VIVES Inter-University Fund (IUF), a European science based early-stage fund, announced the securing of an additional €5 million from the Luxembourg Future Fund 2 (LFF 2), bringing its total funding to €75 million.
LFF 2 is a €200 million initiative between the European Investment Fund (EIF) and the Société Nationale de Crédit et d’Investissement (SNCI) managed by the EIF, which builds on the successful implementation of LFF 1. Under LFF 2, EIF and SNCI cooperate in order to stimulate the diversification and sustainable development of the Luxembourg economy.
“We are thrilled to have surpassed our financial goals for this fund, which demonstrates the trust investors place in our capability to develop successful spin-offs and startups across our inter-regional ecosystem,” said Philippe Durieux, CEO of VIVES. “LFF 2’s investment in VIVES IUF shows our ambition to become a key investor in the European innovation ecosystem and to address the numerous challenges in the fields of health, agriculture, industry and technology transfer.”
VIVES’ investment experience in Luxembourg and the historical relationship with the Luxembourg startup ecosystem place the fund in a strong position to support innovation in the country. One of the startups is LMO Space, a Luxembourg based company developing precision maneuvering technologies for in-space operations.
Bullish on Luxembourg
The Luxembourg startup ecosystem currently includes more than 500 companies, mainly active in FinTech, InduTech, CleanTech and HealthTech, as well as automobile, space and cybersecurity technologies. It also provides over 15 incubators and accelerators, including Technoport, a Luxembourg technology business incubator with whom VIVES is currently in partnership discussions.
“Our aim is to promote the growth and diversity of the country’s economy. I am confident that a new generation of innovative businesses can arise from the fruitful encounter of investors and public research in Luxembourg. VIVES will contribute to encouraging these new ventures,” added Eva Kremer, CEO of SNCI.
“Getting great ideas out of the labs and into the markets where they can make a difference in people’s lives is the ultimate goal of our investments in the field of life science. Through VIVES, we are confident that we can achieve this. We look forward to a series of new investments into the Luxembourgish and broader Benelux and European start-up scene, also contributing to strengthening the investment ecosystem,” commented EIF chief executive, Marjut Falkstedt.
Read the orginal article: https://www.eu-startups.com/2024/09/belgium-based-vives-iuf-fund-raises-additional-e5-million-to-invest-in-luxembourg-startups/
