Members of the Luxembourg Business Angels Association access to a broader European network for funding and diversifying portfolios after LBAN signed a partnership with Verve Ventures.
The Luxembourg association, which counts over 100 members and last year invested €8m, was expected to announce the partnership at an event hosted at the Paul Wurth InCub.
“Verve Ventures brings diversification in sectors, size and geography,” LBAN board director Michel Rzonzef told Silicon Luxembourg ahead of the event. “We had strategic reflection on how to bring more to investors and how to bring more to the ecosystem. And that’s how we came up with the idea of a partnership with Verve Ventures.”
Located in Switzerland and with a European reach, Verve Ventures supports a broad range of innovative startups. Rzonzef expects that the partnership will allow investors to diversify their portfolios and bring a boost to under-developed sectors in Luxembourg. At the same time, Luxembourg entrepreneurs will be able to access European deal flow, at Series A, B or C, offering a complement to the seed and pre-seed currently offered by LBAN investors. Finally, the partnership will bring opportunities to investors and entrepreneurs alike to seek opportunities beyond the borders of the grand duchy.
Rzonzef stressed that the goal was “not to divert our efforts from Luxembourg.”
He said: “We continue our work supporting the ecosystem, and identifying startups where we can bring investment from business angels and this is bringing a diversification opportunity so it’s an add-on.”
“You see a dynamic of a refocus by investors from the stock market to private equity as well as family offices going more and more in the early stage.”
Michel Rzonzef, director of the LBAN board
Verve Ventures is a tech-driven, private association that was established in 2010. It invests €60-€80 million in around 50 startups per year across europe.
Verve Ventures focuses on innovative startups and was among the investors that took part in the funding round for Salonkee, a Luxembourg-based online booking platform. The €6.2m raised in Series A finance in July 2021, was also reached with support from LBAN, Fortino Capital and Newion. “It’s really an example that Verve Ventures brings dealflow for investors and the investment opportunities for startups,” said the director of the board.
LBAN’s focus is on helping investors find early-stage investment opportunities by providing the best inflows, support and advice and providing the network. It meanwhile supports the ecosystem by helping entrepreneurs to understand the financing path, raise funds and get advice on how to grow their business.
Rzonzef reckons that VC investment in European tech startups is growing, helped in part by the Horizon programme, a €95.5 billion funding pot for research and innovation.
“You see a dynamic of a refocus by investors from the stock market to private equity as well as family offices going more and more in the early stage. It’s not tech for the sake of tech, it’s innovative solutions solving real customer problems,” he said.
Entrepreneurs interested in applying for finance through LBAN can find out more on their website. LBAN will invite a selection of applicants to pitch to members.