Venture capital house Blossom Capital has become the largest emerging VC in Europe by surging to a $432m fund close for the continent’s biggest-ever Series A investment vehicle.
The firm has raised more than $1bn in the last three years.
Blossom III will focus on helping founders thrive at the critical Series A stage and helping founders build global companies from Europe, the firm said. It focuses on consumer internet, cybersecurity, developer tools and open source, enterprise SaaS, fintech and marketplaces deals.
The vehicle will target crypto startups for up to a third of its investments to reflect that crypto has come from a ninche financial tool to a mainstream asset class.
Blossom said it is highly selective in capital deployment with portfolio companies including $40bn-Checkout.com, MoonPay, Pigment, Duffel and Tines.
Managing partner Ophelia Brown said, “We’re delighted to welcome some of the world’s top endowments into Fund III. They share our conviction that early-stage capital can have outsized impact on the trajectory of a company.
“We believe European founders choose Blossom because of our local roots, global connections, and relentless focus on helping them scale their company from the Series A. With this new fund we are continuing with our high-conviction strategy of providing foundational capital to entrepreneurs, so their Series A creates an undeniable strategic advantage.”
Managing partner Alex Lim added, “Fund III is the latest step in our mission to support a new generation of world-beating companies from Europe. Founders need more than just capital from an investor at the early stage; they need partners who go above and beyond to make them successful.
“We have built a diverse partnership and tailored services offering, and are constantly pushing ourselves to provide ever-higher levels of service to European founders. We are excited to partner with more founders who share our ambition for Europe as a global technology hub.”
The firm closing its sophomore fund on $185m in 2020.
Blossom raised $85m of capital commitments for its first fund in February 2019.
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