London-based venture capital firm Atomico announced its fifth fund, Atomico V, has closed at $820 million, bringing the firm’s total assets under management to $2.7 billion. The size of the new fund allows the firm to stick with its ongoing strategy, investing in European startups at Series A, and to also invest in select companies at Series B and C.
Atomico V has a variety of investors from around the world, such as pension funds, sovereign wealth funds, insurance companies, endowments, banks, family offices and government-backed entities. Individual LPs include founders and early employees of major European tech companies from recent years, such as Spotify and Transferwise. Over the last year, the new fund has already gone toward a few investments: Infarm, HealX, Spacemaker, Kheiron Medical, Peakon, Scoutbee, Koru Kids, Automation Hero and AccuRx.
“We’re guided by a simple belief: profit and purpose are mutually reinforcing, not mutually exclusive,” Atomico Founding Partner and CEO Niklas Zennström. That guiding principle has led the firm to invest in major European success stories, such as Stripe, Skype (which Zennström founded), and Klarna — plus eight other companies with valuations over $1 billion. Other principles have appeared in the London VC’s strategy, as well. Atomico recently published a “Conscious Scaling” programme, an open-sourced framework for founders to identify and mitigate long-term risks. The firm also requires companies to implement a diversity and inclusion policy; it’s part of their investment term sheets.