London-based VC Plural has launched a €400m (£342m) fund to back tech founders in the UK and Europe.
Plural, which also has an office in Tallinn, Estonia, launched its €250 million debut fund in June 2022, focusing primarily on AI, cutting-edge technology and climate and energy.
The VC has made 26 investments to date, including in UK-based AI startups Robin AI, Conjecture and Unitary – investing between €1 million and €10 million in each.
Carina Namih, a partner at Plural, said: “When we launched Plural 18 months ago, we knew that a lack of operators was underserving European founders-turned-investors, but even we couldn’t have predicted that there would be so much interest was in favor of a different approach.
“We are heartened by the trust the founders have placed in us to support them in their quest to tackle serious problems, from developing clean energy that will save the planet to making the internet more secure. With Fund II, we want to bring this new investment model even deeper into the European ecosystem, where startup creation continues to outpace the US, presenting a huge opportunity that we have a responsibility to maximize.”
Taavet Hinrikus, another partner at Plural, added: “We know there is significant technology being built across Europe – more than 40 percent of European technology investment last year has gone into frontier and deep tech.
“Founders tackling major global problems through technology are exactly the types of companies we support at Plural. By backing the most ambitious founders with our hard-won experience, we are committed to building sustainable global businesses that will impact GDP levels and be transformative for the economy and society.”
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