€9 million for innovative startups: new fund spurs growth in Utrecht region
Utrecht, April 9, 2024 - During Dutch Health Week, the Startup Innovation Fund (SIF) was launched today on the 'Utrecht, Heart of Health-Startup Square'. This new fund replaces the successful Proof of Concept (POC) fund, with which ROM Utrecht Region has supported some twenty companies over the past three years. The new SIF, which runs through 2029, contains €9 million and is intended for innovative startups in the Utrecht region.
In recent years, the former Proof of Concept (POC) fund offered early-stage investments to ambitious entrepreneurs, with investment funds of up to €250,000. Thanks to the great success of the POC fund, which supported some 20 startups through more than 25 investment rounds, ROM Utrecht Region decided to establish the Startup Innovation Fund.
Broader budget
"The new SIF is intended to enable entrepreneurs in the so-called early phase to develop their product further and validate it in the market after which it becomes possible to realize follow-up financing," said Edgard Creemers, Investment Manager at ROM Utrecht Region. "With a broader budget, we can now award investments from €50,000 to a maximum of €500,000, spread over two rounds, which allows us to support startups even more effectively."
Life Sciences & Health, Earth Valley and New Digital Society
Created with the cooperation of the European Regional Development Fund (ERDF) through the Opportunities for West program, the SIF focuses on innovative solutions within the three Utrecht ecosystems; Life Sciences & Health, Earth Valley and New Digital Society. "The aim of the fund is to stimulate innovative startups that contribute to healthy people, a healthy living environment and a healthy society," Creemers added.
Nine million
With a total budget of €9 million and support from relevant support departments within ROM Utrecht Region, the Startup Innovation Fund will provide a crucial boost to regional ecosystems until the year 2029, just as it did with the POC fund, with a budget of €4 million. This POC fund has contributed to the success of several innovative startups in the region in recent years.
NEFFA
NEFFA | New Fashion Factory is the first sustainable automated production method that enables customized textile products made from biomaterials. It uses compostable raw materials such as roots of mushrooms (MYCOTEX) and other biomaterials. "Thanks to funding from the POC fund, we have made important steps, enabling us to professionalize the organization and develop a fully automated production method for all kinds of biomaterials" says NEFFA founder Aniela Hoitink. "Based on this result, we have realized follow-up investments with four VCs."
Vedea Healthware
A leading company in digital health solutions is Vedea Healthware. Founder Daniel Jansen explains: "About one in 25 children has a lazy eye. For centuries lazy eye has been treated by taping off the good eye. Vedea came up with an innovative child-friendly method that is more effective, but above all much more fun for the child, namely a VR game. Through the VR goggles and a phone, the child sees something different with one eye than the other, but in the brain it gives an overall picture. The lazy eye is thus forced to participate. Otherwise you can't play the game. So it's a strong incentive, which we were able to develop further thanks to the POC investment."
The SIF, the successor to the POC Fund, opened April 9. For more information, visit https://www.romutrechtregion.nl/investeren/startup-innovation-fonds/
About ROM Utrecht Region
ROM Utrecht Region acts as a bridge builder for ambitious and innovative entrepreneurs in the Utrecht region, which includes not only the province, but also the Gooi- and Vecht region, facilitating knowledge, financing and access to national and international markets. As a social investor, ROM Utrecht Region increases access to capital for innovative companies in the region. The organization is supported by a network of key shareholders, including national (EZK), provincial (Utrecht) and regional governments (Utrecht, Amersfoort, Hilversum), as well as the knowledge institutions UMCU and Utrecht University. Driven by the motto 'Utrecht, Heart of Health', ROM Utrecht Region works towards a healthy people, living environment and society. https://www.romutrechtregion.nl/
