EIT Food Fast Track to Market 2024
A new opportunity to get your food innovation product or service to market quicker and enhance your commercial success.
Accelerating the commercialisation of food products and services in Europe contributing to positive change in our food system.
Total funding of up to €60k–€400k per company via a revenue-based financing mechanism.
With the launch of Fast Track to Market, we are looking to fund mature startups and SMEs whose products or services directly contribute to one of EIT Food’s three missions:
EIT Food is looking for fast-moving, mature companies with an existing business case that has high potential to generate B2B/B2C sales for new or improved food innovation products or services. Through the Fast Track To Market funding programme, you can boost your market readiness to bring your service to new or expanded markets.
Whether expanding to new markets, or growing new products in existing markets, the support of EIT Food can help your company speed up your marketability and potential commercial success.
Who can apply to Fast Track to Market?
Your company is eligible to apply if you:
- Are a legally incorporated entity in one of the EU or Horizon Europe eligible country, and have been for at least 12 months;
- Have a technological product, service, solution that fits within one of the three EIT Food Missions;
Are classed as small sized company, as defined in the EU recommendation 2003/361 (between 3 and 49 employees and less than 10 million turnover or balance sheet);
Have at least 3 full time employees.
You are past the ideation phase; you are generating revenues from paying customers and not only from pilots.
We ask that applicants have a clear case for a 6–10 month project that can significantly accelerate their startup/SME’s commercial success, and that the proposed project must be able to have an immediate impact by bringing their products or services to the market.
Applicants already affiliated with EIT Food (FAN and Rising Food Stars) are also welcome to apply.
Webinar content & dates
Please keep an eye out for the next window of submissions, expected in September of 2024.
- The first webinar was held on the 21st of February 2024
- The second webinar was held on the 13th of March 2024
How do I apply to Fast Track to Market?
If you fit the above criteria, we will ask you to fill out an application form once the next window of submissions are open.
Within the application form, you will be asked to submit the following:
A fully-written company business plan and presentation
A pitch deck outlining the commercial readiness of your proposed fast-tracked product or solution
A commercialisation plan that describes your company’s commercial capacity for current and future assets/products
A report attesting to your company’s financial statements and health
A project plan outlining the activities to achieve next sales milestones
A budget plan outlining the expected costs for the proposed project scope
How does the Fast Track to Market funding work?
Your company can apply for up to €60k–€400k in funding.
Your start up or SME will be the sole funding beneficiary of the funded project and must allocate the funding to eligible costs between the contract signature date for a maximum duration of 10 months following the project start date.
Revenue-based financing mechanism
Selected Fast Track to Market startups/SMEs will need to comply with EIT Food’s Revenue Based Financing Agreement, which consists of a repayment based on the company’s revenue. Repayment is not dependent on the sales of the foreseen marketed innovation.
The Revenue Based Financing Agreement allows us to reinvest in our community. More information on the mechanism can be found in the guidelines and was explained further during our webinars on 21 February 2024 and 13 March 2024.
Alberts benefited in many ways from the EIT Food collaboration, especially through the 'Fast Track' market initiative. This grant not only provided financial support for the development and market acceleration of our oat and coco plant-based drinks but also laid out a structured roadmap with partners Alpro and Decathlon. We appreciated the initiative's speed, living up to its name by allowing us to advance swiftly and effectively.
FAQ
How many Fast Track to Market projects will be awarded?
EIT Food is looking to award up to 10 projects, depending on the grant amount of each project.
Am I eligible to apply if my company hasn’t generated revenues yet?
Unfortunately, the Fast Track to Market programme is dedicated to mature start-ups and SMEs only, who have an existing business case that is already generating revenues from paying customers. If your company has not reached this milestone yet, you may be better suited for other EIT Food funding opportunities. You may also alternatively wait for the next window of the Fast Track to Market program once you fulfil the requirement of revenue-generation.
Does EIT Food have a preference for how the Fast Track to Market funding should be spent? What costs are eligible?
No, EIT Food does not have a preference as long as the proposed activities are able to have an immediate impact within 6-10 months by accelerating the commercialisation of agrifood products or services that align with at least one of EIT Food’s missions. The catalogue of eligible costs are outlined by the Horizon Europe Annotated Grant Agreement.
What is revenue-based financing? Why is there a financial return mechanism?
Revenue-Based Financing (RBF) is a founder-friendly type of financing where EIT Food provides your company an immediate cash injection in exchange for a percentage of your company’s future revenues. In return for de-risking your commercial investment through our funding, we ask that you re-invest your success within our community in order to drive more systems change that will benefit us all.
What is the difference between Fast Track to Market’s revenue-based financing versus a bank loan or an equity investment?
Revenue-based financing may be more favourable than other financing options in the market for a variety of reasons: there is no equity dilution, the repayment schedule can be negotiated, there is no collateral or personal guarantees needed, there is no interest on the outstanding balance, the application process is typically faster, there are no fees or restrictions, and there are no extensive negotiations or valuations required.
When does repayment begin? What would be my repayment amount?
The repayment period begins once the Fast Track project is complete and the final financing payment is disbursed. The repayment amount you owe to EIT Food is equal to the total financing your company received times a multiplier between 1.1x and 1.5x, depending on how early your company repays. The multiplier is 1.1x if paid within one year, 1.2x if paid within two years, 1.4x if paid within three years, and 1.5x if paid within four years. Additional details may be found within the guidelines document.
Are UK and Swiss entities eligible to apply?
Entities registered in the United Kingdom are eligible to apply given their third country association with Horizon Europe, as outlined by the List of Participating Countries in Horizon Europe. Swiss entities are eligible to apply as monobeneficiaries, but are limited to funding of EUR 60.000 over 3 years.
Relevant documents
Please find below the pertinent documents for your application:
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