Luxembourg-based Digital Tech Fund has been launched.
The “evergreen” fund, created by the Ministry of the Economy in the context of Digital Lëtzebuerg, will take equity stakes in promising innovative enterprises created less than seven years ago and which are developing existing products, preferably in the form of functional prototypes. It will focus primarily, but not exclusively, on making venture capital investments in areas such as cybersecurity, FinTech, Big Data, Digital Health, the media and the next-generation communication networks, digital learning, the “Internet of Things” or satellite telecommunications and services.
The Digital Tech Fund also aims to facilitate the transfer of new technologies from public research, especially from the Interdisciplinary Centre for Security, Reliability and Trust (SnT) of the University of Luxembourg.
Operational as of May 2016, the Digital Tech Fund will be established as a joint stock limited partnership (S.C.A.) participated by the Luxembourg State (€5m), and other investors including satellite operator SES (NYSE Paris:SESG) (LuxX:SESG), Arendt & Medernach, National Credit and Investment (SNCI), Banque Internationale à Luxembourg SA (BIL), High Capital (BHS Services), Luxembourg State, POST Capital, Proximus, and who committed €14.33m in total.
It will be managed by a team of specialists from Expon Capital S.A.R.L. led by Alain Rodermann, partner.