Golden Egg Check (GEC), a Dutch analyst business based in Enschede that monitors all startups, scale-ups, and venture capital agreements, revealed that it has raised €2.5 million for GEC Capital I, its venture capital fund.
GEC wants to close the fund at €5 million before the summer.
Investment firms and a variety of (ex) tech entrepreneurs provide the fresh funding.
Investeringsfonds Groningen, Geert-Jan Smits (ex-Flinders, author of “The start-up scorecard”), Arjé Cahn (ex-Hippo), Koejans Capital, and 819 Capital Partners are among the investors.
The fund, which made its debut in 2022 with a half-million euro starting budget, bills itself as one of the major venture capital funds in the Netherlands.
With a current portfolio of 14 startups, mostly software businesses in the Netherlands, GEC Capital I intends to make 30 to 35 investments in innovative companies over the next three years.
Using a co-investment approach, the Dutch company routinely teams up with niche venture capitalists or groups of pertinent angel investors for each investment.
According to GEC Capital partner Thomas Mensink, “We cleverly hitch a ride on their knowledge and expertise.” In addition, we bring in our network of investors to help our portfolio firms obtain (follow-on) finance more quickly and effectively.
“We don’t need board members and we delegate much of the paperwork to the primary investor. With a small crew, we can accomplish numerous agreements and guarantee our investors receive the best possible spread.
“We are also building a founder community because we see that entrepreneurs learn an awful lot from each other,” says GEC Capital venture partner Ytsen van der Meer.
Peer-to-peer exchange is beneficial and particularly useful in an active fund with lots of deals going on.
They are regarded as a member of our community. The upcoming generation of entrepreneurs will benefit greatly from their experience, says Van der Meer.
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