Fly Venturesthe Berlin-based VC that invests in seed-stage European startups inside enterprise and deep tech, has launched its third fund at €80 million. The company raised its closing €53 million fund in 2020.
Aiming at technical founders, the company claims Fund III was oversubscribed and raised in a single closing. Within the meantime, the small improve in fund measurement shows the company’s must operate as a boutique company.
Based mostly by Gabriel Matuschka and Fredrik Bergenlid, Fly Ventures invests €1 million to €4 million in rounds of €2 million to €10 million on the inception stage.
Matuschka knowledgeable TechCrunch: “We like doing points that on the time, totally different people assume, what the … supplies science and AI?! As of late, additional people do it, nonetheless our recreation plan is to do these kinds of investments two or three years sooner than anybody else cares.”
With Matt Wichrowski, Marie Brayer, Bergenlid, and Matuschka, the company operates in an equal-GP model of 4 companions each distributed all through Berlin, London, Paris, and Zurich.
“I really feel the Berlin/London issue significantly may also be plus Munich, on account of from Berlin you presumably can cowl Munich. And for the additional technical stuff, Munich tends to be a bit stronger. But it surely absolutely was always clear you wanted to do Germany and the UK. Then I assume over the previous 4 years or so, Paris, on the additional technical aspect, moreover really accelerated, which is the reason why we moreover added Marie, who is based in Paris,” said Matuschka.
Bergenlid beforehand labored at Google on Google Assistant, and Matuschka beforehand primarily based journey shopping for membership TripHunter (acquired by brands4friends, now owned by eBay).
AI has to date accounted for about 45% of Fly’s investments, with vertical features and industrial tech taking over 35%, and dev devices/infrastructure taking over 20%.
In its portfolio exists medical trials market Inato, anti-money-laundering startup Salv, and cybersecurity startup GitGuardian.
One different, Wayve, these days raised $1.05 billion in a Assortment C spherical led by SoftBank to progress autonomous driving with self-learning experience.
It’s moreover invested in Lakera, a Zurich-based startup that targets to protect enterprises from LLM vulnerabilities, and Orbital Provides, a U.Okay.-based agency rising foundation fashions for provides science.