Satellite provider SES has signed an agreement with the Luxembourg government to establish a €19.2m ($21m) seed fund aimed at the information and communications technology (ICT) sector.
Post Capital, the investment unit of conglomerate Post Luxembourg, telecommunications firm Proximus, financial services firms BIL and SNCI, law firm Arendt & Medernach and financial technology hub BHS have also joined the initiative.
Named Digital Lëtzebuerg, the fund hopes to establish a favourable ecosystem for the ICT sector in Luxembourg and will particularly focus on startups at the proof of concept stage working on cybersecurity, fintech, big data, digital health, internet of things and satellite telecoms products.
Digital Lëtzebuerg also aims to back spinouts of University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust. The fund is expected to begin investing in early 2016.
– This article was first published by our sister site Global Corporate Venturing.
