FONGIT Innovation Fund
Description
FONGIT Innovation Fund is a strategic financing instrument established through a collaborative effort between FONGIT (Fondation Genevoise pour l'Innovation Technologique) and the State of Geneva. Launched in 2019 with an initial capital of CHF 10 million, approximately USD 11.5 million, the fund was created to bolster the burgeoning startup ecosystem in Geneva. Its primary objective is to provide crucial seed and early-stage funding, acting as a vital bridge for promising technology ventures seeking to scale from initial seed rounds to larger Series A investments. The fund's establishment underscores a commitment to fostering innovation and economic growth within the region.
The fund strategically targets startups operating within high-growth, technology-driven sectors, including Information and Communication Technologies (ICT), Engineering, Life Sciences, and Cleantech. It offers financial support in the form of equity or convertible loans, with typical first cheques ranging from approximately USD 115,000 up to a maximum of USD 575,000 (equivalent to CHF 500,000). This targeted approach ensures that capital is directed towards ventures with significant potential for innovation and market disruption, aligning with Geneva's strengths as a hub for scientific and technological advancement.
Beyond financial investment, the FONGIT Innovation Fund benefits from the extensive expertise and network of FONGIT itself. FONGIT, a non-profit foundation established in 1991, has a long-standing history of supporting technology startups in Geneva. This includes providing comprehensive incubation services, mentorship, coaching, and access to a robust network of industry experts, investors, and strategic partners. The synergy between the fund's financial backing and FONGIT's operational support creates a holistic environment designed to accelerate the growth and success of its portfolio companies, contributing significantly to the region's innovation landscape.
Investor Profile
FONGIT Innovation Fund has backed more than 44 startups, with 17 new investments in the last 12 months alone. The firm has led 42 rounds, about 95% of its total and boasts 0 exits across its portfolio.
Investment Focus Highlights
- Concentrates on Debt Financing, Grant, Seed rounds (top funding stages).
- Majority of deals are located in Switzerland, United States.
- Strong thematic focus on Health Care, Medical, Biotechnology.
- Led 16 rounds in the past year.
- Typical check size: $115K – $575K.
Stage Focus
- Debt Financing (59%)
- Grant (20%)
- Seed (9%)
- Convertible Note (7%)
- Undisclosed (2%)
- Pre Seed (2%)
Country Focus
- Switzerland (82%)
- United States (11%)
Industry Focus
- Health Care
- Medical
- Biotechnology
- Medical Device
- Pharmaceutical
- Software
- Energy
- Life Science
- Biopharma
- Virtual Reality
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