Austria-based financial services firm Raiffeisen Bank International has formed a strategic investment vehicle called Elevator Ventures that will be equipped with €25m ($29.5m) in capital.
Elevator Ventures will make late-stage investments in financial technology developers as well as contributions to venture capital funds. It also plans to utilise its existing presence in Central and Eastern Europe to help portfolio companies expand in the region.
The unit will be added to Elevator Lab, a banking and finance-focused startup accelerator launched by Raiffeisen in June 2017 which is backed by a €200,000 fund. Elevator Lab graduates will also be considered for funding from Elevator Ventures.
Hannes Cizek, Raiffeisen’s head of group digital banking, and Thomas Muchar, the bank’s head of Austrian equity investments, will lead Elevator Ventures as managing directors. Maximilian Schausberger, the lead for Elevator Lab, is also part of the team, as a senior investment manager.
Cizek said: “In Austria, there is currently a lack of growth capital for investments in startups that are already in a later development phase, have gained initial market experience and now need capital to continue to grow successfully. Elevator Ventures intends to close this capital gap.”
Raiffeisen CEO Johann Strobl added: “Elevator Ventures is the next step in our group-wide innovation strategy. We are planning to use Elevator Ventures soon to set initial steps and support innovative business models and new technologies.”