Vitruvian Partners has closed its third fund, Vitruvian Investment Partnership III (VIP III), totalling €2.4bn (£2.1bn).
The private equity investor backs high-growth European companies, with previous investments including UK tech firms such as Skyscanner and Just Eat.
Vitruvian’s VIP I fund raised €925m, closing in 2008, while VIP II closed at €1.2bn in 2013. These two funds were used to back 30 companies, investing between £25m and £125m per firm.
VIP III was oversubscribed, receiving support from over 100 existing and new investors worldwide. Vitruvian plans to use the new fund to help companies grow through acquisitions and by boosting operating profits.
Mike Risman, managing partner and co-founder of Vitruvian, said: “We would like to thank our partners – the outstanding entrepreneurs and management teams in our first two funds – whose vision and execution have delivered the strong returns which made this third fundraising possible. Similarly, we would like to express our gratitude to our investors for their continued support.”
Vitruvian has offices in London, Munich, the Benelux region, Stockholm and San Francisco, and recently established a market presence in France.
Back in November 2016, Vitruvian portfolio company Skyscanner was acquired by travel service provider Ctrip for £1.4bn.