LUXEMBOURG - Tuesday, July 19th 2016 [ME NewsWire]
(BUSINESS WIRE)-- The Luxembourg Government launched jointly with a group of private investors a seed fund to support the financing and the development of start-ups up to seven years of age which are operating within the national digital economy field. This move is a further step in increasing Luxembourg’s visibility as a hub for launching new innovative activities in one of the key sectors in the country’s economy.
The Digital Tech Fund was set-up on the initiative of the Ministry of the Economy as part of the national “Digital Lëtzebuerg” initiative. The main but not exclusive aim of the fund will be to make venture capital investments in companies with projects which have reached the proof of concept stage in fields such as cybersecurity, fintech, big data, digital health, telecommunications and satellite services, or the “Internet of things”.
To facilitate the transfer of new technologies resulting from public-funded research, particularly that carried out by the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT), a further aim of the seed fund is to invest in promising spin-offs in order to generate as much beneficial economic impact in the Grand Duchy as possible.
Étienne Schneider, Deputy Prime Minister and Minister of the Economy, stated: “In meeting the financing needs of start-ups in their launch phase, the Digital Tech Fund rounds off the national ecosystem for promoting the development of innovative companies in the field of ICT. Augmenting the existing financing instruments and government support measures, the various support regimes of the Ministry of the Economy or the Luxembourg Future Fund, the Digital Tech Fund further enhances Luxembourg's appeal for start-ups and will help attract new innovative businesses.”
The Digital Tech Fund is managed by Luxembourg-based Expon Capital whose team has a strong track record in investment management. Interested start-ups can apply directly through the website at www.digitaltechfund.lu. Developed under a public-private partnership, the fund includes the following partners : Arendt & Medernach, Banque Internationale à Luxembourg SA (BIL), High Capital (BHS Services), Luxembourg State, POST Capital, Proximus, SES and the public-law banking institution “Société Nationale de Crédit et d’Investissement” (SNCI).
Released by the Luxembourg Ministry of the Economy
Ministry of the Economy, Luxembourg
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