Plural, an early-stage investment fund set up by founders and operators, announced a new €400 million fund to back the most ambitious founders on a mission to change the world through technology. The fresh capital, raised just 18 months after the debut fund, continues Plural’s momentum following its first 26 investments, the expansion of the investment and platform scaling team and significant appetite from sophisticated LPs to invest in Plural’s unique model.
Plural launched in June 2022 to give serious founders in Europe investors with experience to match their ambition. Only 8% of European VCs have built a company before, yet founders building hard companies will be better served by investors with first-hand experience.
Plural’s investor team of Carina Namih, Ian Hogarth, Khaled Helioui, Sten Tamkivi and Taavet Hinrikus have decades of company-building experience having spearheaded globally significant tech companies including Wise, Skype, Songkick, Teleport, Bigpoint and HelixNano. Known as ‘Unemployables’, their scar tissue from founding and growing some of the most innovative and impactful global technology companies is invaluable for the next generation of founders, whilst their hands-on investing approach of meaningful support and deep time promises to bend the trajectories of the companies they back.
Carina Namih, Partner at Plural, said: “When we launched Plural 18 months ago, we knew that a lack of operators was underserving European founders turned investors but even we couldn’t have predicted so much appetite for a different approach. We’re galvanised by the trust founders have placed in us to support them on their journeys tackling serious problems from developing clean energy that will save the planet to making the internet safer. With Fund II, we want to take this new model of investing even deeper into the European ecosystem, where startup creation continues to outpace the US, providing a huge opportunity that we have a responsibility to maximise.”
Since inception, Plural has invested in 26 transformative companies in six countries across Denmark, Estonia, Germany, the Netherlands, the UK and US. Its largest sectors by investment are AI (31%), frontier tech (16%) and climate & energy (14%), reflecting the Plural team’s desire to invest early in big, important ideas and willingness to take a long view on complex projects that will shape the future. Early investments in Proxima Fusion (developing fusion power plants based on the stellarator concept), Robin AI (AI copilot for legal teams) and Isometric (the carbon registry trusted by Fortune 100 companies to issue the highest quality carbon removal credits) are some examples of consequential companies Plural is supporting.
Taavet Hinrikus, Partner at Plural, added: “We know that significant technology is being built across Europe – more than 40% of European tech investment in the past year has gone into frontier and deep tech. Founders tackling major world problems through technology are exactly the types of companies we are backing at Plural. By supporting the most ambitious founders with our hard-won experience, we’re determined to build enduring global companies that will have a GDP-level impact and be transformative for economies and society.”
Over the past 18 months, the Plural team has grown to 15, based in Tallinn, Estonia and London, UK. Founder, former CEO and mRNA and AI pioneer Namih joined the Unemployables in March 2023. Additionally, Plural’s platform scaling team now comprises seasoned operators with deep industry experience, who provide support to Plural’s portfolio founders across a range of functions, including legal, fundraising, marketing and product.
Read the orginal article: https://www.eu-startups.com/2024/01/london-based-plural-doubles-down-on-founder-investment-model-with-new-e400-million-fund/
