15 Nov gener8tor makes European debut with launch of Luxembourg startup accelerator
Wisconsin-based startup accelerator operator and venture capital firm gener8tor Management LLC is establishing an accelerator program in Luxembourg City, the capital of the small European country located between Belgium, France and Germany. The program will be the company’s “launch point into Europe,” gener8tor said Monday.
The first Luxembourg City cohort will start in spring 2022 and will include virtual and in-person components. Five early-stage startups from Luxembourg and the region will be selected for the three-month program, which provides hands-on support, coaching and connections.
Each participating company will also receive a 100,000-euro investment from gener8tor, the program’s managing director Menachem Tabanpour said, including 20,000 euros in exchange for 6% common stock equity and 80,000 euros in an uncapped convertible note.
gener8tor said the collaborations between Wisconsin and Luxembourg facilitated by Milwaukee-area businessman Mike Ansay, an honorary consul to Luxembourg, were a key factor in the company’s launch into the country.
“We are proud to see one of the top accelerators in the United States join Luxembourg’s thriving innovation and entrepreneurship community,” Ansay said in a statement. Ansay is the CEO and chairman of Port Washington-based insurance firm Ansay & Associates LLC.