Crèdit Andorrà's business hyperaccelerator Scale Lab Andorra invests in four companies in its first year

• Scale Lab Andorra is a programme to support the business growth of start-ups.

• In the first year, over 350 projects were evaluated resulting in four investments.

Crèdit Andorrà’s business hyperacceleration programme, Scale Lab Andorra, has invested in four companies in its first year. Scale Lab Andorra is an investment and business support programme aimed at start-ups, which has the goal of facilitating the consolidation and/or expansion of the companies selected.

In the first year of the programme, over 350 companies were evaluated. The team of entrepreneur and innovation experts was responsible for prioritising and presenting 20 projects from strategic sectors in Andorra to the advisory committee, which selected ten companies expected to receive funding and support, four of which have now benefitted from investments. Scale Lab Andorra offers up to 500,000 euros per project and the option to take part in subsequent rounds of funding.

The companies invested in so far are: Byhours, Consentio, Made of Genes and Nemuru.

Byhours is the first booking platform for microstays at hotels. Andorra currently has six hotels on the platform. The project was deemed an appropriate project to meet local needs while also potentially being relevant in terms of the promotion of tourism.

Consentio is a B2B platform for fruit and vegetable traders. The tool conveniently and easily streamlines and optimises interactions between operators in the fruit and vegetable and agri-food sector. In the selection process, the digitalisation possibilities for the import and export process that could be offered to Andorra were assessed favourably.

Made of Genes is a biomedical start-up stemming from Genomcore that offers personalised health services, as well as an innovative worldwide test to respond to the COVID-19 crisis. The company provides services in Andorra thanks to the agreements reached with the country’s laboratories.

Nemuru is a platform for managing loans 100% online. The company acts as the mediator between the professional, the client and the bank to offer instant and flexible financing channels associated with the sale of services. Fintech companies represent a strategic sector for Andorra and they offer possible synergies with the country’s financial sector.

With this programme, Crèdit Andorrà offers its customers the possibility to invest in a financial product linked to innovative companies with high potential for growth, allowing them to access these expert investment proposals and to be involved in the follow-up actions. Investments are made through the SIO Strategic Investment Opportunities Sicav - Scale Lab compartment, a new, unique and up-to-date product that contributes added value to the range of investment products that the Bank puts at the disposal of its customers.

With Scale Lab Andorra, the idea is also to facilitate the use of concept testing and the implementation of new solutions in the country, in order to establish Andorra as the right place for the development of enterprising projects with global reach. The programme also makes it easier for companies to come to Andorra through professional support and personal services, so they can make the most of the unique advantages that the country offers.

Start-ups interested in taking part in the Scale Lab Andorra project can apply via the project’s website: https://scalelabandorra.com/.

 

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