Berlin-based Fly Ventures has announced its second fund at 53 million euros, dedicated to early-stage European startups in enterprise and deep tech. Led by Gabriel Matuschka and Fredrik Bergenlid, the firm will use Fund II to make initial investments between €500,000 and €1.3 million.
Fund II brings the firm’s total capital to €88 million since 2017. Notable investments from Fund I include autonomous driving startup Wayve, which went on to raise a $20 million Series A led by Eclipse; clinical trials marketplace Inato, which later raised a $14 million Series A led by Obvious Ventures; and cybersecurity startup GitGuardian, where Balderton recently led a $12 million Series A follow-on round.
“Fly is built with our founders in mind; structured to serve their most pressing needs – building complex, industry-defining technologies and selling it to large clients,” explains Matuschka. Previously he opened and led the Berlin office for Partech. He continued, “Fly delivers on this through its two-team approach, combining the best commercial expertise with leading technical knowledge.”
LPs in Fund II include European Investment Fund (EIF), KfW Capital and Axa Venture Partners. The firm also announced it brought on board Matt Wichrowski, formerly with Entrepreneur First, who will help establish Fly Ventures’ position in the UK.
Photo: Operating partner Steven Tran, partner Felix Wolf, partner Marie Wennergren and partner Gabriel Matuschka