AndUp Foundation Launches to Boost Andorra's Startup Ecosystem
Driven by Andbank, the new foundation offers tailored support for high-impact ventures with validated models, positioning Andorra as an innovation hub through public-private collaboration.
Key Points
- AndUp Foundation, backed by Andbank Group, links institutions and businesses to support advanced startups and scaleups.
- Initial board includes Andbank, Andorra Telecom, and investor Francesc Destrée; starts with eight startups like CityXerpa and RapidAND.
- Targets biotech, health, tourism, mobility, and AI sectors to aid Andorra's economic diversification.
- Plans to expand to 12-15 companies with alliances like Andorra Business and universities.
AndUp Foundation Launches to Bolster Andorra's Startup Ecosystem
The AndUp Foundation, driven by Andbank Group, began operations on Tuesday to strengthen Andorra's entrepreneurial landscape through a collaborative network linking institutions, businesses, and innovation players.
The initiative targets advanced-stage startups and scaleups, offering tailored support to help them solidify operations and expand. Andbank Group CEO Carlos Aso stated that the foundation aims to aid the country's economic diversification by building a support system for high-impact entrepreneurship. He positioned Andorra as a potential hub for such ventures, capitalizing on technology and innovation opportunities. Despite its private origins, Aso described the foundation as having a "public vocation" with ambitions for substantial national impact.
The foundation starts with a board comprising three founding patrons—Andbank, Andorra Telecom, and investor Francesc Destrée—and an initial network of eight participating startups, including CityXerpa, RapidAND, ByteTravel, and Cellab. Aso noted plans to gradually expand both membership and the number of supported projects. Selected companies have progressed beyond early development, with validated business models and existing clients, now requiring specialized assistance for further growth.
Priority sectors include biotechnology, health, tourism, mobility, and artificial intelligence, where Aso highlighted Andorra's chance to join emerging technological shifts and attract diversifying enterprises.
Foundation director Vanesa Arroyo emphasized coordination with ecosystem partners for success. "A foundation like AndUp must work alongside other collaborations, as it lacks traction alone," she said. Planned alliances include Andorra Business, Andorra Research and Innovation, universities, and innovation-linked firms. She cited the CATSA project in Sant Julià de Lòria as a key infrastructure opportunity for tech startups.
Arroyo clarified the program skips nascent ventures, focusing on those addressing specific growth needs through ongoing support. It begins with eight companies, aiming to reach 12 to 15.
The launch event featured Aso, Arroyo, Destrée, and Andorra Telecom director general Jordi Nadal.
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