Transferwise investor Seedcamp raises massive £41m new fund to invest in European startups

 
Lucy White
Seedcamp's investment team (from left to right) includes Carlos Espinal, Tom Wilson, Sia Houchangnia and Reshma Sohoni (Source: Seedcamp)

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.

Read more: An early investor in UK fintech unicorn Transferwise has reduced its stake

The pool was raised from 60 investors such as venture capital firm Draper Esprit, Thomas Cook Money, investment bank Investec and the British Business Bank.

“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.”

Read more: LoveFilm backer Draper Esprit acquires two Seedcamp funds including a stake in Transferwise

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.

Read more: Draper Esprit will put up to £75m in leading tech seed funds, starting with Transferwise backer Seedcamp and Zoopla investor Episode1

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