Utrecht-based ROM Utrecht Region has announced the launch of the Startup Innovation Fund (SIF) during Dutch Health Week. The SIF will replace the Proof of Concept (POC) fund, which supported around 20 companies over the past three years.
The SIF, with €9M allocated until 2029, aims to support innovative startups in the Utrecht region and continue to foster new ventures after the success of its predecessor.
The POC fund offered early-stage investments of up to €250K to entrepreneurs across more than 25 investment rounds.
Edgard Creemers, Head of Investments at ROM Utrecht Region, says, “The new SIF aims to enable entrepreneurs in the so-called early stage to develop and validate their product in the market, making it possible to achieve follow-up financing.”
“With a broader budget, we can now allocate investments ranging from €50,000 to a maximum of €500,000, divided into two rounds, enabling us to support startups even more effectively.”
What to expect from the new Fund?
The Startup Innovation Fund was established with the backing of the European Regional Development Fund (ERDF) under the ‘Opportunities for the West’ programme.
It specifically targets innovation in the Utrecht region’s three ecosystems including Life Sciences & Health, Earth Valley, and New Digital Society.
Edgard Creemers says, “The goal of the fund is to stimulate innovative startups that contribute to a healthy individual, a healthy environment, and a healthy society.”
The SIF, backed by a €9M budget and support from key departments within ROM Utrecht Region, aims to bolster regional ecosystems until 2029.
Similar to its predecessor, the POC fund with a €4M budget, the SIF aims to nurture innovative startups and continue the region’s success in fostering new ventures.
Investments made by POC fund
According to a statement from ROM Utrecht Region, the Proof of Concept (POC) fund has invested in several startups in recent years, including NEFFA and Vedea Healthware.
NEFFA | New Fashion Factory introduces sustainable automated production for custom-made textile products using biomaterials. This method uses compostable raw materials like mushroom roots and other biomaterials (like MYCOTEX) to create environmentally friendly textiles.
Aniela Hoitink, founder of NEFFA, says, “Thanks to funding from the POC fund, we have taken important steps. With this, we have been able to professionalise the organisation and develop a fully automated production method for various biomaterials. Based on this result, we have secured follow-up investments from four VCs.”
Another investment by the POC fund, Amsterdam-based Vedea Healthware, aims to make amblyopia therapy widely and cheaply available.
Amblyopia, often referred to as lazy eye, is a condition characterised by reduced vision. It primarily affects one eye, but less commonly, it can also occur in both eyes.
Daniel Jansen, founder of Vedea Healthware, says, “About one in 25 children has a lazy eye. For centuries, a lazy eye has been treated by patching the good eye. Vedea devised an innovative child-friendly method that is more effective but above all much more fun for the child, namely a VR game.”
“Through the VR glasses and a phone, the child sees something different with one eye than with the other, but in the brain, it gives a total image.”
“The lazy eye is thus obliged to participate. Otherwise, you cannot play the game. So, a strong incentive which we have been able to further develop, thanks to the POC investment.”
Brief about ROM Utrecht Region
ROM Utrecht Region claims to support “ambitious and innovative” entrepreneurs in the Utrecht region, extending to the Gooi and Vechtstreek areas.
The organisation serves as a bridge, facilitating access to knowledge, funding, and national/international markets to promote the growth and success of entrepreneurs in the region.
Supported by national, provincial, and regional governments, along with key knowledge institutions like UMCU and Utrecht University, ROM Utrecht Region is guided by the motto ‘Utrecht, Heart of Health’, striving for a healthier individual, environment, and society through its initiatives.
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