ElevenLabs backer Idea Ventures closes new £65m fund

London-based investor Idea Ventures has introduced the shut of its new $88m (£65.6m) Fund II, focusing on UK and European early-stage tech corporations.

This marks the second institutionally backed fund from the Monzo and ElevenLabs investor. The increase was supported by restricted companions together with Aldea Ventures, Prime Tier Capital Companions, Marktlink Capital, Dominus, and Granite Capital Administration.

The fund has been closely backed by US teams, with 80% of its institutional traders being based mostly within the States. It has additionally been supported by a good portion of founders beforehand backed by Idea Ventures, together with ElevenLabs co-founder Mati Staniszewski.

“As outsiders to VC, we’ve at all times believed pre-seed investing requires true specialists – companions who can spot and help founders earlier than the broader market sees their potential,” commented Reece Chowdhry, a founding accomplice at Idea Ventures.

“This shut cements our place as Europe’s largest devoted pre-seed fund and provides us the firepower to maintain saying ‘sure’ on the very starting of a founder’s journey.”

Chowdhry stated that the participation of US traders was a “large vote of confidence” within the European startup ecosystem.

The brand new fund will again as much as 50 firms on the pre-seed stage, with common investments to be $1m. The majority of those rounds shall be led by Idea.

“In in the present day’s enterprise market, there’s nothing extra necessary than partnering with managers who can spot distinctive expertise earlier than anybody else – and that’s precisely what makes Idea Ventures so particular,” stated Prime Tier Capital common accomplice Eric Fitzgerald.

“The workforce brings collectively multi-generational experience and unmatched networks, which we expect offers them an edge in backing the subsequent wave of standout founders. Their clear, considerate, and high-conviction method to pre-seed investing is differentiated, and we couldn’t be extra excited to accomplice with Idea Ventures.”