High-tech startups in the Northern Netherlands will have an important new partner to help them continue to grow. Future Tech Ventures (FTV) was officially launched today during the Startup Festival in Groningen. This proof-of-concept fund, with a size of approximately 20 million euros, was created through a collaboration between Triade, RUG Ventures, NV NOM en Investeringsfonds Groningen. FTV is ready to guide and finance dozens of high-tech startups in the Northern Netherlands over the next five years.

Niek Huizenga, fund manager of Future Tech Ventures: “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.”

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Support with 20 million euros

The fund has a size of approximately €20 million euros and is partly financed by a European subsidy from the Just Transition Fund (JTF) of €10 million. The remaining financing comes from the collaborating partners in FTV and co-investors. The goal is to finance and guide at least 50 high-tech startups in the Northern Netherlands, from their first technology development phase to investable startups within five years.

Joining forces for high-tech innovation

The collaboration within Future Tech Ventures allows the partners to combine their expertise and networks, so that startups have access to all necessary resources through one central point. Edward van der Meer, director of Triade: “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.”

Impact that stays

The launch of Future Tech Ventures marks an important milestone for the startup community in the Northern Netherlands. FTV is offering high-tech startups a solid foundation for further growth. Niek Huizenga underlines the importance of guidance in the early phase of life: “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.”

Launch of Future Tech Ventures and Founded in the North

On September 19, 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). Future Tech Ventures receives €10 million from the Just Transition Fund (JTF). Due to the consequences of making the industry more sustainable and the stop of gas extraction, Just Transition has resources to strengthen the region. Means to make the industry more sustainable and diversify the economy. The efforts of Future Tech Ventures are in line with this across the board.

Source Article: Future Tech Ventures
Image: Launch Future Tech Ventures and Founded during Startup Festival
Photographer: Douwe de Boer