Venture capital group Backed VC has closed its third fund, a $100m (£76m) vehicle targeting innovative European firms at the seed stage.
Based in London, Backed leads pre-seed and seed stage rounds with investments between $500,000 and $5m.
The Backed 3 fund will focus on three areas of frontier tech – AI therapeutics, blockchain and banking infrastructure and manufacturing automation, areas in which Backed has previously invested.
Its new fund has already re-invested in six of its strongest performing founders from previous funds.
Firms supported by Backed include Invisible Technologies, General Intuition and Flow Engineering.
“I am inspired by the exceptional talent emerging in Europe at a time of unprecedented technical opportunity, and energised by the search to find those with authentic global ambitions,” said Backed co-founder Alex Brunicki.
“We want to back generational European founders building companies that will stand the test of time and who are choosing to build their businesses where they are most primed for success, not for convenience.”
Investors of Backed 3 include Isomer Capital, Wunderland Capital and over 50 family offices and entrepreneurs.
“We are excited to join Backed Ventures Fund III and their impressive journey of investing in world-class founders who are developing the next generation of global companies,” said Chris Wade, co-founder at Isomer Capital.
“Team Isomer gained conviction as a result of prior funds’ performance and an actual demonstration of an LP partnership in firm development and co-investments.”
The launch of Backed 3 follows two prior funds, the first of which returned 35% to investors.