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VC firm PhotonVentures closes €75M fund to invest up to €2.5M in European deep tech startups

Picture credits: andresvic/Depositphotos

PhotonVentures, a deep tech VC fund focused on startups and scale-ups developing solutions with photonic chips, has closed its second fundraising round of over €15 million. This brings the fund’s total to the targeted €75 million. Notably, it includes the €60 million in its first financing round in 2023. 

The fund targets essential applications in data transmission, health diagnostics, and smart sensor systems, while also aligning with major global trends such as AI, AR, and VR.

Private and strategic investors, together with the support of BOM (Brabant Development Agency), Oost NL, TNO, and the University of Twente contributed to this fund. 

Funds utilisation

The VC firm aims to raise over €100 million for the closure of its initial fund by the end of 2024. This fund focuses on Seed to Series A investments, with participation ranging from €1 million to €2.5 million. The VC fund’s portfolio includes the Dutch medtech Amazec Photonics.

With strategic support from the Dutch National Growth Fund and the European Chips Act for the Dutch and European ecosystem, PhotonVentures creates the conditions for the growth of 20 deep tech frontrunners to position themselves as international leaders within the European ecosystem.

Aims to back European photonics startups

Founded in 2014, PhotonDelta has made significant investments in photonics companies and R&D over the last five years. In backing the fund, PhotonDelta has taken another step forward in its goal of building a world-leading industry for integrated photonics in the Netherlands and Europe.

The PhotonVentures board consists of Joachim de Sterke with a financial, legal and technical background with long-term investment experience; Pieter Klinkert, who joined PhotonDelta in 2021 and was the ex-investment manager at OostNL; and Rijkman Groenink, a former banker with vast experience in the financial sector.

“We are proud that BOM, Oost NL, TNO and University Twente came on board. It proves their belief that PhotonVentures is creating value for investors and sustainable economic impact for the Netherlands and the rest of Europe. We also thank our new private and strategic investors for their trust and commitment to make this happen,” said Ewit Roos, General Partner at PhotonVentures.

“The further development of photonics is crucial for the future of the Dutch semiconductor ecosystem. It’s no coincidence that photonics is one of the key technologies for BOM. To scale innovative companies in this sector, funds like PhotonVentures are indispensable. We anticipate collaborating intensively with all partners,” added Marc Jansen, managing director investments BOM.

“Photonics is an important enabling technology. Many Dutch photonics companies are located around the universities in Eindhoven and Enschede. But also, the Noviotech Campus in Nijmegen is an important driver for innovations in photonics. PhotonVentures has previously invested in companies from our region such as Surfix and PHIX. We are pleased to have joined with other parties because we see the importance of the growth of photonics in our region, The Netherlands and Europe,” said Freek Welling, director Capital at Oost NL.

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