EU PUBLIC FUNDING PROGRAM BY BLOOMBLISSER, THE STARTUP STATION, AND THEOROS CAPITAL
Are you a health tech, digital health, or med tech startup, located outside of Europe, looking for product development or clinical trials funds?
With our new program, you can apply for European non-dilutive public funding even from outside of Europe, use them to get your product market ready, and then be in a better position to raise growth capital for the U.S. when you have significantly reduced your risk.
We will also accelerate your European health market entry via Austria with additional non-dilutive funds. You don’t have to relocate until you are ready.
Not a healthcare startup, but interested in exploring EU public funding options. Sign up here to be alerted of future opportunities.
The program is created in collaboration with our Austrian partners, Bloomblisser, a European venture builder and accelerator in Digital Health & MedTech and Theoros Capital (part of Theoros Group), a Vienna-based investment advisor with strong legal and regulatory expertise.
In this program, we will select top three startups and will assist them to obtain public non-dilutive funding at no upfront cost.
LEARN MORE AT OUR FREE WEBINAR ON NOVEMBER 17TH, 12 pm EST.
Bloomblisser specializes in European, Austrian national and regional grants and has an extensive track record of success. In the six years of its existence, Christian Bouda, Co-Founder and CEO and his team has helped more than 100 new ventures obtain investment and funding ranging from $36K (Euro 30K) to $3M (Euro 2.5M) and achieved a 3x success as compared with the success rate when startups apply on their own.
Public funding in Europe - overview
There are numerous public funding programs in Europe. They exist at the European Union, national, and regional levels, and additionally in each of these categories on a topic-related basis. Outsiders speak of a funding jungle.
It is therefore important for a startup in each industry to have an understanding of the purpose of each grant, individual grant amount, maximum quota per grant program, eligibility criterias, and how the decision-making process works - to name the most important ones.
For example, one of the biggest programs, Horizon Europe (2021 - 2027), has a total budget of $120Bn. $16bn of those $120Bn is allocated to startups and SMEs across a wide range of funding programs, such as EIC Accelerator and EIT. In addition, more than $600M per year are paid out by Austrian national agencies.
If you are accepted to our program, we will help you identify the grants you are most eligible for and assist you with the application process to ensure a successful outcome.
- Curated access to non-dilutive public funding up to $3M via relevant European, national or regional grant programs
- Complimentary ($12,000 value) hands-on individual assistance with the application process executed by Bloomblisser, which has an extensive 6-year track record with 100+ startups in med tech and digital health
- Complimentary ($6,000 value) legal advice (up to 10 hours) by Theoros Capital to address any legal matters arising as part of the grants application process and arranging for a local representative in Austria, if necessary
- Knowledge of European laws and regulations to assist with incorporation and European market entry via Austria
- Post-grant support and curated access to vetted resources and existing market entry programs to enable and accelerate a successful European market entry
- Assistance with future growth funding by The Startup Station
- You don’t need to relocate to Austria until you are ready.
Who can apply
You must meet all requirements.
- Required: Industry: digital health, med tech, health tech
- Required: Stage: Seed+
- Required:Traction: MVP + FDA clearance, MVP + validation phase, letters of intent, customers. Note you don’t need to satisfy all the regulatory requirements.
- Required: No presence in Europe
- Required: No IP filed in Europe
- Required: Prior industry experience (at least 5 years) OR raised a professional round
- Desirable: Revenues
- Desirable: Prior exit experience (team or board of advisors)
If your technology is open source, you can apply as long as you have at least one revenue source and a way to protect your competitive advantage.
Sample uses of funds
- Product development, R&D, technical feasibility and commercial potential
- Clinical trials
- Business development in Europe
- Patent filing in Europe
- Patent filing in the U.S.
- Register below by December 9th and you will receive submission instructions. You must submit your response by December 10th. The application fee is non-refundable.
- We will review all applications and announce results on December 16th. Top 6 candidates will advance to the next stage “Personal interviews”.
- Personal interviews with Bloomblisser and Theoros Capital: Dec 17th - Dec 18th
- Winners announced on Dec 21st.
After you are selected
Beginning January, you will work with Bloomblisser and Theoros Capital to apply for 1-2 European grants (you are most eligible for) for the next three months and will receive any necessary legal support (up to 10 hours) on the relevant paperwork.
You may expect a response in 6-8 weeks after you apply for each grant.
This portion is of no cost to the startup and typically costs $6,000 per grant and the legal advice is $5,000+ on average.
After you get a grant
You will be required to incorporate in Austria. Theoros Capital will help you with all the logistics and with arranging a local representative to fill out the paperwork.
How much money can we raise through this program?
$ 36K - $ 3M
Are there any restrictions on the use of public funds?
Depends on the program. Typically the funds are used for product and business development.
How long does it take to receive a response after we apply for grants?
6 - 8 weeks
How much does it cost to incorporate?
Cost: Euro 2500
Paid In Capital: Euro 2,500 (can be used later to cover operations)
Do I have to move to Austria after I get a grant?
No, but you need to incorporate
What support can Austria provide to my startup?
I2A International Accelerator by Bloomblisser accelerates market entry into the European market for digital health, health tech, and med tech companies via a custom 3 to 6-month program. As a result of going through the program, startups will have:
a. An application for product approval
b. The necessary branch office
c. The necessary quality management assured processes (eQMS)
d. The development of test markets
e. First customers contacts
f. The examination and application (self-applied) for subsidies
g. The establishment of targeted contacts to co-investors
h. At least one started negotiation process for insurance reimbursement in case a similar product is already listed on the european market