VentureFriends Raises $ 112 Million Fund for Southern Europe, Middle East & Latin America – TechCrunch
Southern Europe has sometimes been seen as a lost hole in terms of venture capital financing. However, that has gradually started to change in recent years. Earlier this year, Marathon Venture Capital in Athens raised a fund of $ 47 million. And LAUNCHub Ventures, is approaching a final close of 70 million euros.
But today there is news that VentureFriends, a European early-stage venture capitalist that started in Athens but now has offices in London and Warsaw, finalized the first close of its new fund at â¬ 90m, with a hard cap target of 100 million euros ($ 112 million). This is the third VentureFriends fund, launched in 2016.
The new fund is supported by family offices / HNW, founders and operators, the European Investment Fund and the Hellenic Investment Development Bank.
The fund’s seed and Series A objective remains the same. It invests from 500,000 to 2.5 million euros per company but can go up to 10 million euros. It invests in B2C and B2B startups, including Consumer, PropTech, FinTech, Marketplaces and SaaS.
VentureFriends’ portfolio includes proptech Blueground ($ 180 million Series C), Instashop Middle East grocery delivery marketplace (acquired by Delivery Hero), B2B Belvo fintech in Mexico ($ 43 million Series A), fintech Plum in London ($ 20 million Series A) and FBA roll-up Factory14 from Spain ($ 200 million Seed). There are also FlexCar, Spotawheel, Justlife, Byrd, Agro.Club and Influ2. More recently, VentureFriends invested in UAE proptech / fintech Huspy.
The VC also announced its intention to invest beyond Europe, into Latin America and the Middle East.
George Dimopoulos’ co-founder and partner said: âRaising a purely private fund in Greece in 2015 was not easy. We have worked hard to prove the investment value of the asset class in the region. We are now happy to have reached a point where we are experiencing several hundred million releases like with Instashop, and companies reaching Unicorn status like Blueground. “
Apostolos Apostolakis, Co-Founder and Partner of VentureFriends, said: âWe have steadily increased our presence and access to great entrepreneurs by providing relevant support and taking a value-based, founders-friendly approach. We are delighted with the first closing of our 3rd fund which, hopefully, is a testament to the work we have accomplished and we look forward to expanding the network of entrepreneurs that we will support. “
The founders of VentureFriends were previously entrepreneurs and angel investors, leaving e-food.gr for Delivery Hero in 2015, of which Apostolakis was a co-founder. They also left the Beat taxi company for Daimler, in which the two founding partners were angels.