Top 5 Active Investors in Luxembourg 2025: Leading VCs and How to Pitch Them
Luxembourg fundraising rewards founders who pair breakthrough solutions with ruthless execution—and the best investors bring cross-border relationships, public–private leverage, and sector expertise, not just capital. Here's the definitive, founder-first guide to who's truly active in Luxembourg, how to pick the right partner, and how to pitch so you get to "yes."
1) How to pick the right Luxembourg investors (fast)
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Match stage + sector to each firm's "home court."
- Generalist early stage / company builders: Mangrove. (mangrove.vc)
- Digital & deep tech, seed-A: Expon + its Digital Tech Fund (public–private seed). (Expon Capital)
- Fintech / fundtech: MiddleGame Ventures (deep ties to LHoFT). (LHoFT)
- Web3 / open-web infra: Fabric Ventures (Lux RAIF structure; EIF-backed vehicle). (eif.org)
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Leverage the public–private flywheel. Luxembourg's seed capital includes government-backed initiatives (e.g., Digital Tech Fund), plus corporates and the SNCI. This shortens pilot and distribution cycles. (Government of Luxembourg)
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Don't ignore angels and accelerators. LBAN regularly syndicates early rounds; LHoFT programs create warm paths into financial incumbents. Use them to stage your raise. (LBAN)
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2) The investors (what they do, why founders pick them, how to approach)
For each firm: Center of gravity, Stage & typical ticket (indicative), Why them, They scrutinize, How to approach. Sources anchor reputation and recent activity.
1) Mangrove Capital Partners
Center: Contrarian, early-stage tech; one of the most recognized VCs headquartered in Luxembourg. (mangrove.vc)
Stage & ticket: Pre-product to Series A; leads early and reserves for follow-ons (range varies by deal). (mangrove.vc)
Why them: Deep "company-creation" muscle and global scaling track record (early in Skype, Wix, WalkMe, K Health, etc.). (mangrove.vc)
They scrutinize: Founder-market fit, speed to insight, and a crisp plan to dominate a niche before expanding.
How to approach: Bring a one-page wedge → category plan and evidence you can ship fast with limited resources (design partners, usage curves).
2) Expon Capital
Center: Luxembourg-based VC backing digital & deep-tech; runs both seed and scale strategies. (Expon Capital)
Stage & ticket: Seed to Series A; Expon discloses seed checks around €300k–€1M and €1M–€3M for Series A (indicative). (Expon Capital)
Why them: Consistently active; announced the third-generation seed vehicle in 2025 to keep funding new Luxembourg startups. (Expon Capital)
They scrutinize: Proof of problem, early traction, and a credible route from MVP to repeatable sales.
How to approach: Open with PMF signals (retention, paid pilots) and a 12-month milestone ladder tied to capital.
3) Digital Tech Fund (managed by Expon Capital)
Center: Public–private seed fund born from the Digital Luxembourg initiative; targets ICT startups with Luxembourg links. (innovative-initiatives.public.lu)
Stage & ticket: Typical initial €0.2–€1.0M with follow-ons up to €4M per company (directional). (PitchBook)
Why them: Strong local signaling and access—backed by the government, SNCI, and major corporates; second-generation fund closed at €19.4M in 2024. (Government of Luxembourg)
They scrutinize: Technical merit + Luxembourg footprint (talent, incorporation, or activity) and step-wise de-risking.
How to approach: Show Lux tie-ins (team, pilots, research partners) and a plan to turn seed money into exportable revenue.
4) MiddleGame Ventures (MGV)
Center: Fintech & fundtech specialist with deep roots in Luxembourg's financial sector; frequent partner of LHoFT on ecosystem programs. (LHoFT)
Stage & ticket: Post-seed → Series B; leads and co-leads. (MiddleGame Ventures)
Why them: Real distribution into funds/finserv; co-launched and relaunched fundtech accelerators in 2024–2025 (unique channel to enterprise buyers). (LHoFT)
They scrutinize: Compliance, enterprise readiness (security, SOC2), and time-to-value for B2B buyers.
How to approach: Bring ICP clarity, a 90-day enterprise rollout, and a proof that your tool reduces risk/cost for regulated clients.
5) Fabric Ventures
Center: Web3/open-web investor with Luxembourg funds (RAIF structure); EIF-backed 2021 fund was first of its kind to invest in digital assets under an EU pilot. (eif.org)
Stage & ticket: Early-stage to growth with multiple vehicles (from six-figure pre-seed to growth checks). (Silicon Luxembourg)
Why them: Credibility with institutional LPs and category knowledge across protocols, data layers, and token-enabled networks.
They scrutinize: Real user adoption, token design & governance, compliance footprint.
How to approach: Show utility → revenue mapping, path to compliant distribution in the EU, and concrete metrics (MAUs, TVL, paying devs).
Also useful to know:
3) Five quick tips for pitching Luxembourg investors
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Lead with proof, not promises. Activation → 30/60/90 retention, paid pilots, and one killer metric that compounds (not vanity).
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Show the Luxembourg edge. Name local partners, university links, or corporate pilots—investors here value ecosystem leverage. (innovative-initiatives.public.lu)
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Be enterprise-ready early. SOC2/ISO posture, DPAs, and a deployment Gantt—especially for fintech/fundtech. (LHoFT)
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Think EU from day one. Have a cross-border plan (pricing, language, privacy, payments) and how Luxembourg helps you scale into Benelux/DACH/France.
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Tie capital to truths. "With €X we'll achieve Y proofs (PMF in 2 markets, SOC2 Type I, 3 enterprise logos) and Z options (A-round syndicate, channel partners)." Make yes easy. Use Peony to organize your startup data room and track investor engagement.
Final Thoughts
Luxembourg fundraising in 2025 requires precision, preparation, and professional presentation. The investors listed above are actively deploying capital, but they expect founders to come prepared with clear proof points, realistic milestones, and evidence of cross-border traction.
Luxembourg investors evaluate not just your technology, but your ability to leverage the local ecosystem, navigate EU regulations, and demonstrate scalable unit economics. Organize your startup data room, track investor engagement, and demonstrate operational maturity from day one.
Get started with Peony for your Luxembourg fundraising — secure data rooms built for startups raising capital.