EIT Urban Mobility is an initiative of the European Institute of Innovation and Technology (EIT). Since January 2019, EIT Urban Mobility has been working to encourage positive changes in the way people move around cities in order to make them more liveable places. EIT Urban Mobility aims to become the largest European initiative transforming urban mobility. A co-funding of up to EUR 400 million (2020-2026) from the EIT, a body of the European Union, will help make this happen.
Urban Air Mobility; Waterway Transportation & Water Logistics; Connected Vehicles; Mobility & Energy; Autonomous Vehicles and Systems; Mapping and Navigation; Sensors and Training Data; Mobility Services; Vehicle Marketplaces and Aftermarket; Smart Cities & Smart Parking; Last-mile Delivery & Green Logistics.
The EIT UM Investment Readiness Accelerator (EIT UM IRA) is an acceleration program targeting innovative European companies in the urban mobility areas which are in the process of raising funds or expect to do that by the end of 2025.
The EIT UM IRA consists of the following activities:
1. Startup funding needs assessment,
2. Term sheet knowledge assessment,
3. Deal attractiveness assessment,
4. Startup performance indicators knowledge assessment,
5. Investment readiness documentation assessment and preparation,
6. Training sessions including workshops on risk mitigation, equity finance essentials, startup law, startup psychology, pitch training, funding opportunities, European grants, how to attract the right investment, etc.,
7. Access to the knowledge centre with investment documentation templates,
8. Personalized consultancy on investment readiness,
9. Networking with peers and other urban mobility entrepreneurs
10. Pitch training and coaching,
11. Matchmaking with investors,
12. Help desk for technical questions about fundraising matters until the end of March 2024.
EIT UM will subscribe only 1% of the equity in exchange for participation of the company in the EIT UM investment readiness accelerator. Additionally, participating companies will be offered a grant of 10.000 EUR in exchange for 1% of their total shares on top of the initial 1% required to enter the programme. Participating companies can request up to 40.000 EUR in exchange for 4% of their total shares on top of the initial 1% required to enter the programme. Apart from IRA services, companies selected for the cohort will receive a startup benefit package (such as discounts on professional valuation services, etc.).
Selection for IRA will be focused on innovative and fast-growing European companies planning to raise capital in the next 24 months, that need training and advice to become more investment ready.
EIT UM IRA is an online program. There will be no travel required.
EIT UM IRA activities will take place throughout 2023, and cohorts will benefit from IRA support until December 2023.
EIT UM IRA will prepare selected companies for fundraising by reducing the investment risk in exchange for minimum equity. Having EIT UM as a shareholder provides access to additional funding opportunities, increases company valuation and protects the company in negotiation with other investors.
EIT UM is not going to sign an NDA with the companies participating in EIT UM IRA program.
EIT UM portfolio companies will have access to the powerful network of mentors, investors and peers as well as dedicated trainings, grants and investment opportunities.
You are welcome to reapply when the next EIT UM IRA batch call is announced.