EU backs 100+ women-founded deep tech startups

The European Fee has introduced the outcomes of the second spherical of Women TechEUa programme designed to assist women-founded deep tech startups scale.  

The spherical, which has a price range of €10m, noticed purposes from 467 women-founded deep tech startups from throughout Europe, 134 of which have been chosen to take part. It follows on from a profitable pilot in 2021 which featured 50 startups.

The startups chosen for the second spherical will now every obtain a person grant of 75,000. The feminine founders may even be provided mentoring and training below the European Innovation Council (EIC) Women Leadership Programme, and be afforded entry to EU networking alternatives.   

The startups function in 16 completely different deep tech sectors, and have developed options starting from new medical medicine and carbon seize applied sciences, to digital studying and autonomous robotics. 

Among the many individuals is Sweden-based Norbite, which makes use of bugs to recycle plastic waste, Netherlands-based Agurotech, which digitises farming utilizing AI, and Lithuania-based Inobiostar, which has developed a waste paper-based materials for eradicating oil spills.  

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“By combining revolutionary concepts, feminine entrepreneurship, and wonderful analysis and improvement, this yr’s firms chosen for WomenTechEU will contribute to enhancing the standard of life for the residents of the EU and past,” said the European Innovation Council.

Deep tech makes up over 1 / 4 of Europe’s startup ecosystem, with European deep tech firms valued at a mixed €700bn in 2021. 

But ladies stay chronically underrepresented: final yr solely 3% of VC funding in European deep tech went to women-founded startups. 

These inequities are prevalent throughout the business, however magnified within the deep tech sector. Deep tech startups are inclined to have longer R&D cycles, and require increased capital outlay than conventional startups, which makes it even harder for women-led and women-founded groups to scale up.    

This isn’t simply dangerous follow, it’s additionally dangerous for enterprise. In line with consulting agency McKinsey, the European tech ecosystem will solely be capable of stay aggressive if it manages to draw and retain extra feminine expertise. 

And buyers appear to agree: “Range of thought, opinion and creativity is crucial for our deep tech ecosystem to thrive,” mentioned Christina Franzeskides, deep tech investor at Lakestar, within the 2023 European Deep Tech Report

“To that finish, we should attempt in the direction of inclusivity, throughout all backgrounds and genders, for the area to succeed in its full potential,” she added. 

The European Fee believes that giving women-founded startups the appropriate assist and funding early on will help bridge deep tech’s gender hole, and strengthen the ecosystem as a complete.