With $60m raised by 2024, André Reitenbach’s startup Gcore has many plans, taking advantage of the traction of artificial intelligence. Photo: G-Core Labs

With $60m raised by 2024, André Reitenbach’s startup Gcore has many plans, taking advantage of the traction of artificial intelligence. Photo: G-Core Labs

According to Dealroom, the $60m raised by Gcore makes it a record year for a Luxembourg startup, ahead of OQ Technology and Emma. But the total is the worst since 2020.

According to Dealroom, 49 Luxembourg startups raised €144m in 2024, the worst total since 2020. A startup that generates enough cash to develop its activities does not necessarily need to raise funds, and those that have raised funds in previous years, such as Sustaincert or Tadaweb, do not need to raise funds every year to continue to grow. It all depends on their spending and their growth strategies.

Gcore Labs tops the list of start-ups raising the most funds in 2024 with $60m, perfectly in line with the boom in artificial intelligence and a global strategy from the outset. ’s startup is ahead of OQ Technology, with around $30m in new money according to the company’s registry documents. Don’t forget, of course, the advantages of having been recognised as one of the most promising European scaleups by the European Innovation Council or the calls for tenders to and to .

On the third step, Emma Technologies is also perfectly in line with modern technological developments: to be able to access their data everywhere and all the time, businesses are moving and will increasingly move towards hybrid strategies: a little private cloud, a lot of public cloud, a touch of sovereign cloud. Companies need to be able to manage these strategies, which is where the Luxembourg-born platform comes in. .

The rest of the top 10

The top 10 is completed by:

- 4. HQLAX (€12.4m in cash and €16.6m in debt contributions, about which the company refuses to disclose but which appear in the document filed with the commercial register);

- 5. Fundcraft (€11m)

- 6. Salonkee (€10m--not included in Dealroom's data, but raised in April 2024 from three investors, Peakspan Capital, Fortino Capital and Newion Investments);

- 7. Stokr (€7m)

- 8. Next Gate Tech (€6m--not included in Dealroom’s data, but marking the entry of Deutsche Börse into the capital);

- 9. Greenworlder (€4m);

- 10. Moniflo and Ibisa (€3m each).

We have removed from the DealRoom data the $10m raised by The Care Voice, which may have registered a company in Luxembourg at the end of 2022 to make Luxembourg its European headquarters, but which still has its head office in London. In total, this startup with close ties to the world of health insurers has raised $22m in three rounds and has doubled its revenues in 2023 compared with 2022.

Not included in this ranking are funds raised that could be of interest to Luxembourg:

- the €60m raised by Italian fintech Satispay;

- the $27m credited to Pony.AI--which will have its European headquarters in Luxembourg;

- or the $2.5m raised by Cohora.

This article was originally published in .

Related articles