Balderton Capital launches $375m fund for fast growing European tech start-ups

The new Series A fund, which will last for three years, will initially invest between $5m and $10m per funding round - targeting fast-growing tech firms

Balderton Capital, one of the largest early-stage venture capital funds in Europe, has announced a new $375m fund for fast growing European tech start-ups.

Raised from new and existing investors from the USA, Asia and Europe, the new Series A fund, which will last for three years, will initially invest between $5m and $10m per funding round – with the potential for follow-up rounds if recipients adequately scale.

Speaking exclusively to Startups, Lars Fjeldsoe-Nielsen, a general partner at Balderton Capital, says the fund has already backed 10 businesses across Europe – with selected start-ups working in a range of sectors such as edtech, blockchain, mobile, robotics and healthtech.

Adding that London-based start-up Zego, the pay-as-you-go insurance provider for delivery drivers, was backed by the fund when it recently raised £6m of Series A.

Fjeldsoe-Nielsen said: “We’re doubling down on Europe and we’re really excited. There’s lots of capital and opportunity across Europe at the moment.”

Claiming that Balderton Captial “invests in founders and not ideas”, the former vice president of mobile at Uber said that the fund had already invested in lots of “second generation entrepreneurs, that are very well equipped from previous businesses.”

Asked if Brexit will have any impact on Balderton investing into UK businesses in the future, Fjeldsoe-Nielsen responded:

“Right now, we’re in a wait and see mode. The biggest change for us so far with Brexit has been the exchange rate for UK businesses buying and selling.”

In a separate statement, Bernard Liautaud, managing partner at Balderton Capital, said:

“Europe’s technology sector has already produced many game-changing global companies, but we are still waiting for our continent’s very own Google, Amazon or Facebook to emerge.

“As European startups grow bigger faster, we are convinced that is finally about to change.

“With growth accelerating – this year to date European companies have attracted more than $12.5bn of venture investments – the continent can now produce and scale tech businesses of global significance.

“From A.I. to gaming, and music to messaging, Europe has built up reservoirs of world-class expertise which has inspired a generation of entrepreneurs with ten times the ambition of a decade ago.”