Berlin-based venture capital firm Earlybird has raised 175 million euros in its latest fund, taking its total amount raised to 1 billion euros.
The fund was raised entirely from institutional partners and corporate companies - no public investors were involved, according to Earlybird.
The VC firm is calling this fund "Digital West," saying it is focusing on technology companies in German-speaking countries, France and the Benelux region (Belgium, the Netherlands, and Luxembourg), the Nordics, Southern Europe, and the UK. Earlybird is looking for companies still in their early stages, which could mean anything from pre-seed to Series A. Thirteen investments have already been made from the new fund in the last few months.
Earlybird has previously invested in European tech businesses such as German photo-sharing and selling network EyeEm, soccer publishing platform Onefootball, mobile bank N26, in which Earlybird recently invested US$160 million, crypto startup ShapeShift and 6WunderKinder, a.k.a. to-do list app Wunderlist, which sold to Microsoft in 2015 for an undisclosed amount.
Berlin is a European tech hotspot, with many well-known 'unicorns' being founded and developed in the city. (Image: Camilla Bundgaard, Unsplash)
Dr. Fabian Heilemann, Partner at Earlybird, commented: "We see a steadily growing number of promising deep tech startups in Europe with excellent teams and scalable business models. With our new 'Digital West' fund, we invest in exactly these kinds of companies."
Meanwhile, Dr. Christian Nagel, co-founder and partner at Earlybird, said: "As the invested companies provide industry expertise, networks and capital, we can not only assure high returns but also help them to get access to innovation and technology—which is becoming increasingly important."