Groningen-based Future Tech Ventures (FTV), on Thursday, announced the official launch during the Startup Festival in Groningen.
The proof-of-concept fund has a size of approximately €20M and is partly financed by a European subsidy from the Just Transition Fund (JTF) of €10M.
The remaining financing comes from the collaborating partners in FTV and co-investors, including Triade, RUG Ventures, NV NOM, and Investeringsfonds Groningen.
Edward van der Meer, director of Triade says, “Future Tech Ventures is the result of years of collaboration between long-existing parties in the Northern Netherlands. By joining forces from Triade (UMCG), RUG Ventures, Investeringsfonds Groningen, and NOM, we can support startups even better and put the region further on the map as the perfect spot for high-tech innovation.”
Aims to invest in 50 startups
The VC aims to guide and finance at least 50 high-tech startups in the Northern Netherlands over the next five years.
Niek Huizenga, fund manager of Future Tech Ventures, says, “Future Tech Ventures is a unique fund for the Northern Netherlands due to the collaboration of existing parties. It is a fantastic instrument to strengthen innovation power in the North. We invest in the proof-of-concept phase, with financing, business support, and network. The first steps with various founders for future investments have been taken. We will soon be able to reveal more about what lies ahead.”
Future Tech Ventures was launched together with Founded in the North during the startup festival.
The joint launch creates plenty of opportunities for startups in the Northern Netherlands. Both projects receive European subsidies for this through the Samenwerkingsverband Noord-Nederland (SNN).
Niek Huizenga adds, “Startups are often in a very early phase where financing is difficult to obtain and where there are still many risks in terms of technology, market, and team. That is why Future Tech Ventures offers, next to financial support, intensive guidance. From incubation, follow-up investment to exit. We strive for these startups not only to become economically successful but also to make a lasting social impact.”
