VC firm Eight Roads Ventures Europe, the investment division of fund managers Fidelity International, has launched its new $375 million fund to invest in European and Israeli scaleups.

Dubbed ERVE III, it is Eight Roads’ third Europe-focused venture fund and will address the increasing demands for funding for growth stage companies, the London-based firm said.

It will back 15 to 20 companies with a ticket size averaging between $10 million and $30 million. The fund will cover a broad field of consumer and enterprise investment, including fintech and healthcare IT.

Europe has a lack of credible scaleup advice and supports, said Davor Hebel, managing partner at the firm.

“We will continue to support our entrepreneurs with our global platform and value-add team of operators as they take their companies from 50 to 500 employees and beyond,” he said. “We are confident that with the right help the European ecosystem can systematically create $10 billion+ global tech businesses.”

Some of the firm’s previous investments include Made.com, OTA Insight, and Oviva. This third fund follows Eight Roads previous Europe-focused funds which stood at £100 million (2010) and £150 million (2015).

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