Win & Secure Your Series A Funding Today!

As one of many main pan-European competitions, EIT Digital Challenge goals to determine one of the 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 firms 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 develop into internationally profitable firms.

Uncover SidekickHealth – an EIT Digital Success Story

In 2019, Nordic digital therapeutics (DTx) innovator SidekickHealth competed within the EIT Digital Problem and from a subject of tons of 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 group. The group’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 group delivered vital assist 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 Group 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, enable scaleups to get essentially the most out of a collaboration with the EIT Digital Accelerator program?

Sidekick Well being was certainly an ideal story. The credit score belongs to them. They’re among the best groups we’ve labored with in this system: they have been so quick and environment friendly that we may virtually barely sustain with them, to be trustworthy.

Normally, scaleups get essentially the most worth out of participation within the EIT Digital accelerator once they come effectively ready however are nonetheless wanting to be taught. These founders which have given numerous thought to the small print of their enterprise will probably be in an ideal place to behave on the skilled recommendation EIT Digital’s entry to finance group can present.

In your expertise, why do you imagine EIT Digital is ideally positioned to assist startups & scaleups elevate funds and speed up their enterprise?

Our group 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 immediately facilitated over €130 million in funding for its portfolio firms. 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 by means of our in depth “reside” community makes an actual distinction. Not solely that, however we will additionally leverage our place within the EU-Fee ecosystem after we “cold-reach” traders outdoors our unique community as we constantly discover potential matches for our portfolio firms.

The EU-Fee model is thought by just about everybody, in all places, and it’s acknowledged that gamers belonging to this ecosystem are critical, 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 group? What are its capabilities and the way can scaleups profit from interacting with them?

The Entry-to-Finance group is made up of very senior people with numerous 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 tons of, of traders.

Every firm that joins this system is mentored and supported by one in every of them personally, and by the entire group collectively because the progress and challenges of every firm are debated in weekly group conferences. Right here, every little thing related is addressed, from fundraising technique and investor concentrating on to information room and documentation, from presentation expertise to due diligence – it’s all lined. Every entrepreneur is uniquely refined, and we regulate how we assist them as wanted, all the best way till the funding is signed and wired.

The method by which this assist is given is characterised by two phases:

• Funding Readiness (Part 1): The EIT Digital Accelerator will assessment and focus on with the scaleups concerning 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 through particular person and group coaching to professionalize presentation strategies and expertise as a way to make one of the best impression and promoting level to potential traders.
• Assembly Buyers (Part 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 might 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 could 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 probably 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 could have yet one more likelihood 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 promotion by EIT Digital, acknowledging their outstanding place amongst Europe’s greatest deep tech scaleups.

Are there any further advantages firms ought to count on by accessing the EIT Digital Accelerator program?

In addition to every little thing talked about above, the Accelerator will present quite a lot of progress and assist providers to scaleups to permit them to broaden 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 group consists of consultants with engineering backgrounds that perceive effectively the potential of applied sciences and their associated enterprise fashions.
• MARKET READINESS – By way of the assist of a devoted group of Enterprise Builders, the Accelerator will present assist 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 progress & go-to-market methods to commercialize mature applied sciences and modern options.
• ACCESS TO MARKET – EIT Digital Accelerator will actively assist scaleups by figuring out worldwide prospects and facilitating introductions.

Ready to scale your business with EIT? Apply for the EIT Digital Challenge today!

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