The Family, a Paris, France-based startup accelerator, raised $17.4m (approx. €15m) in new funding.
The round was led by LGT Capital Partners with participation from HummingBird Venture, Project A, eVentures and others.
The company intends to use the funds to:
– Reinforce the Fellowship, to have more experts, from all around the world, more entrepreneurs-in-residence,
– to be building more service companies that generate massive cash flows.
– launch an automatic follow-up fund that will invest in any company in The Family’s portfolio that raises a seed or Series A round (up to €1M), in a supportive way.
Led by Oussama Ammar, The Family is a startup accelerator focused on the digital revolution in Agriculture, retail, finance, beauty, healthcare, education, entertainment, public services, etc.
The firm supports European startups on product and engineering, money raising, operations and execution, in exchange for a 5% equity stake. It has 500+ startups in the Fellowship, and 200+ still active startups, with €1B+ in total value currently within the portfolio.
Every quarter, around 20 startups join The Family and attend onboarding sessions in Paris, Berlin and London.