Sapphire Ventures secures $1bn for new tech fund

UK tech start-ups expected to benefit from fund with a focus on sectors including artificial intelligence, machine learning and cloud computing

Venture capital (VC) firm Sapphire Ventures has raised £1bn for a fund to support technology start-ups in the UK and beyond.

Spun out of SAP in 2011, the Silicon Valley-based VC primarily invests in growth-stage tech companies across Europe, the US, Israel and emerging markets including Brazil. This latest raise brings its total funds under management to $2.4bn.

UK tech start-ups are set to benefit from the Sapphire’s $1bn pot, which has recently started investing in companies at an earlier stage to avoid higher valuations later on.

The fund will still focus on growth stage tech firms, with a particular interest in artificial intelligence, machine learning, cloud computing, Software-as-a-Service (SaaS), big data, health and financial technology.

In February, Sapphire participated in a $40m Series C for data analytics firm Qubit, while last year it was involved in Currency Cloud’s $18m Series C.

Speaking to Tech City News, Nino Marakovic, chief executive and managing director of Sapphire Ventures, said:

“We continue to be bullish on making investments in the UK and Europe. Like all of our investments, we look for companies with demonstrated product/market fit, strong revenue momentum (at least $5m to $10m, or more, in annualized revenue) and the potential and ambition to become category leaders worldwide.”

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