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Fly Ventures raises new €53M fund to back seed-stage enterprise and deep tech startups in Europe

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Fly Ventures raises new €53M fund to back seed-stage enterprise and deep tech startups in Europe

Fly Ventures, the Berlin-based VC that invests in seed-stage European startups inside enterprise and deep tech, has raised a brand new €53 million fund. The agency writes preliminary cheques of between €500,000 and €1.three million, and says it’s on the hunt for startups growing “novel, superior know-how on the chopping fringe of their respective sectors.”

Its debut fund was introduced in December 2017, and since then the agency has had two quiet exits to Facebook, in addition to backed quite a lot of promising corporations. They embrace autonomous driving startup Wayve, scientific trials market Inato, anti-money-laundering startup Salv and cybersecurity startup GitGuardian.

Founded by Gabriel Matuschka and Fredrik Bergenlid, Fly Ventures was one of many first of a brand new era of VC funds in Europe selecting to specialise round a sector, moderately than be too basic or too native. In this occasion, deep tech and the enterprise.

Its founders are additionally each former founders or operators. Bergenlid beforehand labored at Google and was one of many brains behind Google Assistant, and Matuschka beforehand based journey purchasing membership TripHunter, which was acquired by brands4friends (now owned by eBay).

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The Fly group has expanded since fund one, too. Late final 12 months I reported solely that longtime Entrepreneur First (EF) worker Matt Wichrowski was making a profession change to enterprise capital to offer Fly with an even bigger presence in London. And as a part of at this time’s new fund announcement, the agency is revealing that further group members Marie Wennergren, Felix Wolf and David Malinge, have been promoted to associate.

“Fly is constructed with our founders in thoughts; structured to serve their most urgent wants: constructing advanced, industry-defining applied sciences and promoting it to giant shoppers,” says Matuschka in a press release. “Fly delivers on this by means of its two-team strategy, combining the most effective business experience with main technical data. A rarity in European enterprise and one which makes us the most effective associate for enterprise and deep Tech startups in Europe.”

Adds Wichrowski: “We have an enormous expertise pool in Europe with deep experience and expertise. That expertise has the potential to remake whole industries and that’s what we wish our fund to unlock. Venture is fairly easy: discover nice individuals and make laborious, dangerous bets which have big outcomes. Lots of enterprise at this time has misplaced this ethos. It’s develop into extra reserved with threat taking. We at Fly are going again to the guts of what VC is all about.”

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Meanwhile, in case you might be questioning about these two Facebook acquisitions. They had been Bloomsbury AI, a startup that was constructing pure language processing (NLP) know-how to assist machines reply questions primarily based on data gleaned from paperwork; and Scape, a pc vision-based positioning service used for augmented actuality. Both acquisitions had been performed on the quiet. That is, till TechCrunch had different concepts.

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