The charitable foundation run by the Dutch Postcode Lottery organisation is investing ‘several million euros’ in start-up incubator Rockstart, the Financieele Dagblad says on Wednesday.

The Doen Foundation, a fund worth between €60m and €70m, is taking a ‘small minority stake’ in Rockstart, which will expand its team from 35 to 60 people and focus increasingly on abroad. This autumn the company plans to launch in Singapore and Bogota, the FD says.

The two organisations have worked together over a longer period and the foundation participates in Rockstart’s smart energy accelerator. Financial details of the new deal were not disclosed.

‘Rockstart brings a lot of added value to start-ups,’ the foundation’s financial director Jasper Snoek told the paper. ‘Our aim is to generate social returns and support sustainable entrepreneurship. It is a difficult market to survive in but Rockstart leads companies extremely well.’

Rockstart turns five years old next week. Among its more successful start-ups are 3D Hubs and social lending platform Peerby.

Start-ups are the rock bands of business, says Rockstart’s founder Oscar Knepper