New UK early stage VC firstminute Capital launched in June final 12 months to the tune of $60m, with Atomico Ventures because it’s first cornerstone investor. They have been joined by 30 unicorns founders from Europe. Last September they introduced within the enormous China-based firm, Tencent, reaching a fund measurement of $85m.
Today firstminute capital, the London-based pan-European seed fund introduced a closing shut of $100m, and detailed its first batch of early-stage investments made since September.
Two institutional buyers have now joined. Henkel, the €60bn publicly-listed FMCG large, is making its first funding right into a European seed fund, and Lombard Odier, considered one of Europe’s largest personal banks, additionally joins.
The fund has three companions: Brent Hoberman CBE, Spencer Crawley and Henry Lane-Fox. Hoberman is chairman and co-founder of Founders Factory, a corporate-backed incubator/accelerator primarily based in London, and likewise of Founders Forum, a sequence of invitation-only, however influential annual world occasions for main entrepreneurs. He co-founded lastminute.com in April 1998, and offered to Sabre for $1.1bn in 2005. Crawley is co-founder and General Partner was beforehand Business Development at AppDirect (a San Francisco-based cloud commerce platform supplier, backed by Peter Thiel’s Mithril Capital, newest valuation $1bn+), Investment Associate at DMC Partners (Goldman Sachs spin-out Special Opportunities fund), and Analyst within the Moscow workplace of Goldman Sachs. Lane-Fox is a accomplice at Founders Forum, Co-founder and CEO of Founders Factory, Co-founder of SmartUp.io, and beforehand a part of the founding staff of lastminute.com.
Hoberman stated: “We’re excited to reach a significant milestone for firstminute, that helps us continue to support the most ambitious entrepreneurs globally. The latest investors to get behind the fund further increase our ability to have real impact, and we are buoyed by the rapid progress our portfolio founders are making. With our young and hard-working investment team, and our invaluable venture partners, we are hopeful that we can make our brand promise – of aspiring to be Europe’s most helpful seed fund – a reality. We were aiming to raise $60m for our first fund, and so to have closed our first fund at $100m is a strong signal for European technology.”
The hyperlink to Founders Forum is just not insignificant. Hoberman curates an eclectic mixture of founders buyers and new entrepreneurs which has allowed him to faucet a variety of enthusiastic buyers to his fund. These embrace the co-founders of lastminute.com, Supercell, Skyscanner, Trulia, Skype, Autonomy, Betfair, King.com, BlaBlaCar, Qunar, Carphone Warehouse, Datamonitor, Social gatheringGaming, Tradex Technologies, Net-a-Porter, Capital One Bank, Fox Kids Europe, Webhelp, Airtel, Social gatheringGaming and others, alongside different successes corresponding to Marketshare, Ticketbis, Nordeus and LoveFilm. Tommy Stadlen, writer, former Obama marketing campaign speechwriter and co-founder of Swing, which exited to Microsoft, is each an investor in firstminute and a enterprise accomplice.
firstminute says it has a European focus – with the flexibleness to comply with native lead funding occasions within the US and Israel – and says it usually plans to speculate $1m into seed-stage companies.
There can be a sector agnostic remit for the fund, however wil take a specific curiosity in Robotics, vertical AI, Healthtech, Blockchain, SaaS, Cyber, Gaming and D2C.
The fund additionally launched extra particulars of its portfolio firms so far together with:
• Cambridge self-driving start-up Wayve<br />
• Fuel supply enterprise Zebra
• Wireless charging platform Chargifi
• ICO change Templum (which has raised a further $10m).
Firstminute says three of its portfolio have raised subsequent rounds inside 6 months of firstminute’s funding.
The geographic unfold of their 17 investments to-date has been UK, Germany, Portugal and Israel, in addition to 4 investments within the US.
Family workplaces additionally function closely within the fund.
These embrace the JCDecaux household (€6bn market cap enterprise), Baron Davies of Abersoch (former Labour minister and Standard Chartered CEO & Chairman), Sir Paul Ruddock (former CEO of Lansdowne Partners and Chairman of Oxford University’s Endowment) and Alex de Carvalho (founding father of Public.io and Heineken non-executive director).
Firstminute can be now introducing its full-time working staff consisting of six buyers: Lina Wenner (Cambridge, BCG), Camilla Mazzolini (OLX, Berenberg), Elliot O’Connor (founding father of Code at Uni), Sam Endacott (Goldman Sachs), Anais Benazet (Founders Forum) and Clara Lindh (former freelance journalist).
Finally, three enterprise companions full the set-up. Steve Crossan, previously of DeepMind and Google and co-founder & CTO of Brandwatch.com, at the moment additionally an XIR at Atomico; Arek Wylegalski, previously of Index Ventures in London, and at the moment exploring alternatives within the blockchain area; and Tommy Stadlen.