As one of many main pan-European competitions, EIT Digital Problem goals to establish the very best European deep tech entrepreneurs and assist them scale up internationally. Since its launch in 2014, the competitors has attracted 1000’s of functions from greater than 33 European international locations. Again for its Ninth Version, EIT Digital Problem seeks fast-growing corporations with a differentiated product providing throughout Digital Tech, Digital Cities, Digital Business, Digital Wellbeing & Digital Finance. Most of the earlier successful scaleups have moved on to change into internationally profitable corporations.
Uncover SidekickHealth – an EIT Digital Success Story
In 2019, Nordic digital therapeutics (DTx) innovator SidekickHealth competed within the EIT Digital Problem and from a discipline of a whole lot of candidates was chosen as a finalist within the Digital Wellbeing class.
Beginning in January 2020, Sidekick was actively supported by the fundraising consultants in EIT Digital Accelerator’s Entry to Finance workforce. The workforce’s consultants helped Sidekick launch and coordinate a spherical that closed at USD 20 million. The spherical was led by Wellington Companions (Germany) and ASABYS Companions (Spain), with participation by current traders Novator (UK) and Frumtak Ventures (Iceland).
“The EIT Digital Accelerator workforce delivered important help throughout this course of and was key within the profitable closing of our fundraising: along with offering invaluable suggestions and recommendation, their systematic administration of the method and coordinated efforts allowed us to satisfy with all the fitting traders from throughout Europe in a really quick time period.”, says Dr. Tryggvi Thorgeirsson, CEO & Co-Founding father of SidekickHealth.
Study extra from EIT Digital’s Fundraising Specialists
We spoke to Francisco Ibañez Diez & Daniel Auriel, Fundraising Specialists from EIT Digital’s Entry-to-Finance Crew to be taught extra in regards to the prize – entry into the EIT Digital Accelerator price € 50 thousand – in addition to in regards to the EIT Digital Problem.
The success of SidekickHealth is inspiring – what are the important thing components that, in your opinion, permit scaleups to get essentially the most out of a collaboration with the EIT Digital Accelerator program?
Sidekick Well being was certainly an awesome story. The credit score belongs to them. They’re among the finest groups we’ve labored with in this system: they had been so quick and environment friendly that we may nearly barely sustain with them, to be trustworthy.
Generally, scaleups get essentially the most worth out of participation within the EIT Digital accelerator after they come properly ready however are nonetheless wanting to be taught. These founders which have given lots of thought to the small print of their enterprise will likely be in an awesome place to behave on the skilled recommendation EIT Digital’s entry to finance workforce can present.
In your expertise, why do you consider EIT Digital is ideally positioned to assist startups & scaleups elevate funds and speed up their enterprise?
Our workforce of know-how financing specialists is aware of what it takes for digital ventures to safe funding from skilled enterprise capital traders. Our data of the funding course of and deep understanding of traders’ exacting necessities make all of the distinction to your funding success.
Leveraging a community of 1000+ traders, EIT Digital Accelerator has instantly facilitated over €130 million in funding for its portfolio corporations. In whole, the portfolio and alumni scaleups have raised near €1 billion.
Moreover, one of many challenges of fundraising startups is getting investor consideration, as everyone knows. With the ability to have heat introductions via our in depth “dwell” community makes an actual distinction. Not solely that, however we will additionally leverage our place within the EU-Fee ecosystem once we “cold-reach” traders outdoors our unique community as we repeatedly discover potential matches for our portfolio corporations.
The EU-Fee model is understood by just about everybody, in all places, and it’s acknowledged that gamers belonging to this ecosystem are severe, credible, {and professional}. This enables us to open many doorways that will in any other case not react to chilly outreach efforts.
Are you able to introduce our readers to the EIT Digital Entry-to-Finance workforce? What are its capabilities and the way can scaleups profit from interacting with them?
The Entry-to-Finance workforce is made up of very senior people with various and complementary backgrounds. All of them have a direct startup and/or enterprise capital expertise, i.e. they’ve all been on one or each side of the fundraising/funding fence. They every intently cowl a area the place they keep direct private contacts with dozens, even a whole lot, of traders.
Every firm that joins this system is mentored and supported by one in every of them personally, and by the entire workforce collectively because the progress and challenges of every firm are debated in weekly workforce conferences. Right here, every thing related is addressed, from fundraising technique and investor focusing on to information room and documentation, from presentation expertise to due diligence – it’s all lined. Every entrepreneur is uniquely subtle, and we alter how we help them as wanted, all the best way till the funding is signed and wired.
The method by which this help is given is characterised by two phases:
- Funding Readiness (Section 1): The EIT Digital Accelerator will evaluate and focus on with the scaleups relating to fundraising materials and assist them to current their exercise precisely in enterprise phrases and a construction acquainted to monetary traders. The fundraising materials features a crisp Two-Liner, a One-page Teaser, and a Pitch Deck. As well as, the Accelerator will coach the administration and founders of the scaleups by way of particular person and group coaching to professionalize presentation methods and expertise with a purpose to make the very best impression and promoting level to potential traders.
- Assembly Traders (Section 2): After efficiently finishing the primary section of the Entry to Finance Program, the Accelerator will introduce potential traders from its ecosystem to the scaleups. The target of those introductions is to set off curiosity from potential traders who could request follow-up conferences and discussions.
What can the finalists of the EIT Digital Problem count on from the unique closed-door occasion?
Every of the 20 chosen finalists will obtain an all-expenses-paid journey to Brussels for the ultimate occasion. At this unique occasion, finalists may have personal entry to dozens of VCs. And naturally, they’ll accomplish that within the firm of different high-performing scaleups from throughout Europe. The spotlight of the day will likely be a pitch competitors the place every finalist could make the case for why they are going to be Europe’s subsequent digital unicorn.
The day will wrap up with a VIP dinner the place all finalists may have one more probability to carry direct conversations with VCs. Whereas the 5 winners will stroll away with a spot within the EIT Digital Accelerator program, all 20 finalists will obtain free advertising and marketing promotion by EIT Digital, acknowledging their outstanding place amongst Europe’s finest deep tech scaleups.
Are there any extra advantages corporations ought to count on by accessing the EIT Digital Accelerator program?
Moreover every thing talked about above, the Accelerator will present a wide range of development and help providers to scaleups to permit them to increase all through and presumably past Europe. For instance:
- EXCLUSIVE INVESTOR MEETINGS & EVENTS – Focused connections to the fitting VCs and company enterprise funds & entry to unique investor occasions.
- EXPERTISE ON DEEP TECH SCALEUPS – Our workforce consists of consultants with engineering backgrounds that perceive properly the potential of applied sciences and their associated enterprise fashions.
- MARKET READINESS – Through the help of a devoted workforce of Enterprise Builders, the Accelerator will present help to scaleups to get able to launch their enterprise in a number of European international locations and even the US.
- STRATEGIC COACHING – Provisioning of skilled teaching and strategic recommendation to speed up development & go-to-market methods to commercialize mature applied sciences and revolutionary options.
- ACCESS TO MARKET – EIT Digital Accelerator will actively help scaleups by figuring out worldwide prospects and facilitating introductions.
Able to scale your enterprise with EIT? Apply for the EIT Digital Problem as we speak!
_____
Sharing is Caring!
