London-based VC Seedcamp has announced the £78 million first and final close of its fifth fund, which will go to pre-seed and seed stage investments. Some capital will be reserved for follow-on rounds up to Series B.
Seedcamp launched in 2007 and has since built a portfolio of over 360 startups, including European decacorn, UiPath, and unicorn businesses Revolut, Transferwise and (as of yesterday’s announcement) Hopin. The VC likens this fundraising process, in the middle of a pandemic, to raising Fund IV (£60 million) two years ago, under the cloud of Brexit and the triggering of Article 50 — though this time felt a bit easier. In a statement, the firm’s partners said: “Fundraising, both for companies and VCs, is never easy - you have to constantly be selling and fighting your corner as to why someone should take a chance on you. Raising Fund V felt like the first time we’ve not had to fight tooth and nail to prove our legitimacy, a strange reality to be faced with in the middle of what is a hugely uncertain time across the world.” According to a press release, the fund has over 100 institutional investors including British Patient Capital, Legal & General, TIFF, LGT, Vintage IP, Isomer Capital, OMERS; other venture capital firms: Index, Sequoia, Underscore VC, Northzone, Atomico and Draper Esprit; as well as some European angel investors and Seedcamp founders: Taavet Hinrikus (TransferWise), Daniel Dines (UiPath), David Helgason (Nordic Makers/Unity) and Shakil Khan (Spotify).