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.
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.”