The aim in this eligibility requirement was in order to ensure that the startups that are going to get funded by Women TechEU are not already well funded themselves. Therefore investments in cash or equivalent are the ones counted towards the 1 Million €. This will include private equity investments from business angels or VCs, SAFE notes where the money is already available in the bank account of the startups and convertible loans. What is NOT included are the investments of the co-founders themselves, sweat equity or public grants.