Wisconsin-based startup accelerator operator and venture capital firm gener8tor Management LLC is establishing an accelerator program in Luxembourg City, the capital of the small European country located between Belgium, France and Germany. The program will be the company's "launch point into Europe," gener8tor said Monday.
The first Luxembourg City cohort will start in spring 2022 and will include virtual and in-person components. Five early-stage startups from Luxembourg and the region will be selected for the three-month program, which provides hands-on support, coaching and connections.
Each participating company will also receive a 100,000-euro investment from gener8tor, the program's managing director Menachem Tabanpour said, including 20,000 euros in exchange for 6% common stock equity and 80,000 euros in an uncapped convertible note.
gener8tor said the collaborations between Wisconsin and Luxembourg facilitated by Milwaukee-area businessman Mike Ansay, an honorary consul to Luxembourg, were a key factor in the company's launch into the country.
“We are proud to see one of the top accelerators in the United States join Luxembourg's thriving innovation and entrepreneurship community,” Ansay said in a statement. Ansay is the CEO and chairman of Port Washington-based insurance firm Ansay & Associates LLC.
In March, the Luxembourg Chamber of Commerce and the Wisconsin Economic Development Corp. (WEDC) hosted a virtual trade mission to help companies and entrepreneurs in the two countries form partnerships. gener8tor was one of the presenters, according to the WEDC.
With its Luxembourg accelerator program, gener8tor is expanding on its partnership with the Luxembourg Ministry of the Economy this summer, when it ran a three-week program for Luxembourgish startups seeking to expand into the U.S. market.
“The gener8tor Luxembourg accelerator reflects the next step in our commitment to join with local partners in supporting the next generation of entrepreneurs and community leaders,” gener8tor co-founder Joe Kirgues said in a statement. “This program is an important milestone in our deepening relationship with Luxembourg and the startup ecosystem within the country."
In September, President Joe Biden nominated Milwaukee Mayor Tom Barrett as the U.S. ambassador to Luxembourg. Barrett has not yet been confirmed by the U.S. Senate. Kirgues is Barrett's nephew, the mayor stated in his 2004 inaugural address.
Interested companies can apply for the gener8tor Luxembourg accelerator on the organization's website. gener8tor said it will prioritize startups focused on driving systemic change at the corporate, government and community level, as well as founders that embrace sustainability to transform antiquated industries. Menachem Tabanpour is the program's managing director.
Since 2012, gener8tor has established accelerator programs in 28 U.S. cities. Its flagship programs, which offer a $100,000 investment from gener8tor, are in Milwaukee and Madison. The 757 startups that have gone through one of gener8tor’s programs, which don't all come with an investment, have raised more than $700 million in follow-on financing, according to gener8tor.
