Launching a brand new fund in 2022 is, over the long run, prone to show a greater guess than launching a brand new fund within the frothy days of 2021.
Valuations have come down at later levels, and startups aren’t elevating “foolish cash” like final yr, which suggests VCs can get extra bang for his or her buck.
From January to October 2022, VCs in Europe raised over €16bn in recent capital, in line with Dealroom. Greater than €2.2bn of that was raised by new funds — both from first-time fund managers, or from established fund managers launching a brand new specialist fund.
Investing in the whole lot from quantum to school spinouts, listed below are among the recent faces in European VC.
Have we missed any funds? Tell us: [email protected]
Feminine Founders
HQ: AustriaFund measurement: Focusing on €20mFocus: Feminine foundersStage: Pre-seed and seed
Austrian community and accelerator Feminine Founders launched a new fund, Fund F, in October, particularly targeted on female-cofounded startups. It’s raised €12.5m of its €20m goal fund thus far. It’s going to make investments between €100k to 400k in 25-30 startups with at the very least one feminine cofounder and equal gender illustration on the cap desk.
Otium Capital
HQ: FranceFund measurement: Focusing on €150mFocus: French techStage: Seed and Sequence A
The household workplace of French entrepreneur Édouard Stérin, founding father of reward field service Smartbox, has backed a brand new fund, Resonance, which is able to write cheques of between €100k and 10m for just a few early-stage firms annually. It’s interested by all nationalities, however 60% of the startups it invests in can be French.
Sista
HQ: FranceFund measurement: Focusing on €100mFocus: Feminine foundersStage: Pre-revenue
With a primary shut of €30m, Sista will again early-stage startups with at the very least one feminine cofounder. It’ll write cheques of €250k-3m for round 30 pre-revenue startups spanning throughout fintech, healthtech, SaaS and shopper tech.
Neva Sgr
HQ: ItalyFund measurement: Focusing on €250mFocus: Italian techStage: Late seed to Sequence B/C
The VC arm of Italian financial institution Intesa Sanpaolo launched the Neva First Fund to spend money on Italian startups at development levels. Its common cheque can be round €4m, however it would write first cheques of as much as €10m. Although sector agnostic, it has a slight leaning in direction of fintech and deeptech startups.
Vitality Influence Companions
HQ: USFund measurement: €390mFocus: Local weather techStage: Later levels
Local weather tech-focused US VC agency Vitality Influence Companions will spend money on later-stage European firms engaged on tech that may advance web zero. It’ll commit from €10m-35m, growing to over €75m with co-investment.
Underline Ventures
HQ: RomaniaFund measurement: Focusing on €20mFocus: Japanese European foundersStage: Pre-seed, seed, late seed
The primary solo common companion enterprise fund to launch in central and jap Europe, Underline Ventures is led by the founding father of How To Internet, Bogdan Iordache. Up to now he’s closed over €10m of a €20m fund, which he’ll spend money on jap European founders. He says his common cheque is signed to the tune of €500k.
Vektor Ventures
HQ: UKFund measurement: Circa €50m (in commitments)Focus: Mobility techStage: Seed, Sequence A and Sequence B
Vektor Ventures is specializing in startups switching up the mobility sector. It introduced a primary shut of €48.8m in June this yr, and tends to write down first cheques of €2m to €5m.
Quantonation
HQ: Paris, FranceFund measurement: €91mFocus: QuantumStage: Seed to Sequence A
Quantonation is the primary European VC agency to focus solely on quantum startups. Its first fund, of €91m, can be invested in early-stage quantum firms, from seed to Sequence A, primarily based everywhere in the world. A major a part of its deal sourcing comes out of universities — thus far, it’s backed spinouts from Oxford College, MIT and École Polytechnique.
Increase Fund
HQ: UKFund measurement: £5mFocus: Information-driven investmentsStage: Pre-seed
Increase takes a barely unorthodox strategy to investing, utilizing a startup ranking system which focuses on the goal market, enterprise mannequin, scalability and execution potential of every firm. All startups that acquire a sure ranking routinely get a £50k funding from the fund, and those which might be unsuccessful obtain a 24-page report back to study from. Increase says that half of the investments it’s made since June have feminine founders and 30% have founders from an ethnic minority.
AM Ventures
HQ: NetherlandsFund measurement: €100mFocus: Industrial 3D printingStage: Early-stage
AM Ventures, identified for its investments into the additive manufacturing sector, introduced a €100m remaining shut for a brand new fund targeted on industrial-grade 3D printing startups in July. It’s firms that work on the whole lot from {hardware} and software program, to supplies and purposes.
Cornerstone
HQ: UKFund measurement: £20mFocus: Various foundersStage: Pre-seed
Cornerstone VC developed out of a syndicate for Black angel traders, and focuses on the “1% of the 1%” of various UK founders. It’s seeking to write cheques from £250k to £1m into 40 pre-seed and seed startups. Its LPs embody Atomico and BGF.
Idea Ventures
HQ: UKFund measurement: £50mFocus: Future of labor, video gaming and upskillingStage: Pre-seed
Idea Ventures closed the UK’s greatest ever devoted pre-seed fund of £50m in July. It’s going to make investments between £100k-600k in over 60 pre-seed stage startups, which for a lot of can be their first money injection. Idea Ventures prides itself on variety, with 80% of its LPs from ethnic minority backgrounds and 18% of its LPs girls.
QBIT Capital
HQ: Zurich, SwitzerlandFund measurement: CHF10m (€10.13m)Focus: Swiss fintechs and college spinoutsStage: Pre-seed and seed
QBIT Capital invests in Swiss pre-seed and seed stage fintechs and college spinouts. It usually writes cheques of €200k to €700k, and says it helps founders with go-to-market technique, fundraising and hiring.
Develop Enterprise Companions
HQ: SpainFund measurement: €5mFocus: DeeptechStage: Pre-seed and seed
Develop Enterprise Companions invests in deeptech and tech switch startups. It plans to make as much as 10 investments from the €5m fund — and generate round 200 jobs. It’s already backed Course of Talks, which makes use of AI to automate advanced processes, and social robotic producers Inrobics.
Kiko Ventures
HQ: UKFund measurement: £375mFocus: Local weather techStage: Pre-seed to Sequence B
Kiko Ventures, which launched in June, is an evergreen local weather tech fund. It’s backed by the FTSE 250 firm IP Group, and plans to deploy £200m over the subsequent 5 years. Current portfolio firms embody nuclear fusion firm First Gentle Fusion, hydrogen gasoline cell startup Bramble Vitality, and carbon dioxide seize tech firm C-Seize.
Synthesis Capital
HQ: UKFund measurement: $300mFocus: FoodtechStage: Seed to Sequence C
Synthesis Capital is one among a number of sizeable local weather and foodtech funds to have closed this yr. It’s interested by scaling improvements in foodtech to allow them to have actual impression, and thinks extra consideration must be paid to “upstream” applied sciences — these nearer to the farm or the lab — that may assist resolve local weather, water and meals safety challenges. It’s seeking to spend money on round 15 startups, writing first cheques of $5 to 25m.
European Round Bioeconomy Fund (ECBF)
HQ: GermanyFund measurement: €300mFocus: Agritech, packaging, meals and industrial biotechStage: Development
ECBF launched in February and counts the European Funding Financial institution as a cornerstone investor. Its portfolio consists of edible insect startup Protix and In Ovo, a Dutch startup which may detect the gender of chicks earlier than they hatch – and assist put an finish to the mass killing of male chicks within the poultry business.
Plural
HQ: UK Fund measurement: € 250m Focus: Local weather tech, healthtech, edtech, regulation Stage: Early-stage
Began by well-known entrepreneurs and prolific angel traders Taavet Hinrikus and Ian Hogarth, the € 250m fund isn’t solely huge, it’s additionally out to show that there’s an radically new – and higher – technique to run a VC agency, together with what you name your funding companions .
“We’re constructing the form of funding platform all of us wished we’d had after we had been constructing our firms,” Hinrikus informed Sifted on launch.
Northern Gritstone
HQ: UK Fund measurement: £ 215m Focus: College spinouts
Northern Gritstone has a comparatively area of interest focus for a European VC: college spinouts – primarily based within the north of England. It introduced the primary shut of its fund in Might, however is hoping to boost as a lot as £ 500m by remaining shut. The agency was based by three UK universities (Leeds, Manchester and Sheffield) to assist commercialize science and IP-rich companies.
Make investments-NL
HQ: Netherlands Fund measurement: € 250m Focus: Local weather tech, deeptech
Make investments-NL’s mandate is to spend money on firms that can make the Netherlands extra sustainable and extra modern. The fund is run by a non-public fund supervisor, however is financed with public funds.
10x Founders
HQ: Germany Fund measurement: € 160m Focus: Generalist Stage: Pre-seed and seed
European founders are more and more interested by backing the subsequent technology of entrepreneurs – however not all need to (or have time to) actively angel make investments. As an alternative, they’re investing in VC funds to unfold their danger and put their cash to work.
10x Founders is a fund grounded on this pattern. It’s backed by 200 German founders, and its companions even have a mixture of funding and entrepreneurial expertise.
Climentum
HQ: Copenhagen, Berlin, Stockholm Fund measurement: Focusing on € 150m Focus: Local weather tech Stage: Seed and Sequence A
This local weather tech fund is interested by investing in deeptech {hardware} – and, emphatically, not software program. “We’re on the lookout for one thing that basically has an infinite direct impression, so you need to go to the atom degree. You must transfer issues. You must shake issues up, ”companion Yoann Berno informed Sifted.
Inexperienced Technology Fund
HQ: Berlin Fund measurement: €100m Focus: Local weather tech, foodtech Stage: Early stage
Based by Janna Ensthaler and Dr Manon Sarah Littek, the fund has already backed eight startups targeted on sustainability, from meals to farming. They hope to spend money on 20 extra firms within the coming two to a few years.
AENU
HQ: Berlin Fund measurement: € 100m Focus: Local weather tech Stage: Seed to Sequence A
AENU started life as Pirate Influence, a climate-focused household workplace, however now it’s a totally fledged fund. It has an evergreen fund construction, which it hopes will allow it to again the most effective startups in its portfolio all the way in which as much as a public itemizing and past.
Sustainable Future Ventures
HQ: UK Fund measurement: € 100m Focus: Local weather tech Stage: Late seed to Sequence B
Sustainable Future Ventures has a reasonably area of interest focus: “investing in expertise firms to allow a extra sustainable constructed setting” – from wherever on the earth. The fund is managed by Patrizia AG , a German funding supervisor energetic largely in actual property.
Embedded / capital
HQ: Germany Fund measurement: € 100m Focus: Fintech Stage: Pre-seed to seed
Launched by the founders of fintech firm builder finleap, Embedded / capital is concentrated on – because the identify suggests – fintech startups with embedded monetary companies at their coronary heart. The portfolio consists of Hero, the French funds platform which raised € 12.4m in July, simply seven months after launch.
Ledger Cathay Capital
HQ: France Fund measurement: € 100m Focus: Crypto, Web3 Stage: Seed to Sequence A
That is an uncommon one: French scaleup Ledger has teamed up with funding agency Cathay Capital to launch a brand new fund targeted on crypto startups.
Certain Valley Ventures
HQ: UK Fund measurement: £ 95m Focus: Metaverse, Web3, cybersecurity, AI
Certain Valley Ventures plans to spend money on startups throughout the UK – and has just lately made hires in Leeds and Manchester. Its cornerstone investor is the British Enterprise Financial institution, which commited £ 50m to the fund.
Racine
HQ: France Fund measurement: € 80m Focus: Local weather tech, healthtech, edtech
Racine is a French impression fund, introduced in February. The fund is a partnership between French insurer MGEN and VCs makesense and Serena Capital.
Elkstone
HQ: Eire Fund measurement: € 75m Focus: Generalist
Elkstone started life as a multi-family workplace – however this yr additionally raised a enterprise fund to spend money on firms in its dwelling nation of Eire .
Indico Blue Fund
HQ: Portugal Fund measurement: focusing on € 50m Focus: Oceantech Stage: Pre-seed to development
Lisbon-based Indico launched a € 50m fund for “blue financial system” startups in January; € 36m of which has been raised at that time. It’s interested by listening to from startups wanting into sustainable aquaculture, inexperienced delivery, ocean renewable power and several other different sub-verticals.
The Techshop
HQ: Italy Fund measurement: € 50m focusing on Focus: B2B software program, SaaS Stage: Seed
Primarily based in Milan, The Techshop is solely targeted on B2B and SaaS startups. The crew is aiming to shut the fund at € 50m, however had raised € 32m as of July .
RAISE
HQ: France Fund measurement: € 40m Focus: Local weather tech Stage: Seed to Sequence B
Paris-based RAISE has backed startups like Virtuo, Lovys and WeMaintain.
Faber Blue Pioneers
HQ: Portugal Fund measurement: € 32m Focus: Blue financial system, deeptech, local weather tech Stage: Pre-seed and seed
This fund, raised by Portugal VC agency Faber, is completely targeted on startups constructing deeptech to spice up the sustainability of our oceans. It’s backed by the European Funding Fund, together with a number of foundations and entrepreneurs. It hopes to finish a remaining shut of the fund by the top of 2022, and plans to spend money on 20 to 25 early-stage firms contributing to the UN Sustainable Improvement Targets 13 and 14.
Unconventional Ventures
HQ: Copenhagen Fund measurement: € 30m Focus: Underrepresented founders Stage: Pre-seed and seed
Unconventional is one among Europe’s first funds targeted particularly on underrepresented founders – these figuring out as girls, folks of coloration, immigrants and / or LGTBQ + – and is backed by VC agency Atomico and the Danish state funding fund.
Upfin
HQ: Copenhagen Fund measurement: € 30m Focus: Fintech Stage: Pre-seed and seed
One other sector-specialist fund, Upfin is seeking to spend money on 15-20 fintech firms, ideally primarily based within the Nordics. Its backers features a Danish sovereign wealth fund, pension fund and monetary companies union.
Acrobator Ventures
HQ: NetherlandsFund measurement: €30mFocus: B2B, informationStage: Pre-seed and seed
Acrobator needs to assist startups primarily based in central and jap Europe and the Baltics develop into western markets.
Leafy Tunnel
HQ: UKFund measurement: $30mFocus: PsychedelicsStage: Seed and Sequence A
Leafy Tunnel, primarily based in Guernsey, backs medical hashish and psychedelics startups. Its portfolio consists of Beckley Psytech.
Cherry Crypto
HQ: GermanyFund measurement: €30mFocus: Web3, crypto
Berlin-based early-stage fund Cherry launched a particular crypto fund in February this yr.
Lightshift Capital
HQ: PortugalFund measurement: €26.5mFocus: Blockchain, Web3, crypto
Lightshift is one among a number of blockchain and crypto-focused funds to launch this yr.
PUSH Ventures
HQ: AustriaFund measurement: Focusing on €25-30mFocus: Well being and local weather techStage: Pre-seed to Sequence A
Launched in July, PUSH invests in primarily German and Austrian startups targeted on well being and local weather tech. It writes cheques of €100-500k in pre-seed rounds and €500k-1.5m in seed rounds. The companions’ monitor file consists of diabetes administration app MySugr, main healthcare startup Elephant Healthcare and precision fermentation startup fermify.
City Influence Ventures
HQ: RotterdamFund measurement: Goal of $50mFocus: Sustainable transformation of citiesStage: Late seed and Sequence A
City Influence Ventures is an impression VC supporting entrepreneurs that contribute to the sustainable transformation of the city setting. It has two core funding themes: decarbonisation and circularity.
Hypernova
HQ: US/EuropeFund measurement: $25mFocus: Automation and course of innovationStage: Pre-seed and seed
Being run by a solo VC supervisor — Tugce Ergul — isn’t the one factor that makes Hypernova stand out. The fund additionally plans to spend money on each startups and different funds. Half of its investments can be made within the US, half in Europe, and when it comes to startup investments, it’s interested by automation and course of innovation in sectors like retail, finance, logistics, transportation and delivery.
FOV Ventures
HQ: FinlandFund measurement: Focusing on €25mFocus: MetaverseStage: Pre-seed and seed
Launched by David Haynes, one of many founding crew at music firm Soundcloud, FOV Ventures goes all in on metaverse startups. It had raised €16.5m of its €25m goal in March, and informed Sifted then it wouldn’t spend money on cryptocurrencies or NFTs.
AIP Seed
HQ: PolandFund measurement: €25mFocus: GeneralistStage: Pre-seed and seed
AIP needs to be the primary investor in the most effective startups based in Poland and central jap Europe.
EuraTechnologies
HQ: FranceFund measurement: €24mFocus: DeeptechStage: Early-stage
The Lille-based incubator and accelerator EuraTechnologies raised €24m in June to again deeptech startups.
Creator Ventures
HQ: UKFund measurement: $20mFocus: Shopper social, creator financial system, marketplacesStage: Seed to Sequence A
Based by one-time YouTube celeb Caspar Lee, together with former PE man Sasha Kaletsky, Creator Ventures is eager to co-invest with celebrities and “creators”.
D2
HQ: UKFund measurement: $20mFocus: B2B software program, bootstrappersStage: Early-stage
Different to conventional VC are rising — and D2 is (form of) one among them. It presents early-stage founders fairness in alternate for capital (like most VCs) but additionally capital in alternate for a share of a startup’s revenues over 5 years. Founding companion Amory Poulden informed Sifted that he’s hoping for simply 10% of D2’s portfolio firms to die consequently — relatively than the 50% mortality charge most VCs anticipate. “If half the portfolio makes 1-2x the unique funding relatively than going to zero, we don’t have to spend money on the subsequent Google,” he mentioned.
Cocoa Ventures
HQ: UKFund measurement: $17mFocus: GeneralistStage: Pre-seed and seed
Cocoa Ventures is a VC fund that desires to behave like an angel investor, in line with founding companions Anthony Danon and Carmen Rico. It’s designed to not lead rounds, not argue over stakes and not get in the way in which of different traders. Why? In order that it might probably seize a seat on the desk of the most well liked offers, early on, Rico informed Sifted.
Octopus Ventures
HQ: UKFund measurement: £10mFocus: Fintech, healthtech, B2B software programStage: Pre-seed
Octopus Ventures is a well-recognized identify within the UK startup sector — however that is its first pre-seed fund. It’s being managed by two girls with investor and operator expertise beneath their belts — Kirsten Connell and Maria Rotilu — and 40% of its investments on launch had a feminine founder, and 30% at the very least one ethnic minority founder.
Shamrock Ventures
HQ: NetherlandsFund measurement: €10mFocus: Local weather tech
Not, as you may anticipate, from Eire, Amsterdam-based Shamrock Ventures invests in impression startups. The portfolio features a plant-based meal startup, sustainable mobility options and upcycling platforms.
NP-Arduous Ventures
HQ: Amsterdam Fund measurement: € 10mFocus: Instruments and infrastructure for builders and the creator financial systemStage: Pre-seed and seed
NP-Arduous Ventures’ crew is seeking to spend money on infrastructure, developer and inventive instruments, and platforms that assist makers and builders, in Europe and the US. Managing companion Anke Huiskes is an skilled angel investor, whereas companions Micha Hernandez Van Leuffen and Paul Veugen are additionally founders. Preliminary investments are upwards of € 150k.
V3 Ventures
HQ: EU, US & IndiaFund measurement: As much as €100mFocus: Shopper – e-commerce, well being & magnificence, meals & beverageStage: Pre-seed to Sequence A
V3 Ventures is consumer-focused and led by entrepreneurs Lopo Champalimaud (founding father of magnificence reserving platform, Treatwell) and Arjun Vaidya (founding father of Indian DTC Ayurvedic drugs model, Dr. Vaidya’s). It’s backed by worldwide evergreen funding firm, Verlinvest, and is on the lookout for purpose-driven scalable companies.
This text was final up to date on November 1 2022.
Amy Lewin is Sifted’s editor and cohost of The Sifted Podcast . She tweets from @amyrlewin
Sadia Nowshin is editorial assistant at Sifted. She tweets from @sadianowshin_
