Backed VC has closed its new fund at around £75 million to invest in seed-stage companies across Europe, especially those looking to expand in the US.
Over almost a decade, Backed has invested in over 100 companies that are taking on firms like Nvidia and Google. This is the third fund from the London-based VC which has backed five unicorns to date; a further 18 have reached an enterprise value of over $100m.
The fund works with founders at the very onset of their journey, partnering at the idea stage with companies like Thought Machine, Invisible Technologies, General Intuition, and Flow Engineering, all of which have recently raised follow-on rounds from Tier 1 US funds, such as Sequoia, Khosla, and General Catalyst.
Backed’s third fund is its largest to date and targets an increased presence in the US and an expanded global events strategy. It will focus on three areas of frontier tech, in which Backed has previously seeded unicorns: AI-native therapeutics, blockchain and banking infrastructure, and manufacturing automation.
Close to 50% of Backed 3 was committed from 10 leading institutional Fund of Funds, with new investors such as Isomer Capital and Wunderland Capital.
Backed 3 also now counts over 50 family offices and entrepreneurs as investors, including founders from the firm’s existing portfolio.
The fund has already re-invested in six of its strongest founders from previous funds.
“Backed partners with founders striving to build the first trillion dollar European businesses, in spaces where most do not dare to build,” said Andre de Haes, co-founder at Backed.
“Over the last decade, we have built a community of humans who have the audacity to take on companies like Nvidia, Google and Goldman Sachs. Their boldness has led to their success. It has created a fly wheel, where our founders are now investing as LPs back into our new fund.”