London and Antwerp-based Hummingbird Ventures, which counts Deliveroo and Showpad in its portfolio, has closed a new $95 million fund to put money into tech startups on the “late Seed and Series A” level.
Targeting Europe and additionally additional afield, having invested in additional nascent ecosystems reminiscent of Turkey, Brazil and the continent of Africa, the VC is especially searching for startups running within the spaces of marketplaces, gaming, SaaS and crypto. It most often invests between $500,000 and $five million.
In a publish printed on Medium, Hummingbird Venture founding spouse Barend Vanden Brande says the new fund — the VC’s 3rd, no longer counting the $25 million “Opportunities fund” it raised in 2014 for later-stage follow-on investments — was once raised in simply 40 days. Its LPs encompass 100+ non-public buyers, together with “entrepreneurs who built $1bn+ tech companies, strategic family offices and entrepreneurs who we once backed at seed stage”.
He could also be willing to indicate that no tax-payer cash has long gone into the fund. “We did not rely on any special tax incentives or the EIF’s of the world,” writes Vanden Brande.
The Hummingbird VC additionally reckons the fundraise may have been even better, however resolution was once taken to cap it at $95 million. “Firstly, we believe this segment looks crowded in Europe, especially with U.S. funds swooping up many of the best European Series B deals. But most importantly, we want to stay true to ourselves. Our heart is in early stage investments: It’s what we do best,” he says.
Despite handiest pronouncing these days, a number of investments out of Hummingbird Ventures III have already been made. They come with Instacarro (Brazil), Frontier Car Group (Nigeria, Pakistan, Turkey, Chile, Mexico, Indonesia), and a stealth corporate in New York.
That stated, Vanden Brande writes that the VC company isn’t within the trade of “spray and pray,” arguing it’s extra selective than a large number of early-stage challenge capital. “We’ve done ~20 investments over 5 years, rather than the usual 20 investments per year,” he notes.
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