Skype co-founder’s VC firm is close to securing over $1 billion for a new start-up fund, sources say

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  • According to industry sources, Atomico has almost completed raising about $1.2 billion for a new fund.
  • He said the fund would be split into a $400 million “early-stage” fund and an $800 million “late-stage” fund.
  • Atomico, which is headquartered in London, has raised five funds so far. The last one was the $820 million fund that was announced in February 2020.

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LONDON — Atomico, the London-based venture capital firm founded and led by Skype co-founder Niklas Zennström, is close to announcing a new start-up fund worth about $1.2 billion, according to industry sources familiar with the matter.

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The investment company has nearly ended an “early-stage” fund of about $400 million to support young start-ups, two venture capitalists who did not wish to be named due to the sensitive nature of the discussions, told Businesshala.

He said Atomico is also working on a “late-stage” fund of about $800 million to support more established start-ups that require large amounts of capital to grow.

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Atomico did not respond to Businesshala’s request for comment.

A third Businesshala source, a start-up executive who did not wish to be named due to the nature of the discussion, told Businesshala that Atomico informed his company that it was in the process of raising more capital from limited partners.

Several other VC sources, who were not aware of any specific fundraising plans, said they would not be surprised if Atomico announced a new fund soon. “I think the world and its dog are just moving a lot,” said one.

Another said: “(It) would not be surprising. Competition in the VC world is brutal.”

It is not clear how much further capital Atomico needs to raise for each fund and when the fund will be officially announced.

Atomico, headquartered in Mayfair, has raised five funds so far. The last one was the $820 million fund that was announced in February 2020.

It has used its past funds to back some of the most valuable start-ups in the world, including fintech titans Stripe and Klarna. Other investments include flying car start-up Lilium and artificial intelligence chip designer GraphCore.

The amount of money flowing to European start-ups has continued to rise over the past decade, and several large US VC firms, including Sequoia Capital and Bessemer Venture Partners, have set up bases in London to ensure they don’t miss out on deals. .

Several of Atomico’s competitors have also announced significant funding over the past year and new VC firms are also being formed.

On Wednesday, rival firm Balderton Capital, also based in London, announced a $600 million early-stage funding on Wednesday, while Sofinova Partners announced that it has raised capital for its early-stage environmental impact fund. has raised 150 million euros ($169 million). ,

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