What Expon Capital does

Expon Capital is a Luxembourg-based venture capital firm founded in 2015 by Jérôme Wittamer, Marc Gendebien and Alain Rodermann that backs early-stage technology startups with global ambitions, principally from Luxembourg or expanding into Luxembourg. The firm operates two parallel fund lines under a Luxembourg SICAR (Société d'Investissement en Capital à Risque) structure with AIFM registration supervised by the CSSF: the Luxembourg-focused Digital Tech Fund (DTF) family — vintages I (2016), II (2017), III (2023, €20M target / €14M first close) and IV (2026 vintage, currently raising) — and the global flagship Expon I, which closed at €45M (~$50M) in January 2019. Initial cheques range from €500K to €1.5M with €1M of follow-on reserved per portfolio company, targeting Pre-Seed through Series A stages across B2B SaaS, AI, SpaceTech, Cybersecurity, Fintech, HealthTech and ClimateTech.

Investment activity is screened through a documented five-stage process (2,000+ decks reviewed per year, 38 new deals per week, 100% screening of startups meeting criteria, 30-60 minute partner review, unanimous investor committee approval, due diligence and SHA) executed by a six-person investment team supported by 17+ strategic advisors (including Salim Ismail, Brad Feld, Ido Bukspan and Henri Moissinac) and venture partners. Capital is sourced from a diversified LP base spanning the Luxembourg Ministry of the Economy, Luxembourg Chamber of Commerce, corporates (Cargolux, BIL, Post Luxembourg, Proximus, SES) and entrepreneurial family offices, with co-investment rights available to LPs alongside the fund via SPVs. Expon has built a portfolio of 30+ companies across roughly nine countries generating 90% of revenue outside Luxembourg, with notable outcomes including M-Systems ($1.6B exit), Glovo (€2B exit, Delivery Hero acquisition) and Spire Global ($1.6B NYSE IPO), plus follow-on capital attraction of €120M and 312 jobs created (3x growth) across the DTF portfolio.

Name

Expon Capital

Legal name

Expon Capital

Website

https://exponcapital.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Expon Capital is a Luxembourg-based venture capital firm founded in 2015 that backs early-stage AI and deep tech startups globally via SICAR-structured funds (DTF I-IV and Expon I), deploying €500K-€1.5M tickets to a 30+ company portfolio across nine countries.

Ownership category

akta.pro rank

Product category

Venture Capital / Private Equity

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Venture capital investing
• Early-stage startup funding
• Deep tech investments
• AI startup funding
• Seed stage capital

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund management fees: Recurring management fees charged to LPs (limited partners) of the Luxembourg SICAR-structured venture capital funds (Expon I, Digital Tech Fund I-III, and the upcoming Digital Tech Fund IV). Standard industry practice for AIFM-regulated VC firms.
2. Carried interest on portfolio exits: Performance-based carried interest earned on successful exits and liquidity events from portfolio companies. Historical exits include Verse (sold to Square), Service (sold to ClaimCompass), Glose (acquired by Medium), Spire Global ($1.6B IPO), Glovo (€450m Series F), Dott ($85m Series B), Pliops ($65m Series C), Refurbed ($57m Series C), Salonkee (€28m Series B).
3. LP co-investment participation: LP network benefits from co-investment opportunities alongside the fund — enabling direct participation in selected portfolio companies at the same terms as the fund, providing Expon with additional fee/carry streams via SPVs.
4. Backed by government, corporates and entrepreneurial family offices: Expon Capital's funds are backed by government, corporates (including Cargolux, Luxembourg Chamber of Commerce, BIL, Post Luxembourg, SES, Proximus), and entrepreneurial family offices — generating LP capital commitments that anchor fund vintages.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Expon Capital is a Luxembourg-based venture capital firm that manages a family of SICAR-structured venture capital funds providing early-stage equity capital (Pre-Seed, Seed, Series A, with selective Series B follow-on) to technology startups with global ambitions. The firm deploys €500K–€5M cheques from its Luxembourg-focused Digital Tech Fund vintages (DTF I–IV) and its global Expon I fund, while offering portfolio companies operator-led support, follow-on capital, network access, fundraising and international expansion assistance.

Product overview

Expon Capital is a Luxembourg-based venture capital firm whose offering is a family of SICAR-structured venture capital funds rather than a single unified software product. The product portfolio comprises two parallel fund lines: (1) Expon I, a global venture capital fund raised at €45 million ($50 million) that backs early-stage technology startups across Europe, Israel, and North America, and (2) the Luxembourg-focused Digital Tech Fund (DTF) family of seed/Series A funds — DTF I (2016 vintage), DTF II (2017), DTF III (2023, €20m target), and DTF IV (2026 vintage, currently raising). Together these vintages form a multi-fund platform that has built a 30+ company portfolio spanning AI, B2B SaaS, fintech, cybersecurity, space, healthtech, climatetech, and deep tech, with notable exits including Glovo (€2B) and Spire Global's $1.6B IPO.

Differentiator

Problem solved

Functional benefit

Brands

• Digital Tech Fund (DTF): Family of Luxembourg SICAR-structured seed-stage funds managed by Expon Capital (vintages DTF I–IV) backing early-stage digital and deep tech startups with HQ or subsidiary in Luxembourg.
• Expon I

Products and services

• Expon I Global Fund Expon Capital's flagship global venture capital fund (€45M / ~$50M) launched January 2019, backing early-stage technology startups in Europe, Israel, and North America whose technology serves humanity and the planet. Operated as a Luxembourg SICAR vehicle reserved for well-informed investors.
• Digital Tech Fund III Third-generation Luxembourg-focused seed-stage fund (€20M target) backing digital startups in cybersecurity, digital health, big data, fintech, IoT, and new space. First closing in June 2023.
• Digital Tech Fund IV Newest vintage of the Digital Tech Fund family targeting early-stage digital and deep tech startups from Luxembourg or expanding into Luxembourg. SICAR structure, currently raising as of 2026.
• Digital Tech Fund II Previous (2017) vintage of the Luxembourg-focused Digital Tech Fund family focused on Series B scale-up rounds in the technology sector. Now closed.
• Digital Tech Fund I First Luxembourg-focused Digital Tech Fund (DTF) launched May 2016 with €20M+ committed; the seed of Expon Capital's DTF family backing digital startups in Luxembourg.

Quantifiable outcome

• 90% of portfolio companies' revenues come from outside of Luxembourg
• +9 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

30 partnerships are on record, tiered core and minor.

• Luxembourg Institute of Science & Technology (LIST)coreStrategic or Co-development PartnerListed as "Deep tech R&D partner" among Expon Capital's Corporate investors & partners. In March 2024, LIST and Expon Capital signed a collaboration agreement to identify opportunities in research and technological development in the innovative digital services sector, with a particular focus on AI. The partnership aims to establish a digital innovation ecosystem in Luxembourg by involving public funding agencies, venture capital players, and operational R&D and Innovation players.
• Luxembourg Institute of Health (LIH)coreStrategic or Co-development PartnerListed as "Strategic HealthTech partner". In July 2023, Expon Capital and LIH signed a collaboration agreement to establish an innovative e-health ecosystem. The LIH has a dedicated team of over 450 employees, with research spanning cancer, immunological disorders, digital health, and precision health. Together they aim to attract innovative and disruptive e-health companies, unlock the potential of digital health and translational research, and enhance healthcare outcomes for patients.
• House of Startups (HoST)coreStrategic or Co-development PartnerListed as "Luxembourg's premier startup hub". House of Startups serves as an operational hub where several Expon portfolio companies (e.g., MAIC) are located and supported through the EYnovation programme. HoST enables Expon Capital's startup ecosystem engagement and deal-flow sourcing.
• Post LuxembourgminorStrategic or Co-development PartnerLuxembourg public mail distribution company. Listed as "Strategic logistic partner" in Expon Capital's corporate investors & partners and growing institutional network.
• ProximusminorStrategic or Co-development PartnerMain provider of telephone, internet, and television services; Belgium's leading provider. Listed in Expon Capital's growing institutional network of corporate partners.
• University of LuxembourgcoreStrategic or Co-development PartnerInternational research university; listed as "Academic partner" in Expon Capital's corporate investors & partners network. Supports research collaboration, talent pipeline, and innovation sourcing for the firm.
• SESminorStrategic or Co-development PartnerLeading global satellite operator. Listed as "Space innovation partner" in Expon Capital's corporate investors & partners network. Logo: "Solve. Empower. Soar." Supports Expon's space-tech investment thesis.
• Commission de Surveillance du Secteur Financier (CSSF)coreOthersCSSF is the Luxembourg financial regulator. Expon Capital is a registered AIFM monitored by CSSF, ensuring compliance with EU AIFM directive and EuVECA regulation and providing investors with a high level of regulatory protection. All funds are structured as a SICAR authorised and supervised by CSSF.
• LPEA (Luxembourg Private Equity & Venture Capital Association)minorStrategic or Co-development PartnerExpon Capital is a member of LPEA, with Jérôme Wittamer as former Chairman and currently Executive Committee member (elected July 2024). Expon Capital also launched a scholarship for LPEA's Venture Capital & Private Equity Academy and created the "Venture Capital" module of the LPEA Academy.
• Baptiste BertrandminorOthersInvestment Analyst on Expon Capital's Investment Team. Supports deal sourcing, analysis, and due diligence as part of the firm's operational team.
• Benjamin Blasco (Founder, Petit Bambou)minorOthersStrategic Advisor to Expon Capital. Co-founded Petit BamBou in 2014, a leading mindfulness meditation application grown to over 11 million users across 190 countries. Previously Head of Strategy for Europe at PayPal. Founding member of the MentalTech collective. Expertise in AI, SpaceTech, Consumer & Business Services.
• Genna Elvin (Co-Founder & CTO, TaDaweb)minorOthersStrategic Advisor to Expon Capital. Co-Founder and Chief Tada Officer of TaDaweb, a Luxembourg-based technology company specializing in data intelligence and deep tech solutions.
• Jean Orgonasi (Founder, Digital Insure)minorOthersStrategic Advisor and Limited Partner at Expon Capital. PhD in physics from École Normale Supérieure de la rue d'Ulm, with over two decades in insurance. Co-founded Digital Insure in 2013 (acquired by Odealim group in 2022). Participated in Digital Tech Fund III first closing (2023).
• Fabrice Couturier (Co-founder, Digital Insure)minorOthersStrategic Advisor and Limited Partner at Expon Capital. Co-founded Digital Insure alongside Jean Orgonasi in 2013 (acquired by Odealim group in 2022). Partner at Side Capital. Background in Actuarial Science and engineering. Participated in Digital Tech Fund III first closing (2023).
• Laurent Kratz (Founder, NEOFACTO & Co-Founder Scorechain)minorOthersStrategic Advisor to Expon Capital. CEO of NEOFACTO (IT services company founded 2000 in Luxembourg, Brussels, Paris). Co-Founder of SCORECHAIN (crypto-asset compliance solutions). Co-founder and board member of Infrachain. Founded lesfrontaliers.lu (2001, sold 2008) and Jamendo (2004, sold to Audiovalley in 2019).
• Catherine Larue (Former CEO, BioBank Luxembourg)minorOthersStrategic Advisor to Expon Capital. Over 25 years experience in healthcare and diagnostics at BioMérieux and Roche Diagnostics. Former CEO of Integrated Biobank of Luxembourg. PhD in Biochemistry from University of Rouen, executive education at INSEAD. Supports healthtech investment thesis.
• Jochen Klucken (Head Research Digital Health, LIH)minorOthersStrategic Advisor to Expon Capital. FNR-PEARL Chair of Digital Medicine and leads the Digital Medicine research group at the Luxembourg Centre for Systems Biomedicine, University of Luxembourg. Neurologist and neuroscientist. Co-leads EU taskforce for harmonized evaluation of digital medical devices. Medical degree from University of Regensburg (1996); habilitation in neuroscience (2009).
• Marc Brumagne (Global Commercial Director HIV, Gilead Sciences)minorOthersStrategic Advisor to Expon Capital. Over two decades in biotechnology and pharmaceutical sectors; Senior Director of Global Commercial Operations for HIV at Gilead Sciences. Member of Digital Pharma Circle. Supports healthtech and pharmaceutical commercialization perspectives.
• Ido Bukspan (CEO at Pliops)minorOthersStrategic Advisor to Expon Capital. CEO of Pliops (Expon portfolio company specializing in data processors for cloud and enterprise data centers). Previously Senior Vice President of Chip Design at NVIDIA. BS in Electrical Engineering and MBA from Tel Aviv University. Mentor to emerging startups.
• Salim Ismail (Author, Exponential Organisations)minorOthersStrategic Advisor to Expon Capital. Technology strategist, software engineer, and successful entrepreneur. Founding executive director and global ambassador of Singularity University. Author of "Exponential Organizations" (500,000+ copies sold), considered the most influential business book of the last decade.
• Marie d'Huart (Founding Executive Director, Cap conseil)minorOthersStrategic Advisor to Expon Capital. Entrepreneur and ESG/CSR expert. Trained as a lawyer in international law with a Masters in science and environmental management. Worked for European Institutions, in Canada, Peru, Maghreb and South Africa. Founded CAP conseil in 2003 to define sustainable development strategies. Supports Expon's ESG integration across investments.
• Laurent Kott (Chairman of the board, IT-Translation)minorOthersStrategic Advisor to Expon Capital. Chairman of the board at IT-Translation, a leading technology transfer and deep tech investment firm. Extensive experience in bridging academic research and commercial ventures in the technology sector.
• Jean Zurstrassen (Investor, Belcube)minorOthersStrategic Advisor to Expon Capital. Investor, entrepreneur, and FinTech expert. Co-founder & CEO of Belgacom Skynet, Keytrade Bank, and Tunz.com. Currently an investor at Belcube. Supports FinTech investment thesis.
• Huy Nguyen Trieu (CEO, The Disruptive Group)minorOthersStrategic Advisor to Expon Capital. CEO of The Disruptive Group (business builder and advisory firm in innovation and finance). Co-founder of CFTE (Centre for Finance, Technology and Entrepreneurship). Associate Fellow at Oxford Said Business School, Fintech Fellow at Imperial College. Member of ESMA's Consultative Working Group for financial innovation. Previously Managing Director at Citi, RBS, and SG. Graduate of MIT, École Polytechnique, and École des Ponts et Chaussées.
• Henri Moissinac (Head of Business & co-founder, dott)minorOthersStrategic Advisor to Expon Capital. Co-founder and CEO of urban-mobility startup dott (Expon portfolio company), based in Amsterdam. Previously led Business Development at ofo (EMEA) and Mobile Business Development at Uber (EMEA). Spent 6 years with Facebook leading mobile partnerships. Co-founder and CTO of iBazar (acquired by eBay). Graduate of École Normale Supérieure, PhD in Computer Science from Télécom ParisTech.
• Guy-Philippe Goldstein (Author, Cybersecurity expert)minorOthersStrategic Advisor to Expon Capital. Management consultant and analyst of cyber warfare. Author of acclaimed novel "Babel Minute Zero". Lecturer on cyberpower at the Ecole de Guerre Economique in Paris and Senior Fellow at the Atlantic Council. Supports cybersecurity investment thesis.
• Etienne de Rocquigny (President, Operation Data)minorOthersStrategic Advisor to Expon Capital. Leading mathematician and entrepreneur, graduate of Ecole Polytechnique, Imperial College of London, and Professor Habilité à Diriger les recherches (Paris XI/Ecole Centrale Paris). 20+ years of international experience in R&D, innovation management, and venture development. Tech business-angel since 2009.
• Brad Feld (Managing Director, Foundry Group)minorOthersStrategic Advisor to Expon Capital. Early stage investor and entrepreneur since 1987. Co-founder of Foundry Group, Mobius Venture Capital, Intensity Ventures, and Techstars (global network of accelerators). Writer and speaker on venture capital and entrepreneurship; author of multiple books in the Startup Revolution series (Feld Thoughts, Ask the VC blogs). BS and MS in Management Science from MIT. Art collector and long-distance runner (25 marathons + Leadville Trail 100-mile ultramarathon).
• LuxinnovationcoreStrategic or Co-development PartnerLuxinnovation organises the inaugural Fit 4 Scale accelerator programme together with Luxembourg's Ministry of the Economy. The first cohort (announced February 2026) includes five companies (A352, AIRMO, Climate Camp, Kidola, Partao) collectively having raised between €1.1M and €3.5M. The programme provides mentoring, expert sessions, AI acceleration support, and internationalisation assistance.
• Stanford University How to Start a Startup Class (Luxembourg Chapter)minorStrategic or Co-development PartnerJérôme Wittamer is the Initiator of the Luxembourg Chapter of Stanford University's How to Start a Startup Class. Supports the local startup ecosystem and Expon's talent pipeline.

Scale indicators14 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Speedinvest: Pan-European early-stage VC with sector-focused vertical teams (AI, deep tech, fintech, health). Both are sector-specialist seed/Series A funds with comparable ticket sizes, multi-fund platforms, and thesis-driven selection across Europe.
• Earlybird Venture Capital: One of Europe's longest-standing early-stage VCs with explicit deep tech and digital health theses. Both firms target pre-seed to Series A founders in deep tech, AI, and health, and operate regulated multi-fund vehicles.
• Point Nine Capital: Berlin-based seed-stage VC backing B2B SaaS, AI, and fintech across Europe. Both firms operate operator-led investment approaches at the pre-seed/seed stage with comparable ticket sizes and conviction-driven selection.
• Creandum: Nordic-and-Europe early-stage VC with comparable fund size and seed-to-Series A focus. Both are sector-agnostic, thesis-driven investors in B2B SaaS, deep tech, and consumer across Europe, with similar LP bases of family offices and institutions.
• Notion Capital: London-based early-stage VC specializing in B2B SaaS, fintech, and enterprise software. Both firms target seed and Series A founders in enterprise and fintech with similar operator-led approaches.
• LocalGlobe: London-based pre-seed and seed VC backing mission-driven European founders. Comparable in stage focus, founder support philosophy, and operator-led investment approach, though typically writing smaller initial cheques than Expon's seed/Series A focus.

Regional players

• High-Tech Gründerfonds (HTGF): German government-backed deep tech seed investor with public-private LP structure. Comparable in regulatory wrapper (public LP, government backing) and deep tech/AI focus, but focused on Germany rather than Luxembourg/pan-European.

Broad incumbents

• Balderton Capital: London-based early-stage VC with a broader Europe-wide platform and larger fund sizes. Operates in similar stages (seed/Series A) and sectors but with materially more capital, broader team, and pan-European brand recognition.
• Index Ventures: Major pan-European and US early-stage VC. Overlaps with Expon in seed/Series A B2B SaaS, fintech, and deep tech but operates at significantly larger scale with global brand and institutional LP base.
• Atomico: London-based European tech VC founded by Skype's Niklas Zennström. Both back deep tech and AI founders across Europe but Atomico operates with materially larger funds and broader stage coverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/exponcapital

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments66 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Expon Capital