European VC agency 83North (previously Greylock IL), which seeing that 2008 has thinking about backing startups in Europe and Israel, has closed its fourth fund — taking $ 250M in a elevate that it says was once both oversubscribed and its largest to date, and bringing its complete capital beneath management to $ 800M.
The fund says it’s going to continue to invest in startups in its goal areas in any respect ranges — and in both the shopper and endeavor segments, together with in fintech, SaaS, IT, adtech and marketplaces — albeit with an emphasis on early stage companies.
alternatively Laurel Bowden, associate in London, notes that the uk’s vote to leave the ecu Union is encouraging the agency to maintain casting its eye across Europe as an entire, somewhat than concentrating attention on London.
In a remark she mentioned that the fund has already backed companies from France, Germany, Greece, Italy, Spain and Sweden, for example, and mentioned it’s anticipating European task to accelerate in tech hubs outside London because of Brexit.
“As we look to the future, the uk’s exit from the ecu will accelerate process in European tech hubs outside the uk. We imagine this gifts a massive opportunity for venture cash, like 83North, that are already neatly-based in the wider European region,” she said.
“It’s very encouraging for the ecu market to look such large ambition to construct international, category-prime companies. There were fifteen exits valued at more than $ 1 billion that originated from Europe in the past 5 years compared to best a handful prior,” she delivered.
83North has invested in additional than forty startups up to now. Portfolio corporations embrace just consume, Telit, Hybris (got by means of SAP), ScaleIO (received through EMC), SocialPoint (obtained by way of Take-Two), Supersonic (merged with IronSource), Celonis, Mirakl, by means of, Wandera, manageable, Wonga, Zerto, NotOnTheHighStreet, Ebury, iZettle, Marqeta and Payoneer.
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