Coloreel has been selected for funding of 2.1 million Euros by the European Commission in its highly competitive SME instruments within the program for research and Innovation, Horizon 2020. For this program, the commission is hand-picking potentially disruptive business to invest in and support.
For the cut-off of the program SME Instrument, that Coloreel applied for, 1.376 project proposals were sent in from 34 countries. Only 51 companies were chosen and granted funding, Coloreel being one of them, receiving the second largest grant.
With this funding and the strong support of the European Commission Coloreel will be able to strengthen its IP portfolio further and secure its mission to launch Embroline and continue to provide the textile market with other groundbreaking instant thread coloring solutions.
Highlights about the Horizon 2020 SME Instrument
“It funds market-creating innovation in disruptive small businesses that have significant growth potential and global ambitions.”
“Only the most innovative companies get selected.”
“25% of the companies funded under the SME Instrument are among the 10% fastest growing companies in Europe according to Venture Radar.”
“Companies receive up to € 2.5 million to bring their innovation to the market, free coaching and support in commercialization – like facilitated access to overseas trade fairs.”