First investments announced to the Luxembourg Digital Tech Fund
Investments target itravel and Nektria.
The Minister of the Economy Étienne Schneider, announced on July 10th 2017 the first two investments by the public-private Digital Tech Fund (DTF). The companies selected to receive each €500.000 are iTravel (Cologne, Germany) and Nektria (Barcelona, Spain). Both firms already have established entities in Luxembourg and will in the coming months increase their staff and operations in the country.
Expon Capital, the venture capital firm responsible for the management of the DTF fund, reports having received 2000 applications of which 200 were profiled. An heavy task which exceeded the managers’ expectations but which now concludes with the first two investments. More investments are nevertheless expected from the €20m fund bringing together commitments from the Ministry of the Economy, the SNCI, Post Capital, Proximus, Université du Luxembourg, Arendt & Medernach, BIL, Expon Capital, High Capital and SES.
For additional information about the DTF please refer to the announcement in April 2016, an to the interview with Expon Capital’s Managing Partner Jérôme Wittamer published in Capital V #8.
To read the press release issued by the Ministry of Economy please follow the link (available in French only).