Atomico, the European enterprise capital agency based by Skype’s Niklas Zennström, has introduced that it has closed its fifth fund — “Atomico V” — giving it one other $820 million to spend money on European startups.
The London-headquartered VC agency’s earlier fund closed at $765 million, so this is a rise over three years in the past. Nonetheless, the remit stays largely the identical, as Atomico says it plans to double down on its technique of backing “mission-driven” European founders at Sequence A, however with the flexibility to additionally make investments at Sequence B and C into what it calls “breakout” corporations.
The brand new fund brings to a hefty $2.7 billion the full property that Atomico has beneath administration. Traders are stated to incorporate numerous institutional traders, similar to pension funds, fund-of-funds, sovereign wealth funds, insurance coverage corporations, endowments, banks, household workplaces and government-backed entities from the world over.
Quite a few particular person LPs have backed Atomico V, too, together with what are described as founders and early staff members from a few of Europe’s most profitable startups over the past 10 years, together with Adyen, Klarna, TransferWise, Spotify, Supercell, Skype and Zoopla.
Founders delivering “positive, transformational change”
Atomico’s Zennström has lengthy argued that entrepreneurs, not politicians, are the brand new “changemakers” due to the best way expertise is reshaping society and the economic system. Inherent on this world view is that expertise and entrepreneurship can and must be a pressure for good and that enterprise capital (and Atomico, particularly) has a “critical part to play in a world with so many urgent challenges” — from sustainability, fixing schooling, to higher healthcare. Nonetheless, not like a pure Silicon Valley perspective, Zennström doesn’t consider that “for good” is inevitable and would require formal checks and balances to be put in place (see the agency’s “Conscious Scaling” programme).
To that finish, Atomico says that fund V will permit it to proceed to associate with “ambitious European founders, who deliver positive, transformational change across every aspect of society and the economy,” with the purpose of constructing category-winning and sector-defining corporations. “We’re guided by a simple belief: profit and purpose are mutually reinforcing, not mutually exclusive,” says Zennström in an announcement.
In the meantime, Atomico has already made a number of investments out of fund V. They embody city farming firm Infarm; medical AI firm HealX; AI-assisted design and building simulation firm Spacemaker; machine learning-based medical imaging firm Kheiron Medical, worker retention firm Peakon; digital procurement platform Scoutbee, childcare platform Koru Children; gross sales staff automation software program Automation Hero; and physician messaging service AccuRx.
The formal closing of Atomico’s fifth fund marks a brand new period for the VC, which has seen a freshening up of its 60-person investor and operational staff over the past three years.
Simply final month, Irina Haivas, Atomico’s surgeon-turned-VC, was promoted to associate. In March 2019, Three New (non-investment) companions have been added to the listing: Bryce Keane (comms), Alison Smith (chief of employees) and Camilla Richards (investor relations). The earlier yr noticed Sophia Bendz, the previous Spotify international director of Advertising and marketing, promoted to associate. And in September 2017, Tom Wehmeier, the agency’s head of Analysis, additionally made associate.
There have been departures, too. Most not too long ago, long-time associate Mattias Ljungman left to lift his personal seed fund. Earlier than that, Carolina Brochado jumped ship to affix SoftBank’s Imaginative and prescient Fund in London, and Teddie Wardi left for America to affix Perception.