Please use this form to upload Adequate Proof of Follow-on funding.
- Definitions of Follow-on funding & Adequate Proof
- Definition of Follow-on Funding
Follow-on funding is defined as either
- a signed commitment (e.g. term sheet) on the provision of funding of at least 50,000 € in cash by a 3rd party with a clearly expressed interest in acquiring equity in the applicant’s company. Loans, without the intent to acquire equity in the applicant’s company are excluded. Convertible notes with the provision to turn into equity are included.
- a signed cash prize agreement of at least 50,000 € provided to the venture for their previous achievements.
- Adequate Proof of Follow-on Funding
Proof of the follow-up financing consists of a written contract signed and stamped by both the applicant venture and the 3rd party fund provider before 30th November 2020.
The proof must be provided by electronic means via the submittable platform:
Submissions will be possible from the start of the Final Prize submission period until the 30th of November 23:59:00 Central European Time. EIT Digital does not take responsibility for technical problems on the website.
The timestamp of the reception of the proof document as registered by the application portal is decisive for the eligibility, as only the 10 first are eligible.
Applicants across all regional editions will qualify for the additional cash prize.
The validity of the provided documentation will be checked and confirmed by EIT Digital’s Legal Department only after the final Deadline. No information on the validity of the provided proof nor about the number of the requests received for the second tranche of the Final Prize will be shared with applicants beforehand.
EIT Digital shall publish in its website (in the section for the Venture Program (http://www.eitdigtial.eu/venture-program) the list of the 10 first ventures having provided adequate proof of the funding as stated in this clause, along with the timestamp of the reception by EIT Digital of the proof documents.