EU programmes · European Commission (European Innovation Council)
A new equity-only call launched in 2026, the first time an EU funding programme invests direct equity in defence companies. The €100 million budget targets critical defence technologies including air and missile defence, drones and counter-drone systems, with EIC investments of €10-30 million per company crowding in private co-investors. Companies passing evaluation thresholds receive the STEP Seal.
If you are a European defence scale-up raising a €50m+ round, this is patient EU equity at a size national schemes rarely match, and the 20% anchor-investor requirement means you apply with your lead already engaged.
European Commission (DG DEFIS), with EUSPA and the EIF
Space is treated as dual-use across EU funding; CASSINI gives space-defence start-ups an equity pipeline and visibility instruments that stack with EDF and EUDIS applications.
European Investment Fund with the European Commission, under InvestEU
Not a programme you apply to as a company, but it determines which European VCs have fresh defence-mandated capital; track its fund commitments to know who can actually write you a cheque.
European Investment Bank Group
Debt, not grants: the EIB now finances defence companies that banks still avoid, and venture debt from its one-stop shop can extend runway without dilution once you have revenue or strong contracts.