New $400m fund for European tech start-ups
Balderton Capital launches a new fund to help early-stage European tech companies
British venture capital firm Balderton Capital has launched a new $400 million (£312m) fund that will invest in early-stage European tech companies and help them compete with Silicon Valley and China.
The London-based firm said the fund will target companies seeking Series A financing, or the first significant round of funding.
Managed by an investment team of 15 people across Europe, including offices in Paris and Berlin, the fund aims to secure around 12 investments per year.
“We believe Europe has the potential to build the next generation of technology giants, and we are focused on helping brilliant founders fulfil that ambition,” saidBernard Liautaud, managing partner at Balderton.
“We are seeing more and more exceptional founders raising Series A in Europe. With today’s new fund we want to build on that momentum,” he added.
Balderton is one of the original investors in Revolut, the British-based digital banking app that has grown at breakneck pace since its launch in July 2015 and now boasts more than 8 million customers.
Balderton said the launch of its latest fund means it’s raised over $3 billion in total across eight separate funds.
Other than Revolut, the firm’s portfolio includes German farming start-up Infarm and Swedish scooter-sharing company Voi Technology, which last week secured $85m in a fresh funding round to help it reach profitability in the next few years.
Europe has lagged behind the US and some Asian countries because it is a highly fragmented market that makes it almost impossible for tech firms to reach a large market at an early stage.