EV II - The multi-bank VC supporting growth for innovation in Fintech & Beyond Banking

Our journey began in 2018 on the basis of the success of RBI’s accelerator program Elevator Lab, a program meticulously designed to globally scout innovative startup partners and assess their viability for collaboration with RBI. The program produced tangible results and long-term cooperations with companies like Kompany and Pisano which became Elevator Venture’s first portfolio companies.

As described in our first blog post, Elevator Ventures was set up to invest directly in Series A rounds of Fintechs and related enabling technologies. The thesis that the close relation to RBI Group, with its strong network in AT & CEE as well as the access to deep banking know-how would support us in dealmaking and in growing our portfolio companies proved itself right.

With a € 50m commitment from RBI, over the last years, Elevator Ventures invested in a portfolio of 15 companies including in investment banking (vestr), e-signature & identification (Autenti) or RegTech (Kompany). We already celebrated three successful exits, namely FinCompare, Kompany and Twisto. Read about the successful case of Kompany.

Elevator Ventures has built up a strong and diverse team of enthusiastic individuals thinking about the future of fintech & beyond. With our full effort, we are supporting our portfolio. Hence, we are proud that, despite the difficult fundraising environment over the last two years, Bob W, the European hospitality provider that offers an alternative to hotels and short-stay apartments, and Agro.Club, the only global Agri-tech that runs a scaled up fullstack B2B Grain Marketplace, have managed to raise significant Series B rounds in 2023. Read about these funding rounds here and here.

In our investment and portfolio work, it is extremely valuable and appreciated to work alongside some of the most renowned VC firms out there. We are actively cooperating with international co-investors like Mouro Capital, IDC Ventures, AV 8, Venture Friends, Quona Capital as well as VC companies from Austria and CEE including 3TS, NV3, Gapminder, APEX Ventures and more.

In parallel to our direct investments, we decided to invest as a Fund of Funds into the Fintech Growth Fund Europe managed by Speedinvest. By investing in FGFE, we were able to tap into an established VC network and to exchange on many of their deals. Some of the most exciting investments of FGFE are Bitpanda, Wayflyer and Moove. We are very happy to see that today Raiffeisenlandesbank Niederösterreich-Wien is the first bank to use Bitpanda’s Crypto as a Service platform to offer crypto trading services to their clients. To continue the fruitful cooperation with Speedinvest, we decided in 2023 to also invest in Speedinvest IV alongside Raiffeisen-Landesbank Steiermark, and Raiffeisenlandesbank Oberösterreich. 

The main goal of Elevator Ventures is to earn a financial return for its investors. In addition, we want to contribute to the strategy of the banks, EV II's Limited Partners (LP),  to engage with high-growth companies whose business models might be changing the industry dynamics in the mid- to long term. As such, Elevator Ventures connects its LPs to a network of thought leaders in the industry and engages with startup teams working on technologies and business models potentially relevant for banks in three to five years. 

In the words of our LP’s top management:

To structure our cooperation with our LPs, we created the corporate program including our Portfolio & Investor Day as well as the Experts-in-Residence program which proved fruitful for all parties. The portfolio companies come in contact with true industry experts in an informal atmosphere and bank experts can immerse themselves in our VC work and many more touch points we organize throughout the years.

EV II is a huge milestone for Elevator Ventures in many ways. First and foremost, we are proud that Raiffeisen Bank International reconfirmed their commitment and in addition, Raiffeisen-Holding Niederösterreich-Wien and Raiffeisen-Landesbank Steiermark decided to join as LPs and support Elevator Ventures to elevate the growth of startups in Fintech & Beyond Banking. With a fund size of € 70m and an industry standard set-up as an Alternative Investment Fund Manager (AIFM) registered with Austrian FMA, Elevator Ventures is best positioned to achieve its goals. To also visually present this big step in Elevator Ventures development, we recently introduced our new dynamic brand identity that perfectly balances our independence as VC manager with where we come from and belong. In addition, we moved to a brand-new office at Space2Move in Heiligenstadt, Vienna. Feel free to contact us at office@elevator-ventures.com and visit us at our office!

We believe in the transformative power of technological shifts that enable high-growth companies to drive customer value and reshape industries. We are driven by a sector focus that encompasses not only Fintech, but also Beyond Banking. We define the first as financial technology that combines financial services with innovative business models and emerging technologies. It includes crucial banking infrastructure in areas like RegTech and Cybersecurity, among others. We describe Beyond Banking as platform-based business approach where financial services are provided in an integrated suite through an ecosystem of different service providers in areas like mobility, energy, agriculture and others. 

We also believe in the maturing tech ecosystem in Austria and Central and Eastern Europe. Central and Eastern Europe has become Europe’s fastest emerging startup ecosystem with amazing talent and founders. However, the region still lacks the attention and funding resources of other more mature regions such as Western Europe and North America. To fill this gap, we believe that corporates play an important role in financing the growth phase of startup development.

Elevator Ventures, with the backing of its LP base, will continue to do their part in promoting innovation in the region.