Enterprise capital group Backed VC has closed its third fund, a $100m (£76m) automobile concentrating on revolutionary European companies on the seed stage.
Primarily based in London, Backed leads pre-seed and seed stage rounds with investments between $500,000 and $5m.
The Backed 3 fund will give attention to three areas of frontier tech – AI therapeutics, blockchain and banking infrastructure and manufacturing automation, areas by which Backed has beforehand invested.
Its new fund has already re-invested in six of its strongest performing founders from earlier funds.
Companies supported by Backed embrace Invisible Applied sciences, Basic Instinct and Move Engineering.
“I’m impressed by the distinctive expertise rising in Europe at a time of unprecedented technical alternative, and energised by the search to seek out these with genuine international ambitions,” mentioned Backed co-founder Alex Brunicki.
“We need to again generational European founders constructing corporations that can stand the take a look at of time and who’re selecting to construct their companies the place they’re most primed for fulfillment, not for comfort.”
Buyers of Backed 3 embrace Isomer Capital, Wunderland Capital and over 50 household workplaces and entrepreneurs.
“We’re excited to hitch Backed Ventures Fund III and their spectacular journey of investing in world-class founders who’re creating the following era of world corporations,” mentioned Chris Wade, co-founder at Isomer Capital.
“Staff Isomer gained conviction because of prior funds’ efficiency and an precise demonstration of an LP partnership in agency growth and co-investments.”
The launch of Backed 3 follows two prior funds, the primary of which returned 35% to traders.
