Verhaert, Plug and Play, CIVITTA, and Sting announced on Monday, December 12, that they have won the CASSINI Business Accelerator contract worth €8.5M from the European Commission.
According to the European Commission, the growth of space companies in the Americas and Asia has often overshadowed many European players.
With the CASSINI Business Accelerator, the European Commission intends to promote entrepreneurship in space-related businesses across the EU.
The contract consists of a €6M fund divided across the accelerated startups and scale-ups at the end of a six-month journey.
In the two-year contract, the consortium of four companies – Verhaert Masters in Innovation, Plug and Play, CIVITTA, and Sting – will ensure space participants are prepared and facilitated in international sales and investment gatherings.
According to the European Commission, the contract can extend for another two years and a total investment of €17M.
What do the participants get?
Every year, 40 startups and scale-ups will be accelerated with a focus on scaling them to European and global market standards.
The CASSINI Business Accelerator programme will allow entrepreneurs across Europe to connect with potential clients and investors across different countries, changing the narrative from local to international.
The consortium of four companies will provide acceleration support in dedicated locations and markets of interest, and mentorship in key areas such as sales and business development planning, investment readiness, and market expansion.
The first cohort of 20 participants will be inducted in May 2023.
“Our mission is to get more funds to invest in exciting European space companies. Supporting these startups early on will give them the boost they need to get picked up by VCs and become key players in the international market,” said Tomas Jonsson, CASSINI Space Entrepreneurship Initiative.
Verhaert: What you need to know
Verhaert helps companies and entrepreneurs to boost their capacity to innovate. The company is active in various industries like FMCG, life sciences, and the space industry covering upstream optics, technology transfer, and space entrepreneurship.
The group has more than 350 employees with innovation centres and hubs in Kruibeke, Antwerp, Ghent, Kortrijk, Westerlo, Nivelles, Noordwijk, Utrecht, and Aveiro.
Plug and Play: What you need to know
Plug and Play is an innovation platform that connects startups, corporations, venture capital firms, universities, and government agencies.
Besides offering corporate innovation programmes, the company also organises startup acceleration programmes and has built an in-house VC to drive innovation across multiple industries.
Sting: What you need to know
Sting (Stockholm Innovation & Growth) helps entrepreneurs develop their ideas into successful, international growth companies by offering highly qualified business coaching, team & talent support, financing, and networking.
Since its inception, Sting has supported more than 370 startups and has co-founded several vital initiatives such as SUP46, THINGS, Ignite Sweden, Sweden Sustaintech Venture Day, Luminar Ventures, and Propel Capital.
CIVITTA: What you need to know
Based out of Estonia, CIVITTA is a management consultancy from Central Eastern Europe that provides innovative services for startups, helping them grow and scale.
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