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Funds will be used to save struggling startups and launch anti-pandemic ventures
The European Institute for Innovation and Technology has approved the distribution of €60 million (£54m) among its Knowledge and Innovation Community networks, to support small companies trying to survive or combat the Covid-19 pandemic.
Existing EIT-backed startups will be infused with cash through the institute’s Venture Support Instrument, while new innovation projects will be launched through its Pandemic Response Projects programme, the funder said in a 30 June press release.
About 60 per cent of the funding will go on supporting existing businesses, with the rest directed towards setting up new ones.
The EIT’s food network will get the biggest allocation, €10.3m, with the health, raw materials and climate networks getting similar-sized slices of the pie.