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Frontline Ventures raises £157m fund for startups eying transatlantic expansion

Frontline Ventures
Image credit: Frontline Ventures

VC firm Frontline Ventures has raised $200m (£157m) across two investment funds to support B2B software startups targeting transatlantic expansion.

The investor, based in London and Dublin, has secured funding for both the Frontline Seed fund and the Frontline Growth fund. Each fund focuses on different stages of startup growth.

Frontline Ventures said its goal is to bring the US venture capital mindset to Europe and to establish a US-European corridor for transatlantic startup growth.

The Frontline Seed fund backs pre-Series A companies in Europe. The group said the fund has made more than 80 investments over the past decade.

“Frontline Seed’s mission over the past decade has been to help ambitious founders capture this critical transatlantic market and set them on the path to IPO,” said Will Prendergast, partner at Frontline Seed.

“This has led us to become an integral partner for the highest-potential B2B software businesses in Europe, who we support through our network on everything from fundraising to their US go-to-market.”

The Frontline Growth fund, launched five years ago, backs US companies from Series B to Series D. The fund looks at US firms targeting European expansion.

“Though it is a traditionally overlooked market by US entrepreneurs, Europe accounts for over 30% of the global revenues of top performing B2B software companies at IPO,” said Brennan O’Donnell, partner at Frontline Growth.

“Our goal at Frontline is to bridge the gap between the U.S. and European markets, providing a platform for B2B software companies to become global category leaders.”

UK-based Frontline portfolio startups include Harriet, an automated HR tool that raised £1.2m last December, and Belfast-based supply chain platform Cloudsmith, which raised £8.8m in November.