Fri, Mar 15th 2024
Empowering underrepresented entrepreneurs, Backbone Ventures’ 5502 Fund hits its €20M target.
Backbone Ventures is being claimed to have closed their 5502 Fund above their €20M target. This comes 1.5 years after the conception of a fund aimed at filling a crucial gap in the startup ecosystem. The fund, named after a Chilean village significant to a partner’s heritage is the first fund in Europe dedicated to migrant and female founders.
Since its initial closing in late 2022, the 5502 Fund boasts a robust portfolio of eight startups, including Switzerland’s digital health innovator, Aepsy.
The fund prioritises investment in companies where women or founders from migrant backgrounds hold the majority stake. There are claims that Backbone Ventures plans to expand its portfolio with at least 20 more investments, while the 5502 Fund maintains a balanced focus on German and Swiss startups.
Since its inception in 2018, Backbone Ventures has invested in over 35 startups, with a team operating from Zurich and Frankfurt dedicated to nurturing innovation and diversity in the startup ecosystem.
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