Amsterdam’s youngest investors close first deal.
AMSTERDAM - ASIF is a venture capital fund that invests exclusively in startups founded by students or recent graduates in Amsterdam. The fund is itself entirely student-run and manages €1,000,000, which the young board members will invest in promising initiatives in the coming years. ASIF recently made their ever first investment in Dyme, a fast growing fintech startup and participant in the ACE-incubation program. Dyme gives users an overview of their recurring expenses and enables them to switch or cancel subscriptions with one click from within the app. The money raised from ASIF will be used make the application available throughout the Netherlands.
Last week, ASIF - led by four students - made its first investment. Former board member Gijs Schot was closely involved in this investment, and noted that "after a year of preparation and months of research, we have found a party with enormous potential - a very innovative start-up that we really believe in and fully support.”
ASIF’s first investment: emerging fintech startup, Dyme
Dyme makes life easier by giving users insight into and control over their recurring expenses. By means of a secure bank link and smart algorithm, Dyme provides users a with clear overview of their subscriptions and enables them to switch to cheaper alternatives or cancel unwanted expenses - with only one click. To beat the competition, Dyme is betting on advanced machine learning algorithms and leveraging the upcoming PSD2 directive, a new European legislation that gives consumers more power over their payment data.
“Because of the growing number of subscription services, complicated contracts and direct debits,” explains Co-founder Joran Idema, “more and more people are losing sight of their finances. As a result, many people end up spending too much money- and not even realizing it! We do not just show users what they are spending and how much they can save; we do that and also enable them to act on this information with just one click."
A student-led venture capital fund with 1 million euros to spare
Set up only a year ago, ASIF is an venture capital fund that empowers young entrepreneurs in Amsterdam to rapidly develop their startup by providing both financial and social investment. ASIF is unique in both its management and focus, being 100% run by students and investing exclusively in student and recent graduate startups. ASIF also stands out by receiving funding from both public and private sources. Of the €1,000,000 managed by ASIF, half of it is provided by the University of Amsterdam, while the other half is being raised from various private investors, most of which have close connections to the Amsterdam startup ecosystem.
In addition to the investing activities of the fund, ASIF organizes a range of events where students can learn about entrepreneurship and VC, meet startups and other potential employers, and network with like-minded students. The goal of ASIF is to engender a more diverse, accessible startup scene in Amsterdam and to build bridges between Amsterdam’s booming entrepreneurial ecosystem and its student community.