European VC firm Speedinvest has closed its third fund at €190 million, reportedly above target and ahead of schedule. Around €100 million of the new fund is set aside for follow-on funding, while the rest will go to seed-stage investments in new startups.
This new fund, which brings total assets under management to €400 million, has already invested in over 10 new companies. Cornerstone investors will be finalised next quarter, but thus far include EIF, ERSTE Bank, and Silicon Valley venture capital firm NEA.
Rick Yang, head of NEA’s consumer investments, said: “As US-based investors, it can be challenging to navigate the fragmented European market, particularly at the seed stage. We want to ensure we’re partnering with the best companies, and Speedinvest enables this with a successful formula comprised of specialist teams for key verticals in prime locations throughout Europe.”
With offices in London, Berlin, Vienna, Munich and San Francisco, Speedinvest splits its 40 employees into sector-focused investment teams, such as fintech, deep tech, marketplaces, industrial tech, digital health and consumer tech.
The firm also has 20 operational experts providing portfolio companies with support in HR, growth marketing, business development, and US expansion.
Initial tickets range from €50,000 up to €1.5 million, with more significant follow-on investments. Portfolio companies include scale-ups that have received Series B cheques, such as wefox, TIER Mobility, and Curve, as well as up-and-comers such as CoachHub, TourRadar, and Inkitt.
The firm plans to spend more time on the ground in France this spring, where it has already invested in companies such as Luko, Lemon Way, Actiondesk and FairMoney.