Atomico, the European venture capital firm founded by Niklas Zennström of Skype, has announced that it has closed its fifth fund – "Atomico V" – and is making another $ 820 million available to invest in European startups ,
The London The VC company's former fund closed at $ 765 million. So this is an increase over three years ago. However, the remit remains largely the same as Atomico plans to double its strategy to support “mission-driven” European founders on Serie A, but also invest in Series B and C in what it calls. “Breakout company.
The new fund brings Atomico's total assets to an impressive $ 2.7 billion. Investors are said to include various institutional investors, including pension funds, fund of funds, sovereign wealth funds, insurance companies, foundations, banks, family offices and government-supported companies from around the world.
A number of individual LPs have also supported Atomico V, including the founders and early team members of some of Europe's most successful startups in the past 1
Founder of "positive, transformative change"
Atomico's Zennström has long argued that entrepreneurs, not politicians, are the new "changers" because technology is changing society and the economy. This worldview implies that technology and entrepreneurship can and should be a driving force and that venture capital (and especially Atomico) plays a "crucial role in a world with so many pressing challenges" – from sustainability to defining education to better health care. Unlike a pure Silicon Valley perspective, however, Zennström does not believe that "forever" is inevitable and that formal controls and considerations are necessary (see the company's "Conscious Scaling" program). To this end, according to Atomico, Fund V will enable him to continue working with "ambitious European founders who are making positive, transformative changes in all areas of society and the economy" to build category-winning and industry-leading companies. "We are guided by a simple conviction: profit and purpose reinforce each other and are not mutually exclusive," says Zennström in a statement.
In the meantime, Atomico has already made several investments from Fund V. This includes the urban agricultural company Infarm ;; medical AI company HealX; AI-supported design and construction simulation company Spacemaker; Machine learning medical imaging company Kheiron Medical, Peakon employee loyalty firm; digital procurement platform Scoutbee, childcare platform Koru Kids; Automation software for sales teams Automation Hero; and Doctor Messaging Service AccuRx.
The formal closure of Atomico's fifth fund marks a new era for the VC, in which its 60-strong investor and operational team has been refreshed in the past three years.
Just last month, Irina Haivas, Atomico's VC surgeon, was promoted to partner. In March 2019, three new (non-investing) partners were added to the list: Bryce Keane (communications), Alison Smith (chief of staff) and Camilla Richards (investor relations). Last year, Sophia Bendz, Spotify's former global marketing director, was promoted to partner. And in September 2017, Tom Wehmeier, the company's head of research, also became a partner.
There were also exits. Most recently, longtime partner Mattias Ljungman left to set up his own seed capital fund. Previously, Carolina Brochado jumped on the ship to join SoftBank's Vision Fund in London, and Teddie Wardi traveled to America to join Insight.