sure that Europe doesn’t miss the opportunities taken in the US. In fact, the EIC has launched the EIC Fund precisely to support and boost innovation and disruptive pre-seed business ideas and startups, having provided equity investments of up to €15 million in 2022.
Svilen Rangelov, Co-Founder and CEO of Dronamics, another company who got to pitch at the event, also shares his perspective.
“The diversity of talent, businesses and products as well as the harmonization of the common market and regulatory frameworks, make Europe an incredibly interesting place to be developing a cargo mobility solution like ours”, says Rangelov.
Dronamics is responsible for creating the first cargo drone with a license to fly in Europe. Their product, Black Swan, is capable of carrying up to 350 kg at a distance of up to 2.500 km across Europe, in one go. Their mission is to “enable same day delivery for everyone, everywhere and improve connectivity between businesses and communities that are remote or underserved”.
Rangelov highlighted that the EIC pitching events “help accelerate business opportunities, as well as showcase the potential of European deep tech”.
Get to know the EIC innovators
You can find more information on the companies who took part in the event here.
Stay tuned for upcoming events and new investment opportunities:
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EIC ePitching on Software as a Service on 27 April, online, from 13:00 to 17:00 CET. Interested investors should register here.
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EIC Investor Day on Climate Tech on 1st June in Stockholm Sweden featuring companies on cleantech, agtech & foodtech, mobility and Industrial Biotech & Advanced material. EIC Accelerator funded companies developing solutions in these sectors should check and apply by 16 April in the link here. Relevant investors (VS and CVCs investing in the sectors concerned) should express the interest to this email address: investments@eicfund.eu.
About the EIC Ecosystem Partnerships and Co-Investment Support Programme
The Ecosystem Partnerships and Co-Investment Support Programme is expanding the EIC’s Business Acceleration Services (BAS) by creating a network of specialized, sector-focused partners that can help innovators access the services they need. It is also dedicated to promoting co-investment along with the EIC Fund, by preparing beneficiaries to interact with investors and connecting them through matchmaking and dedicated events.
DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.