Karma Ventures is to launch a €40 million fund for European startups. The new fund is managed by investors Margus Uudam and Kristjan Laanemaa, previously of Ambient Sound Investments and Tommi Uhari, founder of Uros.

The Luxembourg-domiciled fund is focusing on European startups. Ambient Sound Investments and the Baltic Innovation Fund are the main investors in Karma Ventures, which is seeking out European startups at the Series A stage.

“Series A is where we feel most comfortable working with startups and the most exciting phase as well where things really start to happen. Contributing to startups at this stage is exciting stuff,” said Margus.

The fund will be looking at most industries for startups to invest in and anticipates that it will be making its first investments in March or April while Skype founding engineers Ahti Heinla and Jaan Tallinn have joined the fund as advisors and will be looking “under the hood” of startups.

“We’re really able to validate strong technologies through our team and advisors. We have not excluded any verticals maybe only gaming. For gaming you usually need a dedicated portfolio,” said Margus.

“In the early stage, the kinds of companies we are interested in – companies with strong ideas delivered with unique technology, which are gaining traction with customers – need not just capital but smart capital, connected to deep knowledge and extensive international networks,” said Tommi Uhari.

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