State-sponsored impact investment firm Invest-NL is seeking to “future proof” the Dutch economy with investments in early and growth-stage Dutch companies with a social or environmental focus. The talent in such companies comes from all over the world.
“Strong ecosystems are built on openness, diversity and ambition,” Invest-NL’s Rinke Zonneveld wrote, announcing the firm’s latest investments.
Invest-NL invested €10 million ($11.7 million) in Qualinx, a Delft-based developer of chips used in satellites that was founded by entrepreneurs from the US and Iran. It also invested €1 million in ShanX Medtech, a woman-led startup based in Eindhoven that makes rapid diagnostic tests focused on antibiotic efficacy.
Immigration advantage
Invest-NL was founded by the Dutch ministry of finance in 2019 to accelerate innovation and digitalization in key economic sectors. A quarter of Invest-NL’s 180 portfolio companies were founded or are led by foreign-born entrepreneurs.
“Let’s cherish this,” said Zonneveld. “Especially in times of geopolitical uncertainty, it should be crystal clear that international talent brings immense added value to our economy, innovation capacity and global competitiveness.”
The Netherlands, like the US and many of its European neighbors, has seen far-right, anti-immigration factions gain political power. Under the Netherlands’ last coalition government, led by the far-right Freedom Party, a number of strict anti-immigration policies were adopted, including a clamp-down on asylum seekers, stricter citizenship rules and a reduction in international students.
A center-left party won last year’s the Dutch general elections; a new coalition is expected in the coming months.
“An open and welcoming approach is not a risk – it is a strategic advantage,” Zonneveld stressed. “Let’s truly value what these founders contribute to the Netherlands, regardless of where they originally come from.”
Impact tech
Qualinx’s global navigation satellite system, or GNSS, chips increase the accuracy of satellite readings for navigation, farming, logistics, infrastructure and other uses. Invest-NL invested through its Deep Tech Fund as part of a €20 million funding round that also included InnovationQuarter, the regional development agency for the Rotterdam-The Hague area, and VC firms Forward.one and Waterman Ventures.
ShanX addresses antibiotic resistance with tests that quickly identify which antibiotic is best suited for a patient’s condition. Invest-NL participated in the company’s €15 million seed round. Dutch regional development agency BOM, VC firms Borski Fund and NextGen Ventures, and Dutch health insurer CZ’s venture fund also participated.
“Antimicrobial resistance represents one of the most critical unmet needs in global healthcare, with few effective solutions available today,” said Paul Vernooij of BOM. “ShanX Medtech introduces a highly innovative technology that contributes preventively to global health.”
In addition to the investment capital, ShanX secured an €8.85 million contract with the European Health and Digital Executive Agency.
Invest-NL backed lab-grown meat startup Mosa Meat’s €15 million investment round in December.
