One of Europe's largest and most well-known tech startup conferences, Web Summit, has launched a $50 million VC fund baptised Amaranthine, the Financial Times reported. The paperwork for the fund was completed back in May this year.
This year's Web Summit conference begins today in Lisbon, Portugal, where it's expected to gather more than 60,000 attendees, over 1,000 speakers, and several thousand startups.
According to the FT's sources, the new fund will use the data from the conference to support its investment decisions, such as which startups have attracted more attention at Web Summit and what trends are worth attention. The fund will supposedly take minority stakes in startups at all stages, however, judging by the fund's size and the startups that usually exhibit at the conference, it's more likely to be anywhere from pre-seed to early growth stage.
Amaranthine will reportedly be led by David Kelly, the co-founder of Web Summit, and Patrick Murphy, who used to work for Goldman Sach's and Universal's venture arm.
According to the firm's page on LinkedIn, it also employs Declan Kelly, Web Summit's head of venture; Chris Murphy, head of platform at f.ounders, Web Summit's elite gathering for tech entrepreneurs; and Kezia Wright, who doesn't appear to have been affiliated with the conference before.