Source: The LHoFT
The LHoFT Foundation and Silicon Valley based Venture Capital firm, Parkpine Capital, have signed a deal in San Francisco, in the presence of Luxembourg Finance Minister Pierre Gramegna, to hold the Global Venture Summit (GVS) for the first time in Europe bringing over 100 leading Silicon Valley VCs to Luxembourg to meet and network with their European counterparts and, critically, connect with Luxembourg and European start-ups aiming to raise funds.
The Global Venture Summit brings “Silicon Valley to the World” and is the number one event focused on empowering scalable technologies in high growth markets. GVS attendees include major US funds like Kleiner Perkins, Draper Nexus, Prtizker Group, Microsoft Ventures, HTC Ventures and many more.
The first event is tentatively scheduled for October 2019, and the Summit will be held in Luxembourg on a yearly basis until at least 2022. The goal is to expose seasoned Silicon Valley VCs to the European start-up ecosystem, with a particular focus on Luxembourg. The collaboration aims to secure over USD $2B in valuation growth and funding to the extended Luxembourg ecosystem.
As a leading FinTech hub in Europe, Luxembourg is the perfect location to host the GVS for the first time in Europe. Over the years, a considerable number of FinTech companies, including leading industry players in e-commerce and e-payments have chosen Luxembourg as their European hub and new players are looking to develop and commercialise their activities in Europe by leveraging Luxembourg’s highly developed financial ecosystem.
The LHoFT has been in discussion over the past several months with Ahmed Shabana, Managing Director of Parkpine Capital, a Silicon Valley venture capital firm that drives the Global Venture Summit. The agreement was signed in San Francisco in the presence of Pierre Gramegna, Luxembourg Minister of Finance and Chairman of the LHoFT. During his Fintech mission to San Francisco and Silicon Valley, Minister Gramegna met with a number of VCs that will attend the conference later this year to discuss trends around investments and start-ups, and in particular Fintech. GVS will have over 150 exhibitors and organizing a pitch your start-up competition offering over $50,000 in pitch battle prizes for the winning teams.
From left to right around the table: Mr Ahmed Shabana, Managing Director of Parkpine Capital; Mr. Pierre Gramegna, Luxembourg Finance Minister; Mr. Nasir Zubairi, CEO of The LHoFT
What is the Global Ventures Summit?
The Global Venture Summit (GVS) is focused on empowering scalable technologies in high growth markets by bringing a large cohort of more than 100 Silicon Valley VCs, 200 International Business Angels, corporate leaders, policy makers to meet and be exposed to the best and most innovative local start-up companies. Because good ideas don’t just come out of Silicon Valley, GVS seeks to provide global and support the best business ideas, start-ups and entrepreneurs coming out of innovative emerging markets across the planet. The Global Venture Summit Europe will take place in Luxembourg in October 2019, after making a stopover in Bali in March 2019 and Mexico in April 2019.
What does it mean for Luxembourg to host GVS?
The Luxembourg edition will be the first GVS event in Europe consolidating Luxembourg's position as a leading start up nation, and as a key player for venture capital and private equity.
Mr. Xavier Bettel, Luxembourg Prime Minister explained: “Back when Luxembourg’s ecosystem was more concept than community, Digital Luxembourg set out to bring it to life. Encouraging the development of essential ecosystem infrastructure & policies became our full-time occupation. Today’s thriving ecosystem reflects those early collaborative efforts to establish fertile ground for innovation. Now that the ecosystem is established, its growth & visibility are immediate priorities. Bringing GVS to Luxembourg gives European startups as well as our local ecosystem the visibility & growth opportunities they need.”
Mr. Pierre Gramegna, Luxembourg Finance Minister added: “Bringing the Global Ventures Summit to Europe will help unlock significant funding opportunities for European and Luxembourg-based start-ups with leading venture capital firms, and connect European innovation, including in the area of Fintech, with Silicon Valley, the leading venture capital hub in the world.”
Mr Ahmed Shabana, Managing Director of Parkpine Capital said: “GVS is designed to provide the highest chance for any start-up to get funding. In GVS Luxembourg, we are expecting over 10 deals with over $50M in value between start-ups, venture funds, and limited partners. The way it is planned, GVS Luxembourg, will attract over 1500 participants from over 50 countries. Parkpine Capital is excited to partner with LHoFT and Luxembourg on the first GVS in Europe"
Mr. Nasir Zubairi, CEO of The LHoFT remarks: “We have signed this agreement in the interests of the entire Luxembourg start-up ecosystem, in line with Luxembourg’s drive in technology excellence and innovation. The conference will bring critical focus from Silicon Valley, and, in consequence, from the broader European start-up and investor industry, coming to Luxembourg to attend this event and discovering the huge strides forward being made in the Grand Duchy.”
Building on the agreement, Luxembourg's Ministry of Finance, Digital Luxembourg and the LHoFT Foundation are now calling on the whole Luxembourg start-up and Private Equity and Venture Capitalist community to work together to ensure the success of the Global Venture Summit, a unique opportunity that can have a significant positive impact on the whole Luxembourg and EU start-up ecosystem.