EIT Urban Mobility, Financial Support to Startups, EUR 14M budget and a EUR 2.5M cap

What it is: the call manual calls the money financial support, also called a sub-grant, paid under Horizon Europe cost rules. The startup must be in an active pre-seed, seed or Series A round. EIT Urban Mobility joins that round and "will not lead" it unless exceptional circumstances occur. Its investment page says the support typically takes the form of a Horizon Europe grant, with shares at nominal value, capitalised through a capital increase or a SAFE.

A conflict between the two documents: the manual says any shareholding is voluntary and "not a prerequisite or automatic condition" of the grant. The investment page calls allocating shares "a key requirement" for startups funded under this call.

• Eligibility: pre-money valuation not above EUR 50 million, founders or executives jointly hold more than 40% before the round, a prototype, pilot or MVP, urban mobility market, a legal entity in the EU or a Horizon Europe-associated country. No application to three consecutive cut-offs. Not already in its equity portfolio.
• Selection: a 60-point application score, a live pitch, then legal and tax due diligence with a data room. Only the top 12 proposals, 4 from Regional Innovation Scheme countries and 8 from others, reach the final stage. Three members of executive management decide, adding up to 5 points for portfolio fit.
• Timing: eligibility check within a week, invitations to pitch within 4 weeks of the cut-off, results about 3 to 4 weeks after the pitch, project start about 8 weeks after that.
• Cost: selected applicants "may be required" to join as a member and pay a membership fee. The amount is not in the manual.

Who pays: EIT funding, per the manual. EIT Urban Mobility is an initiative of the EIT - European Institute of Innovation and Technology, a body of the EU. About EUR 4.5 million of the EUR 14 million is earmarked for Regional Innovation Scheme countries. Any financial return is reinvested, it says, because its sole shareholder is a non-profit association.

Track record, from its investment page: 140+ startups in the portfolio, a target of 8 to 10 investments a year and 5% to 10% equity. Our arithmetic: EUR 14 million covers 5.6 tickets at the EUR 2.5 million maximum. The page does not say how the yearly target and this budget fit together.

Not published: the results of earlier cut-offs, the amount invested to date, the final instrument terms, which are negotiated after selection, and the membership fee.