Groningen’s Future Tech Ventures debuts with €20M proof-of-concept fund to back 50 Northern Netherlands startups – Silicon Canals

Groningen-based Future Tech Ventures (FTV), on Thursday, introduced the official launch through the Startup Pageant in Groningen.

The proof-of-concept fund has a dimension of roughly €20M and is partly financed by a European subsidy from the Simply Transition Fund (JTF) of €10M.

The remaining financing comes from the collaborating companions in FTV and co-investors, together with Triade, RUG Ventures, NV NOM, and Investeringsfonds Groningen.

Edward van der Meer, director of Triade says, “Future Tech Ventures is the results of years of collaboration between long-existing events within the Northern Netherlands. By becoming a member of forces from Triade (UMCG), RUG Ventures, Investeringsfonds Groningen, and NOM, we will help startups even higher and put the area additional on the map as the proper spot for high-tech innovation.”

Goals to put money into 50 startups

The VC goals to information and finance no less than 50 high-tech startups within the Northern Netherlands over the subsequent 5 years.

Niek Huizenga, fund supervisor of Future Tech Ventures, says, “Future Tech Ventures is a novel fund for the Northern Netherlands as a result of collaboration of present events. It’s a implausible instrument to strengthen innovation energy within the North. We put money into the proof-of-concept part, with financing, enterprise help, and community. The primary steps with numerous founders for future investments have been taken. We are going to quickly have the ability to reveal extra about what lies forward.”

Future Tech Ventures was launched along with Based within the North through the startup pageant.

The joint launch creates loads of alternatives for startups within the Northern Netherlands. Each tasks obtain European subsidies for this by way of the Samenwerkingsverband Noord-Nederland (SNN).

Niek Huizenga provides, “Startups are sometimes in a really early part the place financing is tough to acquire and the place there are nonetheless many dangers when it comes to expertise, market, and workforce. That’s the reason Future Tech Ventures gives, subsequent to monetary help, intensive steerage. From incubation, follow-up funding to exit. We attempt for these startups not solely to turn out to be economically profitable but additionally to make a long-lasting social affect.”