In the recent development, the EIT Health has awarded €5.5 million to startups in Europe to support with business continuity in response to the disruptions caused by the COVID-19 pandemic.
The ‘Start-up Rescue Instrument’ was initiated by EIT Health in May and called on highly innovative biotech, medtech and digital health startups to apply to receive up to €500,000 in co-investment from EIT Health, in return for options. The instrument was launched to alleviate the financial shock posed by COVID-19 and bridge the fundraising gap of start-ups in Series A, Series B and bridge-financing rounds.