Austrian VC Elevator Ventures launches new €70M VC fund to foster fintech and banking innovation

Vienna-based Elevator Ventures, a venture capital manager of Raiffeisen Bank International, announced on Monday that it has launched — EV II, a €70M Venture Capital fund, investing in innovative companies in the Series A & B stage. 

“The partnership with Elevator Ventures and the investment in EV II demonstrate our commitment to promoting entrepreneurship and positive change in our region,” says Martin Schaller, CEO of Raiffeisen-Landesbank Steiermark. 

The VC will continue to support startups in Fintech & Beyond Banking with a €70M fund participation by RBI, Raiffeisen-Holding Niederösterreich-Wien, and Raiffeisen-Landesbank Steiermark. 

Elevator Ventures: Established from RBI’s accelerator

In 2018, Elevator Ventures began its journey with RBI’s accelerator programme called Elevator Lab. 

The programme was designed to find innovative startup partners globally and assess their potential for collaboration with RBI.

Through this program, Elevator Ventures established long-term cooperations with companies like Kompany and Pisano, which became Elevator Ventures’ first portfolio companies.

Elevator Ventures aims to generate financial returns for its investors, while also supporting the strategy of its Limited Partners (LP) by connecting them with high-growth companies whose business models may change the industry dynamics in the mid- to long-term. 

To achieve this, Elevator Ventures builds a network of thought leaders in the industry and collaborates with startup teams working on technologies and business models that may be relevant for banks in three to five years.

They are currently actively collaborating with international co-investors such as Mouro Capital, IDC Ventures, AV 8, Venture Friends, Quona Capital, as well as venture capital companies from Austria and CEE, which include 3TS, NV3, Gapminder, APEX Ventures, and more.

The team has a wide sourcing and business development network in DACH and CEE and uses the deep expertise and intel of its investors as an advantage. 

To date, Elevator Ventures has invested over €30M in 15 companies, including three successful exits, and holds two fund-of-funds positions.

“Elevator Ventures is an integral part of our long-term innovation strategy at Raiffeisen Bank International,” says Johann Strobl, CEO of Raiffeisen Bank International.