EIT Urban Mobility has invested €17.1 million in more than 150 companies in the urban mobility space over the past four years. It has also run 50 accelerator programmes and in February 2023 launched the Startups Growth Lab.
“Startups Growth Lab is the largest community of sustainable mobility entrepreneurs in the world and now has more than 1,000 members,” EIT Urban Mobility’s Impact Ventures Director Fredrik Hånell tells Zag Daily.
“The Startups Growth Lab is designed to foster connections, share knowledge and provide a supportive environment for early-stage ventures either seeking to grow or looking for investment. By bringing all these opportunities together in one place, the Growth Lab offers the most valuable resource of all: time.”
Within the platform, members gain access to a range of resources and opportunities designed to accelerate their growth and success. From funding and access to market opportunities and perks in SaaS products, to the latest sector news and networking events, Growth Lab serves as a one-stop platform for entrepreneurs in the urban mobility space.
To ensure that the community works to the benefit of its members, only entrepreneurs and startup founders are able to register for Startups Growth Lab. A dedicated team is then responsible for updating the platform with new content and webinars that inform startups on their journey.
“The Startups Growth Lab works so well because it automates the knowledge sharing process and enables EIT Urban Mobility to support as many ventures as possible,” says Hånell.
Growth Lab Premium
In July 2024, EIT Urban Mobility announced the launch of Growth Lab Premium. A significant leap forward for the platform – the new tier provides a suite of value-added services including secure funding, reduced costs and more opportunities than ever before.
One of the key premium resources to help entrepreneurs secure funding has been the National Investment Guide, a country-by-country list of venture capital and corporate venture capital firms that are targeting startups in certain locations.
Another feature is startups can access EU funding through a personalised one-on-one service with the European Investment Bank (EIB) and the European Innovation Council (EIC). This service is especially valuable given the complexity of these funding instruments, as it helps startups determine if their needs align with the eligibility criteria of these organisations.
“For €1,700 per year, premium subscribers gain access to more streamlined content that is tailored to their business,” Hånell explains.
“For example, startups can access extensive lists of potential investors that are relevant in different countries across Europe, which is really valuable given how difficult the investor market is right now.”
Having access to streamlined information in one place also means that startup founders are less likely to miss out on opportunities to seek investment: “We are providing a shortcut for entrepreneurs and taking out some of the legwork that was necessary in the past. Premium subscribers will never miss out on a pilot scheme or grant scheme.”
Hånell says that he has driven 12 startups so understands the funding landscape. “I know the sort of information that entrepreneurs want access to when they are looking for investors. And this is what we are trying to capture with Growth Lab Premium. Startups want contacts and information and to be informed about all funding opportunities.”
EIT Urban Mobility as an impact investor
Being an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union, EIT Urban Mobility operates slightly differently from most investors.
“We use a blended instrument, meaning that the money we provide to startups is part grant and part equity investment, much like other European organisations,” explains Hånell.
EIT Urban Mobility has evaluated over 4,000 startups to date, with only the best making it to the investment portfolio. To this day, 93% of the companies in receipt of funds remain operational.
“Startups can apply for funding via the Financial Support to Startups Open Call and are then assessed by external experts that we select,” Hånell continues.
“They then report back to us and rank the pitches that they have evaluated. Our two investment committees then look over 16 pitches each and decide which startups to go forward with.”
It’s important to note that the two batches consist of startups from Regional Innovation Scheme (RIS) and non-RIS countries, ensuring fair funding opportunities for all regions.
“New mobility startups tend to focus on operating in a limited number of cities and delivering profitability in those locations before looking to expand,” Hånell says.
“This is unlike other industries that rely on rapid international expansion or non-linear growth in order to survive.”
As a result, Hånell believes that the importance of the role played by EIT Urban Mobility cannot be overstated given the current headwinds facing investors.
“There are around a third of new venture capital funds established now compared to a year ago,” he recalls.
“So, the climate is much tougher today for startups and investors. At the moment many investors would rather keep their existing portfolios alive to save face rather than make new investments.
“That’s why our large network of more than 750 stakeholders, which includes many potential leads for startups, is having such an impact. We are laser focused on helping these companies become profitable to drive the future of mobility.”
