The Department of Economy and Employment (DEE) and the Geneva Foundation for Technological Innovation (FONGIT) have just announced the arrival of a new financial partner. The Modus Foundation, which facilitates the development of sustainable mobility solutions in the canton, has agreed to support the FONGIT Innovation Fund (FIF). This will double the resources available to support sustainable mobility projects led by startups in Geneva.
The Modus Foundation will now be involved in supporting sustainable mobility projects, in collaboration with the FONGIT innovation fund. Created in July 2023 in Geneva, the Modus Foundation supports the development of projects that contribute to more environmentally friendly mobility with a low carbon footprint. It will cooperate with FONGIT to support start-ups that meet these criteria. “This is excellent news. The arrival of a new player in the FONGIT scheme is in line with our desire to strengthen its innovation fund and open it up to other sectors of the economy”, noted State Councillor Delphine Bachmann, in charge of the DEE. “Developing public-private partnerships is essential to support innovation and thus help improve the quality of life of the people of Geneva.”
Innovation for sustainable mobility
The Modus Foundation is committed to strengthening FONGIT's support for eligible start-ups. “This partnership with the FONGIT Innovation Fund enables us to support start-ups that are one of the answers to the challenge of sustainable mobility, by accelerating the development of innovative and ambitious solutions,” said Guillaume Drevon, Director of the Modus Foundation.
Until now, the FIF has mainly financed high-tech start-ups (medical technology, information technology, engineering or life sciences) with a strong impact on society. “After three years of success, it's time to evolve this initiative to meet the needs of entrepreneurs, by expanding FIF's services,” enthused Antonio Gambardella, Director of FONGIT. “In particular, projects in the fields of digital technology and sustainability, which will contribute to Geneva's economic and social transformation, are themes we wish to support in the future.”
Growing interest for mobility projects in Geneva
Contacted by Startupticker.ch, FONGIT’s Head of Communications, Marketing and Events Alexandra Osvath explains how the new funding works: “When a project in the mobility field receives financial support from FIF, half of the total amount can be provided by Modus via FIF. For example, if a project receives a FIF Seed loan of CHF 100k, CHF 50k will be financed by Modus and CHF 50k by FONGIT.”
In terms of expectations, FONGIT has already attracted the interest of several mobility projects and expects to see many more following this announcement. The financial support provided by the Modus Foundation should enable to potentially double the resources available to support future Geneva mobility projects led by startups.
(PR - ES)
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