This paper analyses the performance trends of investees after receiving EIF support. The aim is to establish a taxonomy of start-ups according to their growth trends. Using a wide range of descriptive statistics, the first part of the work documents the remarkable growth of EIF-backed start-ups, both on average and median terms. The second part of the work carries a cluster analysis that combines different measures of firm medium-term development.

The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF´s business. The Working Papers are edited by EIF´s Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF.