Iceland’s Crowberry Capital launches $90M Seed and Early-stage fund aimed at Nordics

Crowberry Capital, operating in Reykjavik and Copenhagen, has launched Crowberry II: a $90 million seed and early-stage fund aimed at startups in the Nordic region. A second close – bringing in an additional $40 million – is planned for July 2022.

The EIF (European Investment Fund) is the lead LP on the fund, after putting in €20 million from the EU’s “InnovFin Equity” program. This is InnovFin Equity’s first VC fund in Iceland.

Other investors include Icelandic Pension funds, several family offices, and angels including David Helgason, founder of Unity Technologies.

Crowberry II, which claims to be the largest VC fund operating out of Iceland, is headed up by three women founders, Hekla Arnardottir, Helga Valfells, and Jenny Ruth Hrafnsdottir.

The Crowberry I fund (a $40m fund launched in 2017), invested in startups in the areas of Gaming, SaaS, Healthtech, and Fintech.

Hekla Arnardottir said: “An incorrect assumption is that because we are women, we are only interested in supporting female founders. As our investment record shows, we support companies because they are game changers, irrespective of the gender of their senior team members. However, we also benefit, as an all-female team, from a circumspection which means that we can see potential in businesses and sectors which are typically overlooked by others in our space.”

She added: “Inclusivity is good for business, and through being open and approachable, your deal-flow multiplies in parallel to your talent pool, and businesses are built with a broader potential user base. It’s crazy that in 2020, female-led startups received just 2.3% of VC Funding, yet Crowberry considers this to be an opportunity: where the Nordics lead in gender equality on a societal level, we want to show that the region can also show the way in terms of inventive venture support.”

Crowberry’s previous fund (Crowberry I) featured 15 companies, of which 33% had female CEOs.

#articles, #copenhagen, #crowberry-capital, #economy, #entrepreneurship, #europe, #european-investment-fund, #european-union, #flo, #founder, #healthtech, #iceland, #private-equity, #startup-company, #tc, #unity-technologies

European Investment Fund puts $30M in Fabric Ventures’ new $120M digital assets fund

Despite their rich engineering talent, Blockchain entrepreneurs in the EU often struggle to find backing due to the dearth of large funds and investment expertise in the space. But a big move takes place at an EU level today, as the European Investment Fund makes a significant investment into a blockchain and digital assets venture fund.

Fabric Ventures, a Luxembourg-based VC billed as backing the “Open Economy” has closed $120 million for its 2021 fund, $30 million of which is coming from the European Investment Fund (EIF). Other backers of the new fund include 33 founders, partners, and executives from Ethereum, (Transfer)Wise, PayPal, Square, Google, PayU, Ledger, Raisin, Ebury, PPRO, NEAR, Felix Capital, LocalGlobe, Earlybird, Accelerator Ventures, Aztec Protocol, Raisin, Aragon, Orchid, MySQL, Verifone, OpenOcean, Claret Capital, and more. 

This makes it the first EIF-backed fund mandated to invest in digital assets and blockchain technology.

EIF Chief Executive Alain Godard said:  “We are very pleased to be partnering with Fabric Ventures to bring to the European market this fund specializing in Blockchain technologies… This partnership seeks to address the need [in Europe] and unlock financing opportunities for entrepreneurs active in the field of blockchain technologies – a field of particular strategic importance for the EU and our competitiveness on the global stage.”

The subtext here is that the EIF wants some exposure to these new, decentralized platforms, potentially as a bulwark against the centralized platforms coming out of the US and China.

And yes, while the price of Bitcoin has yo-yo’d, there is now $100 billion invested in the decentralized finance sector and $1.5 billion market in the NFT market. This technology is going nowhere.

Fabric hasn’t just come from nowhere, either. Various Fabric Ventures team members have been involved in Orchestream, the Honeycomb Project at Sun Microsystems, Tideway, RPX, Automic, Yoyo Wallet, and Orchid.

Richard Muirhead is Managing Partner, and is joined by partners Max Mersch and Anil Hansjee. Hansjee becomes General Partner after leaving PayPal’s Venture Fund, which he led for EMEA. The team has experience in token design, market infrastructure, and community governance.

The same team started the Firestartr fund in 2012, backing Tray.io, Verse, Railsbank, Wagestream, Bitstamp, and others.

Muirhead said: “It is now well acknowledged that there is a need for a web that is user-owned and, consequently, more human-centric. There are astonishing people crafting this digital fabric for the benefit of all. We are excited to support those people with our latest fund.”

On a call with TechCrunch Muirhead added: “The thing to note here is that there’s a recognition at European Commission level, that this area is one of geopolitical significance for the EU bloc. On the one hand, you have the ‘wild west’ approach of North America, and, arguably, on the other is the surveillance state of the Chinese Communist Party.”

He said: “The European Commission, I think, believes that there is a third way for the individual, and to use this new wave of technology for the individual. Also for businesses. So we can have networks and marketplaces of individuals sharing their data for their own benefit, and businesses in supply chains sharing data for their own mutual benefits. So that’s the driving view.”

#accelerator-ventures, #articles, #blockchains, #china, #chinese-communist-party, #computing, #cryptocurrencies, #decentralization, #earlybird, #ethereum, #europe, #european-commission, #european-investment-fund, #european-union, #fabric-ventures, #felix-capital, #google, #managing-partner, #mysql, #north-america, #paypal, #railsbank, #rpx, #sun-microsystems, #tc, #technology, #united-states, #verifone, #yoyo-wallet

Exeger takes $38M to ramp up production of its flexible solar cells for self-powered gadgets

Sweden’s Exeger, which for over a decade has been developing flexible solar cell technology (called Powerfoyle) that it touts as efficient enough to power gadgets solely with light, has taken in another tranche of funding to expand its manufacturing capabilities by opening a second factory in the country.

The $38 million raise is comprised of $20M in debt financing from Swedbank and Swedish Export Credit Corporation (SEK), with a loan amounting to $12M from Swedbank (partly underwritten by the Swedish Export Credit Agency (EKN) under the guarantee of investment credits for companies with innovations) and SEK issuing a loan amounting to $8M (partly underwritten by the pan-EU European Investment Fund (EIF)); along with $18M through a directed share issue to Ilija Batljan Invest AB.

The share issue of 937,500 shares has a transaction share price of $19.2 — which corresponds to a pre-money valuation of $860M for the solar cell maker.

Back in 2019 SoftBank also put $20M into Exeger, in two investments of $10M — entering a strategic partnership to accelerate the global rollout of its tech and further extending its various investments in solar energy.

The Swedish company has also previously received a loan from the Swedish Energy Agency, in 2014, to develop its solar cell tech. But this latest debt financing round is its first on commercial terms (albeit partly underwritten by EKN and EIF).

Exeger says its solar cell tech is the only one that can be printed in free-form and different colors, meaning it can “seamlessly enhance any product with endless power”, as its PR puts it.

So far two devices have integrated the Powerfoyle tech: A bike helmet with an integrated safety taillight (by POC), and a pair of wireless headphones (by Urbanista). Although neither has yet been commercially launched — but both are slated to go on sale next month.

Exeger says its planned second factory in Stockholm will allow it to increase its manufacturing capacity tenfold by 2023, helping it target a broader array of markets sooner and accelerating its goal of mass adoption of its tech.

Its main target markets for the novel solar cell technology currently include consumer electronics, smart home, smart workplace, and IoT.

More device partnerships are slated as coming this year.

Exeger’s Powerfoyle solar cell tell integrated into a pair of Urbanista headphones (Image credits: Exeger/Urbanista)

“We don’t label our rounds but take a more pragmatic view on fundraising,” said Giovanni Fili, founder and CEO. “Developing a new technology, a new energy source, as well as laying the foundation for a new industry takes time. Thus, a company like ours requires long-term strategic investors that all buy into the vision as well as the overall strategy. We have spent a lot of time and energy on this, and it has paid off. It has given the company the resources required, both time and money, to bring an invention to a commercial launch, which is where we are today.”

Fili added that it’s chosen to raise debt financing now “because we can”.

“The same answer as when asked why we build a new factory in Stockholm, Sweden, rather than abroad. We have always said that once commercial, we will start leveraging the balance sheet when securing funds for the next factory. Thanks to our long-standing relationship with Swedbank and SEK, as well as the great support of the Swedish government through EKN underwriting part of the loans, we were able to move this forward,” he said.

Discussing the forthcoming two debut gizmos, the POC Omne Eternal helmet and the Urbanista Los Angeles headphones — which will both go sale in June — Fili says interest in the self-powered products has “surpassed all our expectations”.

“Any product which integrates Powerfoyle is able to charge under all forms of light, whether from indoor lamps or natural outdoor light. The stronger the light, the faster it charges. The POC helmet, for example, doesn’t have a USB port to power the safety light because the ambient light will keep it charging, cycling or not,” he tells TechCrunch.

“The Urbanista Los Angeles wireless headphones have already garnered tremendous interest online. Users can spend one hour outdoors with the headphones and gain three hours of battery time. This means most users will never need to worry about charging. As long as you have our product in light, any light, it will constantly charge. That’s one of the key aspects of our technology, we have designed and engineered the solar cell to work wherever people need it to work.”

“This is the year of our commercial breakthrough,” he added in a statement. “The phenomenal response from the product releases with POC and Urbanista are clear indicators this is the perfect time to introduce self-powered products to
the world. We need mass scale production to realize our vision which is to touch the lives of a billion people by 2030, and that’s why the factory is being built now.”

 

#consumer-electronics, #energy, #europe, #european-investment-fund, #european-union, #exeger, #fundings-exits, #gadgets, #greentech, #poc, #powerfoyle, #softbank, #solar-cell, #solar-energy, #stockholm, #sweden, #urbanista, #wireless-headphones

To improve accountability, Norrsken VC ties partner compensation to its portfolio’s sustainable successes

With the close of its latest investment fund, Norrsken VC is is taking an unprecedented step in tying the compensation of its partners to the positive changes the firm’s portfolio companies have on the world — and not just their financial returns.

The firm, which released its impact assessment for 2020 last week, has invested in companies that address seven of the United Nations’ seventeen sustainable development goals, and is benchmarking its performance on goals that range from the tightly monitored to the slightly tautological.

In some instances, the goals are simply customer metrics (with the assumption that the more customers on a product, the better they’re doing). To be fair, these are in areas like education and healthcare where the true impact of a company’s services are harder to measure.

The firm’s portfolio has much more tangible progress in the climate change mitigation and sustainability space. Here, emissions avoided or increases in energy efficiency can be measured quite easily.  And those energy efficiency gains and emissions reductions, along with lower waste associated with the firm’s food and agtech businesses are where the firm has seen its best performance.

When they exit, this performance will matter a great deal to the partners at Norrsken, because their compensation is directly affected by it.

“For each investment that we make, we set targets pre-investment for what we want to see in terms of impact,” said Tove Larsson, a general partner with Norrsken VC. “We do that together with some of our key LPs in the fund. We need to get the advisory committee’s approval of the targets. We set thsoe targets for an individual year and then on an annual basis.”

When the fund reaches the end of its cycle, the firm will look at the aggregated outcome of all of the impact KPIs and will weight the results of each company’s impact based o the amount we invested in each company. Based on that, the firm decides whether the team gets any carried interest or not.

If the portfolio companies hit sixty percent of the impact targets that have been set by the firm and its advisory board members, then they receive half of the carried interest, with the rest donated to charity. “There’s a linear escalation up to 100 percent. And if we don’t achieve that then the carried interest will be paid out to a charity organization or an NGO,” said Larsson.

Image Credit: Norrsken VC

The partners at Norrsken see their novel compensation structure as a point of differentiation, especially as the number of firms focused on themes related to the UN’s sustainable development goals continues to increase dramatically.

“We we started to invest, we were one of the first — four years ago. Then the market evolved so quickly where we got questions around how do you stand out and how do you know whether you’re truly an impact player,” said Agate Freimane, a general partner at the firm.

“This is a core part of the DNA. We need to do better and show that we can walk the talk,” Freimane said. So the firm took a page from the European Investment Fund, whose operations impose similar restrictions on compensation, she said. “When we heard about this way of doing it, we said tis make 100 percent sense, and why doesn’t everyone do it?”

So far, the team hasn’t had any problems hitting the target it had set. “We’re at 119 percent of the 2020 targets,” Freimane said. Still that’s only 12 percent of the long term targets. “At the moment, we’v e done one tenth of what we need to do over the lifetime of the fund.”

Even if some of the targets may be… imprecise… the steps that the firm’s portfolio companies have taken to reduce greenhouse gas emissions and food waste, and improving energy efficiency are having a real, measurable imapct. Whether that’s the reduction of data center energy demand by 10 Gigawatt hours thanks to the deployment of Submer technologies; reducing 11,000 tons of food waste through operations at Karma, Whywaste, Matsmart or Olio; saving 4 million liters of water from carwashes using Woshapp; or the development of 38 megawatts of solar projects thanks to the work of Alight.

Image Credit: Norrsken VC

“What we’re most proud of is that we’re actually doing this now,” said Larsson. “It’s not perfect, what we have delivered now, But we really think we need to start somewhere and it is key that the industry needs to become more transparent. The first thing we mentioned is that we think it is an achievement that we are tracking it and making it public.”

#energy-efficiency, #european-investment-fund, #finance, #food, #general-partner, #healthcare, #norrsken-vc, #tc, #united-nations

Aldea Ventures creates ‘hybrid’ European €100M fund to invest both in Micro VCs, plus follow-on

The historical trajectory of venture capital has been to move to earlier and earlier finding rounds in order to capture the greatest potential multiple on exit. In the US, we’ve seen an explosion of Pre-series A funds, and similarly in Europe. But there’s been an opportunity to tie a lot of that activity together and also produce data that can feed into decision-making about growth rounds, further up the funding pipeline. Now, newly-formed Aldea Ventures intends to do just that.

Today’s it’s announcing a €60M first close of its Pan-European fund with the aim of reaching its target €100M first fund. The idea is ambitious: to invest in 700 startups across Europe, but with an unusual, “hybrid” strategy. First up, it will operate as a fund-of-funds, investing in up to 20 early-stage ‘micro VC funds’ across Europe. Second of all, it will act as a co-investment platform from Series A upwards.  So far it has invested in London-based Job and Talent and most recently, Copenhagen-based Podimo.

The model is more common in Silicon Valley than in Europe, so Aldea Ventures hopes to capitalize on this trend as one of the earlier players with this strategy. Aldea is also effectively stepping into the gap where corporate VCs in the US would normally fill, but in Europe is generally a gaping hole.

Aldea Ventures is led by managing partners Carlos Trenchs, formerly at Caixa Capital Risc; Alfonso Bassols, previously at Nauta Capital; Josep Duran, formerly with the European Investment Fund; and Gonzalo Rodés, Chairman. Aldea Ventures is partnering with Meridia Capital, a leading Spanish alternative investment fund manager.

Carlos Trenchs, managing partner of Aldea Ventures, said: “We believe Europe will continue to grow in influence and play an integral part in the next decade of technology… Our dual model as a fund of funds and co-investor into scaleups is the first of its kind in Europe. Seen only in Silicon Valley until today, we’re putting this model to work to fuel the next generation of growth across the European ecosystem.”

Aldea will look for five factors to selecting micro VCs: the firm’s thesis (specialist, thematic or generalist); location (pan-European or local); the experience of the partners; the size of the fund, and whether the fund is emerging or established. The fund will also take a long hard look at AI, Blockchain and DeepTech companies.

Trenchs explained to me during an interview that “we will have exposure to seed capital in different geographies with the 700 companies, and we reserve the other half of the fund to invest directly on the growth stage in the best performers in their portfolios.” This, he says, will establish a roadmap from direct investing all the way up to later-stage rounds.

Aldea has so far made investments into six micro VCs; Air Street Capital and Moonfire in London; Helloworld in Luxembourg; Inventures in Munich; Mustard Seed Maze in Lisbon; and Nina Capital in Barcelona. 

Nathan Benaich, Founding Partner of Air Street Capital, commented: “Investing in  European AI-first companies is a huge opportunity, with almost one-quarter of top global AI talent earning their university degrees here.. Our partnership with Aldea demonstrates a shared conviction that specialist managers with deep sector-specific knowledge will accelerate the success of tomorrow’s category-defining European companies that are AI-first by design.”

There’s clearly also a data play here because Aldea is likely to end up with a lot of data across companies, sectors and also across various stages.

And that was confirmed by Trenchs: “We want to make the VC world more transparent. If you have the 700 companies, in a few years from now, we’ll be able to collect a lot of data about what’s going on at seed stage in European valuations, geographies and sectors. Our intention is of course to use it as intelligence.” He also said the firm intended to share a lot of anonymized data with the wider European ecosystem.

“There is a funnel of few thousands of companies that get funded, but only a few make it through the funnel. As investors, we are looking for venture capitalists that can transform their seed portfolio into a portfolio that graduates from Series A to Series B,” he added.

#accel, #air-street-capital, #barcelona, #chairman, #copenhagen, #corporate-finance, #entrepreneurship, #europe, #european-investment-fund, #finance, #investment, #lisbon, #london, #luxembourg, #managing-partner, #money, #munich, #nauta-capital, #partner, #private-equity, #tc, #united-states, #venture-capital

Big data VC OpenOcean hits $111.5M for third fund, appoints Ekaterina Almasque to GP

OpenOcean, a European VC which has tended to specialise in big data-oriented startups and deep tech, has reach the €92 million ($111.5 million) mark for its third main venture fund, and is aiming for a final close of €130 million by mid-way this year. LPs in the new fund include the European Investment Fund (EIF), Tesi, pension funds, major family offices and Oxford University’s Corpus Christi College.

Ekaterina Almasque — who has already led investments in IQM (superconducting quantum machines) and Sunrise.io (multi-cloud hyper-converged infrastructure) and is leading the London team and operations for the firm — has been appointed as general partner. Before joining, Almasque was a managing director at Samsung Catalyst Fund in Europe, led investments in Graphcore’s processor for Artificial Intelligence, Mapillary’s layer for rapid mapping and AIMotive’s autonomous driving stack.

The enormous wealth of data in the modern world means the next generation of software is being built at the infrastructure. Thus, the fund said it would invest primarily at the Series A level with initial investments of €3 million to €5 million, across OpenOcean’s principle areas of artificial intelligence, application-driven data infrastructure, intelligent automation and open source.

OpenOcean’s team includes Michael “Monty” Widenius, the “spiritual father” of MariaDB, and one of the original developers of MySQL, the predecessor to MariaDB; Tom Henriksson, who invested in MySQL and MariaDB; as well as Ralf Wahlsten and Patrik Backman.

Tom Henriksson, general partner at OpenOcean, commented: “Ekaterina… brings an immense amount of expertise to the team and exemplifies the way we want to support our founders. Fund 2020 is an important step for OpenOcean, with prestigious LPs trusting our approach and our knowledge, and believing in our ability to identify the very best data solutions and infrastructure technologies in Europe.”

Almasque said: “The next five years will be critical for digital infrastructure, as breakthrough technologies are currently being constrained by the capabilities of the stack. Enabling this next level of infrastructure innovation is crucial to realising digitisation projects across the economy and will determine what the internet of the future looks like. We’re excited by the potential of world-leading businesses being built across Europe and are looking forward to supporting the next generation of software leaders.”

Speaking to TechCrunch she added: “It’s very rare to find such a VC so deep in the stack which also invested in one of the first unicorns in Europe and really built the open source ecosystem globally. So for me, this was absolutely an interesting team to join. And what OpenOcean was doing since inception in 2011 was very unique among pioneering ecosystems, such as big data analytics… and it remains very pioneering, pushing the frontiers in artificial intelligence and now quantum computing. This is what really attracts me, and I think there is a very, very big future.”

In an interview Henriksson told me: “What we are seeing is that our economy is shifting more and more towards the digital, data-driven economy. It started with few industries, but now we see a larger shift, including new industries like healthcare, like manufacturing.”

Asked about the effects of the pandemic on the sector, he said: “Obviously we see a lot of startups who are plugging into things like the UiPath platform. This is very relevant for the pandemic. Because the companies that had started automating strongly before the pandemic hit… they’ve actually accelerated and they find benefits for their teams and organisations and actually the people are happier because they have better automation technologies in place. The ones that didn’t start before [the pandemic hit] they’re a little behind now.”

#aria, #artificial-intelligence, #big-data, #computing, #data-management, #databases, #drupal, #europe, #european-investment-fund, #infrastructure, #london, #manufacturing, #mapillary, #mariadb, #mysql, #openocean, #tc, #venture-capital, #wordpress

LAUNCHub Ventures heading towards a $85M fund for South Eastern European startups

LAUNCHub Ventures, an early-stage European VC which concentrates mainly on Central Eastern (CEE) and South-Eastern Europe (SEE), has completed the first closing of its new fund at €44 million ($53.5M), with an aspiration to reach a target size of €70 million. A final close is expected by Q2 2021.

Its principal backer is the European Investment Fund, corporates and a number of Bulgarian tech founders and investors.

With this new fund, LAUNCHub aims to invest in 25 startups in the next 4 years. The initial investment range will be between €500K and €2M in verticals such as B2B SaaS, Fintech, Proptech, Big Data, AI, Marketplaces, Digital Health. The fund will also actively invest in the Web 3.0 / Blockchain space, as it has done so since 2014.

LAUNCHub has also achieved a 50:50 gender split in its team, with Irina Dimitrova being promoted to operating partner while Raya Yunakova who joins as an Investor, previously working for PiLabs in London and Mirela Yordanova joins as an Associate, previously leading the startup community at Google for Startups Campus in London.

The investor is mining a rich view of highly skilled developers in the CEE countries where there are approximately 1.3 developers for every 100 people in the workforce. “Central and Eastern Europe’s rapid economic growth has caught the attention of Western investors searching for the next unicorn. The region has huge and still untapped potential with more and more local success stories, paving the way for the next generation of CEE tech founders.” said Todor Breshkov, Founding Partner at LAUNCHub Ventures .

LAUNCHub Ventures competes with other investors like Earlybird in the region, but they tend to invest at a later stage and is more typically a co-investor with LAUNCHub. Nearby Greece also features Greek funds such as Venture Friends and Marathon, but these tend to focus on their core country and diaspora entrepreneurs. Others include Speedinvest (usually focused on DACH) and Credo Ventures, more focused on the Czech Republic and CEE.

LAUNCHub partner and cofounder Stefan Grantchev told me: “Our strategy is to be regional, not to focus specifically on Bulgaria – but to look at all the opportunities in the region of South-Eastern Europe.”

LAUNCHub Ventures has backed companies including:

  • Giraffe360 (Robotic camera for real estate listing automation, co-investment with Hoxton Ventures and HCVC)

  • Fite (Premium direct to consumer digital live streaming for sports, followed-on by Earlybird)

  • GTMHub (The world’s leading and most intuitive OKR software, followed-on by CRV)

  • FintechOS (Banking and Insurance middleware for automation and digital innovation acceleration, followed-on by Earlybird and OTB)

  • Cleanshelf (Enterprise SaaS management and optimization platform, followed-on by Dawn Capital)

  • Office RnD (Co-working and flexible office space management, followed-on by Flashpoint Ventures)

  • Ferryhopper (Ferry ticketing platform for Southern Europe, co-investment with Metavallon)

#almaz-capital, #bulgaria, #business-incubators, #central-europe, #cofounder, #corporate-finance, #credo-ventures, #czech-republic, #eastern-europe, #economy, #entrepreneurship, #europe, #european-investment-fund, #google, #greece, #hoxton-ventures, #launchub-ventures, #london, #partner, #private-equity, #seedcamp, #startup-company, #tc, #venture-capital

Portugal’s Faber reaches $24.3M for its second fund aimed at data-driven startups from Iberia

Portuguese VC Faber has hit the first close of its Faber Tech II fund at €20.5 million ($24.3 million). The fund will focus on early-stage data-driven startups starting from Southern Europe and the Iberian peninsula, with the aim of reaching a final close of €30 million in the coming months. The new fund targets pre-series A and early-stage startups in Artificial Intelligence, Machine Learning and Data Science.

The fund is backed by European Investment Fund (EIF) and the local Financial Development Institution (IFD), with a joint commitment of €15 million (backed by the Investment Plan for Europe – the Juncker Plan and through the Portugal Tech program), alongside other private institutional and individual investors.

Alexandre Barbosa, Faber’s Managing Partner, said “The success of the first close of our new fund allows us to foresee a growth in the demand for this type of investment, as we believe digital transformation through Intelligence Artificial, Machine Learning and data science are increasingly relevant for companies and their businesses, and we think Southern Europe will be the launchpad of a growing number.”

Faber has already ‘warehoused’ three initial investments. It co-financed a 15.6 million euros Series A for SWORD Health – portuguese startup that created the first digital physiotherapy system combining artificial intelligence and clinical teams. It led the pre-seed round of YData, a startup with a data-centric development platform that provides data science professionals tools to deal with accessing high-quality and meaningful data while protecting its privacy. It also co-financed the pre-seed round of Emotai, a neuroscience-powered analytics and performance-boosting platform for virtual sports.

Faber was a first local investor in the first wave of Portugal’s most promising startups, such as Seedrs (co-founded by Carlos Silva, one f Faber’s Partners) which recently announced its merger with CrowdCube); Unbabel; Codacy and Hole19, among others.

Faber’s main focus is deep-tech and data science startups and as such it’s assembled around 20 experts, researchers, Data Scientists, CTO’s, Founders, AI and Machine Learning professors, as part of its investment strategy.

In particular, it’s created the new role of Professor-in-residence, the first of whom is renowned professor Mário Figueiredo from Lisbon’s leading tech university Instituto Superior Técnico. His interests include signal processing, machine learning, AI and optimization, being a highly cited researcher in these fields.

Speaking to TechCrunch in an interview Barbosa added: “We’ve seen first-time, but also second and third-time entrepreneurs coming over to Lisbon, Porto, Barcelona, Valencia, Madrid and experimenting with their next startup and considering starting-up from Iberia in the first place. But also successful entrepreneurs considering extending their engineering teams to Portugal and building engineering hubs in Portugal or Spain.”

“We’ve been historically countercyclical, so we found that startups came to, and appears in Iberia back in 2012 / 2013. This time around mid-2020, we’re very bullish on what’s we can do for the entrepreneurial engine of the economy. We see a lot happening – especially around our thesis – which is basically the data stack, all things data AI-driven, machine learning, data science, and we see that as a very relevant core. A lot of the transformation and digitization is happening right now, so we see a lot of promising stuff going on and a lot of promising talent establishing and setting up companies in Portugal and Spain – so that’s why we think this story is relevant for Europe as a whole.”

#articles, #artificial-intelligence, #barcelona, #crowdcube, #cto, #entrepreneurship, #europe, #european-investment-fund, #machine-learning, #madrid, #managing-partner, #neuroscience, #portugal, #private-equity, #seedrs, #spain, #startup-company, #tc, #valencia

Greece’s Marathon Venture Capital completes first close for Fund II, reaching $47M

Marathon Venture Capital in Athens, Greece has completed the first closing of its second fund, reaching the €40m / $47M mark. Backing the new fund is the European Investment Fund, HDBI, as well as corporates, family offices and HNWIs around the world (plus many Greek founders). It plans to invest in Seed-stage startups from €1m to 1.5m initial tickets for 15-20% of equity.

Team changes include Thaleia Misailidou being promoted to Principal, and Chris Gasteratos is promoted to Associate.

Marathon’s most prominent portfolio company is Netdata, which last year raised a $17 million Series A led by Bain Capital, and later raised another $14m from Bessemer. On the success side, Uber’s pending $1.4B+ acquisition of BMW/Daimler’s mobility group was in part driven by a Marathon-backed startup, Taxibeat, which was earlier acquired by Daimler.

Partners George Tziralis and Panos Papadopoulos tell me the fund is focused generally on enterprise/B2B, plus “Greek founders, anywhere”.

Highlights of Fund One’s investments include:

  • Netdata (leading infra monitoring OSS, backed by Bessemer & Bain)
  • Lenses (leader in DataOps, backed by 83North)
  • Hack The Box (cybersecurity adversarial training labs)
  • Learnworlds (business-in-a-box for course creators)
  • Causaly (cause-and-effect discovery in pharma)
  • Augmenta (autonomous precision agriculture)

Tziralis tells me the majority of its next ten companies have already raised a Series A round.

Tziralis and Papadopoulos have been key players in the Greek startups scene, backing many of the first startups to emerge from the country over 13 years ago. And they were enthusiastic backers of our TechCrunch Athens meetup many years ago.

Three years ago, they launched Marathon Venture Capital to take their efforts to the next level. Fund I invested in 10 companies with the first fund, and most have raised a Series A. The portfolio as a whole has raised 4x their total invested amount and maintains an estimated total enterprise value of $350 million.

They’ve also been running the “Greeks in Tech” meetups all over the world – Berlin to London to New York to San Francisco, and many more locations in between, connecting with Greek founders.

#bain-capital, #berlin, #bmw, #daimler, #europe, #european-investment-fund, #finance, #george-tziralis, #greece, #investment, #leader, #london, #mitt-romney, #mobility, #money, #new-york, #panos-papadopoulos, #san-francisco, #taxibeat, #tc, #uber, #venture-capital

Berlin’s Cavalry Ventures closes €80M, backed by DACH founders and EIF

Cavalry Ventures, the Berlin-based early-stage venture fund which was the lead inceptor into BRYTER, has closed its second fund of €80M, more than 3.5x the size of its maiden fund.

Geared somewhat like a large Angel syndicate, Cavalry’s LPs tend to be active founders and other LPs in early-stage funds in the DACH region, and the fund is best known for its focus on key SaaS and B2B infrastructure startups such as those in HR, sales, PR, fundraising, legal and internationalization.

In a statement Stefan Walter, managing partner at Cavalry, said: “Our mantra has always been ‘what’s best for the startup?’. If that is staying on the sidelines and letting you as a founder do your job, that’s what we’re going to do. But if you request our support, you can count on us to be there – any time of the day.”

Typically, Cavalry invests alongside angels, both external and from within its network.

Among these angels are Martin Henk (Pipedrive), Nico Rosberg (former F1 World Champion), Viktoriya Tigipko (TA Ventures), Myke Naef (Doodle), Emmanuel Thomassin (Delivery Hero), Gero Decker (Signavio), Joshua Cornelius & Mehmet Yilmaz (Freeletics), Tobias Balling (Blinkist) and Felix Jahn (Rocket Internet, McMakler).

The Cavalry II fund is the partnership’s first vintage with institutional funds including the European Investment Fund .

Cavalry was launched by Rouven Dresselhaus, Claude Ritter and Stefan Walter in 2016 and has since invested in McMakler, Rekki and PlanRadar among others.

#berlin, #delivery-hero, #europe, #european-investment-fund, #managing-partner, #pipedrive, #rocket-internet, #signavio, #software, #ta-ventures, #tc