Startup investor Seedcamp, which has been an early stage investor in businesses such as fintech unicorn Transferwise and digital bank Revolut, announced today it has raised a £41m new fund.
The firm's fourth fund is more than twice the size of its last and may still raise more money before a final close, and aims to invest in 100 startups across Europe.
“Seedcamp continues to grow as Europe’s seed startups enter an unprecedented era of growth themselves,” said Seedcamp co-founder Reshma Sohoni.
“We believe our fund is a perfect size to support the most ambitious of founders, both initially and now for a longer part of their journey, helping build a new group of not just $1bn-plus businesses but the $10bn-plus and $100bn-plus.”
As well as investing in startups at pre-seed and seed stages, Seedcamp will now also hold money back for follow-on rounds up to Series B and has gained approval to invest in crypto tokens.
This comes as the government, in its Patient Capital Review earlier this year, identified that that the UK was strong in early stage and venture capital investing but struggled to provide further "scale-up capital" to its young businesses.
The announcement has also coincided with Seedcamp's 10-year anniversary, making it the longest-standing seed fund in Europe. Since its launch, the firm has invested in 250 startups across 41 countries worldwide.