Samsung has expanded Samsung NEXT, its venture capital arm, to Europe where it will invest in European companies through its $150 million global fund.
The investment and M&A firm’s European operations will be based out of Berlin and it intends to open more European offices over the next year. It currently has locations in South Korea, San Francisco, New York, and Tel Aviv. NEXT will invest in early stage European startups in fields like AI, IoT, AR, and VR.
The announcement was made at Berlin’s Tech Open Air conference by NEXT managing director for Europe, Felix Peterson.
Samsung NEXT was established in 2013 and has invested in other verticals like security, health, and drones.
“At Samsung NEXT, we’re investing and acquiring companies in areas like AR, VR and AI to build the products and interfaces that will further transform how we’re connecting with the world,” said Petersen, a former partner at Faber Ventures.
“I’m excited to lead our expansion into Europe. The combination of deep tech talent and cultural diversity makes this market very attractive,” he said. “It also gives us a great opportunity to become the place for European entrepreneurs looking to build and grow their startups and turn them into revolutionary companies.”