{"id":598920,"date":"2023-11-24T15:13:47","date_gmt":"2023-11-24T12:13:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/when-it-comes-to-startups-little-luxembourg-packs-a-big-punch\/"},"modified":"2023-11-24T15:13:47","modified_gmt":"2023-11-24T12:13:47","slug":"when-it-comes-to-startups-little-luxembourg-packs-a-big-punch","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/when-it-comes-to-startups-little-luxembourg-packs-a-big-punch\/","title":{"rendered":"#When it comes to startups, little Luxembourg packs a big punch"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b01ed0fca4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b01ed0fca4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/when-it-comes-to-startups-little-luxembourg-packs-a-big-punch\/#Five_startups_to_watch\" >Five startups to watch\u00a0\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"article-main-content\">\n                            <span style=\"font-weight: 400;\">Sandwiched between Germany, France, and Belgium, the tiny country of Luxembourg is one of Europe\u2019s smallest, but also its wealthiest \u2014 its residents enjoy the second-highest per capita income in the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Key to this success is its thriving financial services sector which has helped draw several big names to the Grand Duchy, including the European Investment Bank and Amazon. It\u2019s no surprise then that fintech has been <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/gouvernement.lu\/dam-assets\/fr\/publications\/rapport-etude-analyse\/minist-economie\/luxembourg-startup-ecosystem\/luxembourg-startup-ecosystem-assessment-and-benchmarking-study.pdf\"><span style=\"font-weight: 400;\">identified<\/span><\/a><span style=\"font-weight: 400;\"> as the tech sector with the greatest growth potential in the region.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Luxembourg was also one of the world\u2019s biggest <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/40f1eb0e-6de7-4f46-a423-5fe6facf8282\"><span style=\"font-weight: 400;\">investors in AI<\/span><\/a><span style=\"font-weight: 400;\"> per capita in 2021, surpassed only by Israel, the US, and Sweden (in that order). The National Research Fund has allocated \u20ac200mn to AI research projects over the past five years. To help power these advancements is Meluxina, one of Europe\u2019s most powerful supercomputers.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While only home to 600,000 people, Luxembourg\u2019s thriving economy, modern infrastructure, international workforce, and generous government grants, which cover up to 80% of R&amp;D costs, allow it to punch above its weight as a hub for emerging tech startups.\u00a0\u00a0\u00a0<\/span><\/p>\n<div class=\"inarticle-wrapper channel-cta\">\n<div class=\"ica-text\">\n<p class=\"ica-text__title\">Get your ticket NOW for TNW Conference &#8211; Super Earlybird is 90% sold out!<\/p>\n<p>Unleash innovation, connect with thousands of tech lovers and shape the future on June 20-21, 2024.<\/p>\n<\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\">Well-known <\/span><span style=\"font-weight: 400;\">success stories<\/span><span style=\"font-weight: 400;\"> include <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> analytics and monitoring tool <\/span><span style=\"font-weight: 400;\">Talkwalker, <\/span><span style=\"font-weight: 400;\">and <\/span><span style=\"font-weight: 400;\">online jobs board JobToday. OCSiAI,<\/span><span style=\"font-weight: 400;\"> a producer of graphene nanotubes, made headlines in 2019 when it joined Europe\u2019s growing list of tech unicorns.\u00a0\u00a0<\/span><\/p>\n<figure class=\"post-image post-mediaBleed aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1401808 size-full js-lazy\" alt=\"an image of the house of startups in Luxembourg \" width=\"1640\" height=\"1103\" sizes=\"auto, (max-width: 1640px) 100vw, 1640px\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg.jpeg\" srcset=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg.jpeg 1640w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-280x188.jpeg 280w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-201x135.jpeg 201w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-401x270.jpeg 401w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-1536x1033.jpeg 1536w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-796x535.jpeg 796w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-1592x1071.jpeg 1592w\"\/><figcaption><a rel=\"nofollow noopener\" target=\"_blank\" href=\"#\" data-url=\"https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Feditorial.thenextweb.com%2Fecosystems%2F2023%2F11%2F24%2Ftech-ecosystem-luxembourg-startups-europe%2F&amp;via=thenextweb&amp;related=thenextweb&amp;text=Check out this picture on: Located in downtown Luxembourg City, House of Startups is the epicentre of the country\u2019s tech ecosystem. Credit: House of Startups\" data-title=\"Share Located in downtown Luxembourg City, House of Startups is the epicentre of the country\u2019s tech ecosystem. Credit: House of Startups on Twitter\" data-width=\"685\" data-height=\"500\" class=\"post-image-share popitup\" title=\"Share Located in downtown Luxembourg City, House of Startups is the epicentre of the country\u2019s tech ecosystem. Credit: House of Startups on Twitter\"><i class=\"icon icon--inline icon--twitter--dark\"\/><\/a>Located in downtown Luxembourg City, House of Startups is the epicentre of the country\u2019s tech ecosystem. Credit: House of Startups<\/figcaption><noscript><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1401808 size-full\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg.jpeg\" alt=\"an image of the house of startups in Luxembourg \" width=\"1640\" height=\"1103\" srcset=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg.jpeg 1640w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-280x188.jpeg 280w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-201x135.jpeg 201w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-401x270.jpeg 401w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-1536x1033.jpeg 1536w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-796x535.jpeg 796w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/house-of-startups-luxembourg-1592x1071.jpeg 1592w\"\/><\/noscript><\/figure>\n<p><span style=\"font-weight: 400;\">\u201cAlthough Luxembourg is a small country, it shares its borders with two of Europe\u2019s biggest economies,\u201d pointed out Kenneth Graham, CEO of Tomorrowstreet, a Luxembourg-based <\/span><span style=\"font-weight: 400;\">innovation centre that focuses on scaling late-stage deep tech startups. <\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHalf the population come from somewhere else and many have connections with people all over the world, including Silicon Valley and the UK. This diversity of thought really makes the country a special place to do business,\u201d he said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Almost 50% of Luxembourg\u2019s workforce commute from neighbouring countries, and 80% of the population speaks English.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A 2022 report from <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/gouvernement.lu\/dam-assets\/fr\/publications\/rapport-etude-analyse\/minist-economie\/luxembourg-startup-ecosystem\/luxembourg-startup-ecosystem-assessment-and-benchmarking-study.pdf\"><span style=\"font-weight: 400;\">Startup Genome<\/span><\/a><span style=\"font-weight: 400;\"> found that startup funding deals in Luxembourg increased five-fold between 2012 and 2021. Notably, the availability of seed funding in the country is considerably higher when compared to peers with similar-sized economies. Although it performs worse when it comes to later-stage investments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This growth is undoubtedly partly thanks to the emergence of multiple startup initiatives in recent years, such as the government-backed Fit4Star program. Another is House of Startups, a place where <\/span><span style=\"font-weight: 400;\">incubators, accelerators, investors, and startups <\/span><span style=\"font-weight: 400;\">are all housed under one roof in the downtown Gare district of Luxembourg City. Funded by the Chamber of Commerce, the centre houses a whopping 200 of the country\u2019s 521 tech startups.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All of this puts Luxembourg\u2019s tech ecosystem on track to continue its upward growth trajectory in coming years, not just in fintech but also SaaS, climatetech, spacetech, and manufacturing.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Five_startups_to_watch\"><\/span><b>Five startups to watch<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>1. Circu Li-ion<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Founded just two years ago, this climatetech startup <\/span><span style=\"font-weight: 400;\">has developed an automated upcycling solution that enables the sustainable recycling of lithium-ion cells for reuse at scale. Last month, the company <\/span><span style=\"font-weight: 400;\">raised \u20ac8.5mn<\/span><span style=\"font-weight: 400;\"> in seed funding.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Circu Li-ion\u2019s services come at an opportune moment for the company (and the planet), following the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2023\/07\/10\/council-adopts-new-regulation-on-batteries-and-waste-batteries\/\"><span style=\"font-weight: 400;\">EU\u2019s new battery regulation<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">which aims to ensure a circular economy and will require mandatory minimum levels of recycled elements for EV batteries. <\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>2. Salonkee<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Founded in 2016, Salonkee has developed an online reservation platform to streamline the booking of hair or beauty <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointments. The startup has raised \u20ac35mn so far and is already profitable. It currently has 110 employees across offices in Luxembourg, Belgium, Switzerland, Germany and the Netherlands.\u00a0<\/span><\/p>\n<p><b>3. Next Gate Tech<\/b><span style=\"font-weight: 400;\"\/><\/p>\n<p><span style=\"font-weight: 400;\">Next Gate Tech is a data-driven fintech that provides SaaS solutions for the asset management industry. Basically, it helps banks and the like automate the boring and repetitive aspects of data management (I thought it was all boring!). Since launching in 2020, the startup has raised <\/span><span style=\"font-weight: 400;\">\u20ac17mn, and is valued at close to \u20ac50mn<\/span><span style=\"font-weight: 400;\">, according to data from Dealroom.<\/span><\/p>\n<p><b>4. OQ Tech<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This spacetech startup has developed a cons<\/span><span style=\"font-weight: 400;\">tellation of satellites that allow IoT devices on Earth to stay connected even when there is no cellphone reception. It can <\/span><span style=\"font-weight: 400;\">also support bi-directional communication to machines such as banking ATMs in poor connectivity areas. <\/span><span style=\"font-weight: 400;\">Five of the company\u2019s satellites are already in orbit. <\/span><span style=\"font-weight: 400;\">Oil and gas giant Saudi Aramco is OQ Tech\u2019s largest customer and invested \u20ac13mn into the startup last year.\u00a0\u00a0<\/span><\/p>\n<p><b>5. nZero<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Last but not least is nZero, a <\/span><span style=\"font-weight: 400;\">carbon management platform that gives NGOs, government agencies, and organisations accurate data on their carbon emissions. It offers insights across all three emissions scopes, including <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/rmi.org\/embodied-carbon-101\/#:~:text=Embodied%20carbon%20represents%20the%20millions,contribute%20to%20embodied%20carbon%20emissions.\"><span style=\"font-weight: 400;\">embodied carbon<\/span><\/a><span style=\"font-weight: 400;\"> which is often left out from many carbon calculating tools. So far the company has raised <\/span><span style=\"font-weight: 400;\">\u20ac15mn and racked in almost \u20ac8mn in revenues last year.\u00a0<\/span>\n                        <\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/tech-ecosystem-luxembourg-startups-europe\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sandwiched between Germany, France, and Belgium, the tiny country of Luxembourg is one of Europe\u2019s smallest, but also its wealthiest \u2014 its residents enjoy the second-highest per capita income in the world. Key to this success is its thriving financial services sector which has helped draw several big names to the Grand Duchy, including the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":598921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/tnw-blurple?filter_last=1&fit=1280,640&url=https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/11\/luxembourg-tech-startups-1.jpg&signature=a65774ef38abe116f89a7b9b07a9bca4","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-598920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/598920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=598920"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/598920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/598921"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=598920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=598920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=598920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}