Up to a third of cash likely to go to British-based founders, said fund
A new $450 million (£330 million) venture capital fund targeting the European tech sector was unveiled today, with a third check expected to go to later-stage UK-based start-up founders.
VC fund At Roads, an early investor in Alibaba and a supporter of UK tech-enabled companies Cashew, Made.com and Treatwell, has invested hundreds of millions in British technology over its 50-year history.
It plans to pour new cash into 15-20 “scale-ups” — start-ups that are already taking in significant revenue — based in Europe or Israel.
Eight Rhodes said initial checks would cost between $5 million and $50 million per scale-up and offered help developing and acquiring top talent.
The new fund’s team of over 20 investors will oversee all sectors including fintech, healthtech and consumer.
Kazoo’s founder and CEO, Alex Chesterman, said in his experience, Eight Streets is “a knowledgeable, experienced investor with an international network and can help European founders build global game-changing businesses”.
The new fund brings the firm’s total assets under management to $8 billion.
Davor Hebel, Managing Partner, Eight Roads Europe, said: “It is great to launch our latest fund at a time when there is so much entrepreneurial energy and ambition in both Europe and Israel.
“This additional capital enables us to continue helping aspiring founders win, and make a lasting impact on the way we live.”
The announcement comes after fellow venture capital firms also unearthed larger tech-focused funds this summer. Index Ventures raised $3 billion in July, while Balderton Capital unveiled a $680 million early-stage fund in June.