Luxembourg-based Expon Capital has announced the first closing of its Digital Tech Fund seed-stage fund, with €14 million. The fund which backs digital start-ups is Expon Capital's third fund to date, this time targeting €20 million – the other two funds were both at the €10 million mark.
The Digital Tech Fund was set up to fuel the start-up ecosystem in Luxembourg. It is a family of seed funds (pre-seed and seed) managed by Expon Capital and backed by public and private shareholders. Historical investors include SNCI, State of the Grand Duchy of Luxembourg, SES, Proximus, Post, High Capital, Arendt, UNI and BIL, and new to get involved this time around are Cargolux, the Luxembourg Chamber of Commerce, Jean Orgonasi and Fabrice Couturier.
“Our team is thrilled to see the strong positive momentum of this fund on the back of its first successes, showing solid proof that the Luxembourg tech start-up ecosystem is capable of producing outstanding founders and projects,” says Jerome Wittamer, Managing Partner.
One of the success stories from previous generations of the fund is Salonkee growing from 60 salons on its client list in December 2018 to thousands of customers across five countries and it has just bagged €28 million euros Series B funding.
“In the last five years the Luxembourg start-up ecosystem has matured at the speed of light. The Expon Capital team has been working hard to contribute to this maturation and commits to it on the long term,” says Alain Rodermann, Managing Partner.
Main image: All men smiling at the camera, clearly happy with the news (source: Expon Capital)