Deadline: 01-Jun-2020
The Start-up Rescue is a new EIT Health instrument that supports European innovative start-ups by providing funding in return for Options for EIT Health.
With this opportunity, EIT Health will help start-ups activate private capital and propel their venture’s acceleration. In addition to providing a boost to bridge financing rounds, EIT Health will offer selected start-ups a strong network of partners. All start-ups selected will be supported by the international EIT Health Business Creation Team for at least 8 months as part of a structured project and thereafter supported as an Alumni.
Funding Information
EIT Health will grant the start-up up to €500,000 for a project running up to 8 months and will ask for options in return.
Eligibility Criteria
Only start-ups that comply with the following criteria can apply to the Start-up Rescue Call:
- Investment rounds affected by the COVID-19 crisis
- Seeking Series A or Series B financing round or was in promising preparation of a bridge financing round ≥ €1M before COVID-19 crisis
- Pre-money (of current round) or Post-money valuation (of previous round) ≥ €5M (determined after 1 January 2019).
- Private investor willing and able to co-invest at least 50% of value of EIT Health grant
- Related product with TRL ≥ 4 (Biotech); TRL ≥ 6 Medtech/Digital Health
- Active in Medtech, Biotech and Digital Health areas. Please note that drug development projects are not eligible for this programme
- Be an SME According to EU defintion.
- Be registered in one of the EU Member States or countries associated to Horizon 2020.
- Be incorporated on or later than January 1, 2013. Start-ups that do not meet these are discouraged from completing the application.
Investor Eligibility & Profile
To qualify, start-ups must ensure they have met the private co-investment requirements as their confirmation is key to eligibility.
- Private investors who entered investment negotiations with start-up in the previous months and that are affected by COVID-19 outbreak. These include Business Angels, Super Angels, CVCs, VCs, family offices and other equity investors who could bolster tailwinds of their current or target portfolio start-ups.
- The investor shall provide the start-up with evidence ability and willingness to co-invest at least 50% of EIT Health grant-for equity requested under current terms to submit with application.
Application Eligibility
Only one application is eligible per start-up and applications must be submitted through EIT Health Optimy application platform. Incomplete submissions, or submissions via any other routes (e.g. email) will not be accepted. Documents requested in the Optimy must be uploaded to the platform. Applicants must own or have the rights to the intellectual property that is the basis for the project or product. The application will require the start-up to:
- Draft a project with a duration of 8-9 months that ends prior to March 31, 2021.
- Outline how the EIT Health funding is to be spent. This outline should include four or more milestones that are required for implementation of the project. The milestones should be connected to deliverables and projected timelines. All funding must be spent according to Horizon 2020 Guidelines and connected to innovation-related activities.
- Clarify how the project and the funding associated will impact the company and support management of the current crisis. Companies should directly comment on the impact of COVID19 on their company, outline their financial short-term strategy for the next four months and describe crisis mitigation measures, as well as, mid-term strategy for 2020 and 2021.
- Project must be within the scope of the main challenges in EIT Health: strengthening healthcare systems in Europe, promoting better health of citizens, contributing to a sustainable health economy in Europe.
Evaluation Criteria
EIT Health will evaluate the project proposal in a multi-stage process through internal and external selection committees based on:
- eligibility criteria and internal screening
- external evaluation and investment committee panel and
- internal risk assessment and senior management committee to deliver final decision following pitches of start-ups that successfully reached the final vetting stage.
For more information, visit EIT Health.