The European Commission has just announced the successful selection of 134 women-founded deep tech startups for its WomenTechEU initiative. With a budget of €10m, the EU initiative saw an incredible 467 applications from across Europe. This builds on the success from a successful pilot in 2021 which saw 50 startups participate.
Women-led deep tech startups are drastically underrepresented across the industry, making up just 3% of all venture capital funding for deep tech startups, according to recent statistics. With WomenTechEU, the EU seeks to bridge the gender gap and ensure greater access and opportunities for successful women-founded deep tech startups. The 134 selected startups, who are developing solutions from medical drugs and carbon capture technologies to digital learning and autonomous robotics, will now each be entitled to €75,000.
The startups also benefit from mentorship and coaching under the European Innovation Council Women Leadership Programme, as well as access to EU networking opportunities. Norbite, a Sweden-based startup which uses insects to recycle plastic waste, Netherlands-based Agurotech, which digitises farming with the help of AI, and Lithuania-based Inobiostar, which uses waste paper-based material to remove oil spills, are just a few of the chosen participants.
Christina Franzeskides, a deep tech investor at Lakestar, believes diversity can help the deep tech sector to reach its full potential. She said: “Diversity of thought, opinion and creativity is essential for our deep tech ecosystem to thrive. To that end, we must strive towards inclusivity, across all backgrounds and genders.” and the European Innovation Council echoed her sentiment, stating that the “companies selected for WomenTechEU will contribute to enhancing the quality of life for the citizens of the EU and beyond.”
Deep tech makes up over a quarter of Europe’s startup ecosystem, with European deep tech companies valued at a combined €700bn in 2021. The selection of the 134 startups has been made with a goal to support and increase the number of female founders and encourage the growth of the deep tech sector, which can provide more potential for innovation and economic growth that can benefit Europeans.
The company mentioned in this article is Norbite, which is a Sweden-based startup using insects to recycle plastic waste. Norbite is a deep tech startup, meaning it develops innovative technology to solve a problem, rather than existing tech being simply improved upon, which is a major contributor to the deep tech sector. Norbite aims to decrease plastic waste and create a more eco-friendly and sustainable planet, making it a major contributor to green efforts.
The person mentioned this article is Christina Franzeskides, a deep tech investor at Lakestar. As a deep tech investor, Christina looks for deep tech startups with potential to make an impact, and with her experience in the industry, she can offer her support and network to startups to help them succeed. Christina is also dedicated to driving diversity in the sector, believing that it is essential for the deep tech ecosystem to thrive and reach its full potential.
