Venture Capital in Luxembourg
Every venture capital record the directory holds in Luxembourg.
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European Investment Fund
European Union body headquartered in Luxembourg and part of the EIB Group, acting since 1994 as the Union s financing arm for SMEs and mid-caps. Rather than lending directly it shares risk with a network of close to 1,900 partners, backing them with guarantees to lend to smaller companies and with equity funding to invest in startups and scale-ups, which makes it a cornerstone limited partner behind many European venture funds.
Expon Capital
Expon Capital is a Luxembourg-based venture capital firm founded in 2015 by Alain Rodermann, Jérôme Wittamer, Lily Wang, and Marc Gendebien. The firm has deployed over €90 million across 33 companies in 14 countries through successive Digital Tech Funds, with Fund IV planned for 2026. It backs seed and early-stage tech startups across cybersecurity, fintech, regtech, digital health, and edtech, with a particular focus on Luxembourg-origin companies. Notable portfolio successes include Salonkee, which grew to 250+ employees and raised a €28 million Series B led by PeakSpan Capital after Expon's initial investment.
Mangrove Capital Partners
Mangrove Capital Partners is one of Europe's most storied early-stage venture capital firms, founded in Luxembourg in 2000 by Mark Tluszcz, Gerard Lopez, and Hans-Jürgen Schmitz. The firm manages over $1 billion in assets and has backed 8 unicorns, including Skype (a $2 million investment that returned $200 million) and Wix (an $8 million bet that returned $700 million). Mangrove invests at pre-seed and seed stage across Europe and Israel, with a team spanning Luxembourg, Berlin, Paris, Barcelona, and London. Portfolio companies include Flo Health, WalkMe, K Health, Talkwalker, and Doctena.
MiddleGame Ventures
MiddleGame Ventures is a Luxembourg-headquartered fintech-focused venture capital firm co-founded in 2016 by Michael Meyer and Patrick Pinschmidt, with Pascal Bouvier as Managing Partner. The firm has deployed over €300 million across 50+ companies and raised a €150 million third fund with an initial close, backed by the Luxembourg Future Fund successor (SNCI). It focuses on open finance, embedded fintech, blockchain/crypto infrastructure, and automated financial data across Europe and North America. Portfolio includes Bitpanda, Carta, Keyrock, and Minna Technologies, with four unicorns and one IPO among its exits.
Satgana
Satgana is a Luxembourg-based climate and earth tech venture capital firm founded in 2020, investing at pre-seed and seed stages in European and African startups addressing the climate and ecological crisis. With a €30 million fund, Satgana backs founders across food and agriculture, energy, mobility, industry, carbon removal, and the circular economy with ticket sizes of €100k–€500k. As a strategic partner of Catapult Green Fintech, Satgana contributes its climate investment expertise to the program's green finance and sustainability track.
