The family which is one of the most ambitious startup accelerator has now raised an amount of $17.4 million in a funding round. Some of the leading private banking and asset management LGT capital partners with the with HummingBird Venture, Project A, eVentures are leading the round.
“It’s the first time an investor understands The Family’s business model. It’s the first time an investor isn’t trying to turn us into a VC fund,” The Family co-founder Oussama Ammar in a report. The family has been fine tuned with its newest fellowship program from so many years. In every quarter more than 20 startups join the family. They will attend the onboarding sessions plans in Berlin, Paris and London.
In the city Paris, the family team is focusing more on the engineering and product. And in Berlin, the family team is all just about the execution and operation. After the onboarding stuff, companies can still seek for advice and connections. There’s no demo day and end of batch. The Family plans to support startups when it comes to funding, product, hiring and more.
With the help of this new fresh funding, the family plans to invest in every round of funding after any startups joins a fellowship. As a startup, if anyone can find a leading investor then the family will automatically join with the round with the same sort of conditions and valuation.
But the fellowship is just one side of the story. “Our goal with the fellowship is that we never exit because we want to maximize the returns on investment,” Ammar said. Just in order to support a full team of 60 people around 3 countries, the family had to find a way to make money before those long terms exists. That is why company has also launched some of the other products.
The family also wants to create some of the more side of business like those. It seems that the family is leveraging this model to finance all the activities of fellowship. The company is also going to expand its office across worldwide.
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