Atomico, the European enterprise capital agency based by Skype’s Niklas Zennström, has introduced that it has closed its fifth fund — “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” firms.
The brand new fund brings to a hefty $2.7 billion the entire belongings that Atomico has below administration. Traders are stated to incorporate numerous institutional buyers, corresponding to pension funds, fund-of-funds, sovereign wealth funds, insurance coverage firms, endowments, banks, household places of work and government-backed entities from the world over.
Various 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 during the last 10 years, together with Adyen, Klarna, TransferWise, Spotify, Supercell, Skype and Zoopla.
Founders delivering “optimistic, transformational change”
Atomico’s Zennström has lengthy argued that entrepreneurs, not politicians, are the brand new “changemakers” due to the way in which expertise is reshaping society and the economic system. Inherent on this world view is that expertise and entrepreneurship can and needs to be a drive for good and that enterprise capital (and Atomico, particularly) has a “vital half to play in a world with so many pressing challenges” — from sustainability, fixing training, to raised healthcare. Nonetheless, in contrast to 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 “Acutely aware Scaling” programme).
To that finish, Atomico says that fund V will enable it to proceed to associate with “formidable European founders, who ship optimistic, transformational change throughout each facet of society and the economic system,” with the intention of constructing category-winning and sector-defining firms. “We’re guided by a easy perception: revenue and goal are mutually reinforcing, not mutually unique,” says Zennström in a press release.
In the meantime, Atomico has already made a number of investments out of fund V. They embrace city farming firm Infarm; medical AI firm HealX; AI-assisted design and development simulation firm Spacemaker; machine learning-based medical imaging firm Kheiron Medical, worker retention firm Peakon; digital procurement platform Scoutbee, childcare platform Koru Youngsters; 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 during the last three years.
Simply final month, Irina Haivas, Atomico’s surgeon-turned-VC, was promoted to associate. In March 2019, three new (non-investment) companions had been added to the listing: Bryce Keane (comms), Alison Smith (chief of workers) and Camilla Richards (investor relations). The earlier 12 months 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 just lately, long-time associate Mattias Ljungman left to boost 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.