UK-based VC Balderton, a backer of Revolut and Wayve, has raised $1.3bn across two new funds to invest in European startups from early stage to IPO.
The money raised is divided into a $615m early-stage fund and a $685m growth fund — the largest ever combined early-stage and growth fundraise dedicated to European startups. Major UK investor British Patient Capital, as well as one US public state pension, are among the LPs.
Balderton, which historically invests mostly at Series A, last raised a $600m early-stage fund in 2021.
It closed its first growth fund that same year, raising $680m and showing its transition to a multistage strategy — with the objective of plugging the financing gap in the European market for startups at later stages.
Growing interest in Europe
Balderton focuses exclusively on European startups, and has backed 275 companies in the region since it launched in 2000.
The firm counts several exits, including Darktrace, MySQL and Depop, and is an investor in high-profile European startups like Photoroom and GoCardless.
“Many… world-changing businesses will be built in Europe,” says Balderton’s managing director Bernard Liautaud. “Our mission is simple: to be the partner of choice to the founders starting and growing those European technology companies.”
It’s not the only VC to have raised big this year to back European startups; in May US VC Accel raised a $650m early-stage fund to back companies in Europe and Israel.
European AI
Europe is becoming competitive against the US thanks to AI, Balderton says, with Paris and London leading the region’s growth in the sector.
Last month, global VC Index Ventures raised $2.3bn across two new funds — early-stage and growth — to double down on AI investments, including in Europe.
Balderton has backed several AI companies, such as Wayve and Photoroom, but is sector-agnostic, with investments in fintech, B2B SaaS, digital health, mobility, gaming and marketplaces.
Read the orginal article: https://sifted.eu/articles/balderton-1-3bn-fundraise-news/
