A Ministry of the Economy initiative, this EUR 19.2 million seed fund aims to foster a thriving start-up ecosystem in Luxembourg. With venture capital now available, businesses with plans in the ICT sector and promising public research spin-offs will be able to obtain the financing they need to grow.

“Innovation and support for the development of the national economy are the cornerstones of the BIL2020 strategy, which we launched in April 2015. Our involvement in this seed fund is further demonstration of this. The seed fund will be an effective way for us to drive innovation while offering the support that start-ups need to succeed”, said CEO Hugues Delcourt.

With this undertaking, BIL has once again demonstrated its commitment to innovative businesses based in Luxembourg. In July 2015, BIL signed an agreement with the European Investment Fund aimed at increasing lending to small and medium-sized enterprises (SMEs) through the InnovFin initiative. More recently, the bank launched BIL Start for business creators, offering them a full range of project support measures: personalised assistance, a free BIL Start package and special rate loans.