The EQT Ventures team has announced the close of EQT Ventures II with commitments totaling €660m, one of the largest VC funds in Europe.

With the new capital, EQT Ventures will build on the multi-stage strategy of the first fund, doubling down on investment in the next generation of ambitious founders building global winners out of Europe.

As well as partnering early with bold European founders (typically at Series A and B), EQT Ventures will continue to bridge the US and Europe, providing support and capital for US founders (typically at Series B and C) keen to scale into Europe.

Launched in May 2016 by some of Europe’s most successful founders and growth operators, EQT Ventures has established itself as one of the strongest additions to the European VC landscape.

EQT Ventures is modeled after the kind of VC the team would have liked to have had on their own start-up journeys, providing support and advice throughout different stages of growth rather than just capital.

Boasting expertise from the likes of Spotify, King, Booking.com, Lithium, Huddle and Hotels.com, EQT Ventures’ partners and operating partners provide portfolio companies with value-added services in a wide range of disciplines. These include product, marketing and communications, engineering, analytics, UX, international expansion, sales, partnerships and finance.

“Building a global success story is tough and requires more than just capital. It requires grit, ambition, teamwork and support from people who’ve experienced the start-up journey firsthand,” said Hjalmar Winbladh, Partner and Investment Advisor to the EQT Ventures funds.

“With this fund, EQT Ventures wants to continue to help close this funding gap and the fund’s size is clear evidence of the growing confidence in European tech, which is punching above its weight. The EQT Ventures team is looking forward to partnering with the boldest founders in Europe and the US, determined to build global winners.”

Christian Sinding, CEO and Managing Partner of EQT Partners, added: “Digital innovation is reshaping industries by disrupting existing business and operating models. This presents an opportunity for businesses and entrepreneurs keen to transform every sector imaginable.

“With the EQT Ventures team’s deep experience of founding and supporting start-ups, they are ideally positioned to support the next wave of founders and this is evident in the superb performance of the first fund. We are proud of what the team has achieved and looking forward to the next stage of EQT Ventures’ journey.”