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Blossom Capital Raises $ 85 Million for "High Conviction" Series A Investing in Europe – TechCrunch

Blossom Capital, the venture capital firm co-founded by Ex-Index Ventures and LocalGlobe VC Ophelia Brown, announces that it has raised $ 85 million for investments in European tech start-ups at Level A ,

LPs in The New Fund, from which TechCrunch reported early details twelve months ago, are intended to refer to leading institutional investors as well as high-profile tech entrepreneurs. The latter is the co-founder of Robinhood Vladimir Tenev and the founder of Zendesk, Mikkel Svane.

In addition to Brown, Blrean's partner Imran Ghory, who previously led Data-Driven Deal Sourcing at Index and MarketInvoice, served as Data Inspector. Mike Hudack, who until recently was CTO of Deliveroo and previously Product Director of Facebook; and Louise Samet, a pretty active angel investor who previously worked at Klarna as a digital product manager.

Remarkable readers will also notice that the new VC company has already lost a founding partner: Former Candice Lo, a senior executive of Uber China, was previously listed on the Blossom Capital website as co-founder and partner of Blossom, but TechCrunch knows that the team has left in the meantime.

"It was an honor to be part of the Blossom team, but I'm leaving the money more time with the family," Lo said in a statement to TechCrunch. "The fund has reached an incredible milestone and I will cheer for the team as Blossom continues to grow in Europe."

In a phone call with Brown, she said last week that Blossom is different from other Series A investors in Europe, following a "West Coast" approach, calling it "persuasion." The company will write larger checks than many Series A investors ̵

1; on the order of $ 5-10 million – and plans to trade only 4-5 transactions a year, which is quite unusual.

The idea is to place fewer but larger (and potentially riskier) bets and give the limited number of Blossom companies enough runway to arrive at a meaningful Series B. This also means that the Blossom team, which is still small, does not spread the offered support to its portfolio too thin.

In this regard, Blossom has already supported four companies. They are Duffel, Fat Llama, Frontify and Sqreen. Co-investors have included Y Combinator, Greylock and Index Ventures – some pretty good names for a new company, to say the least.

Another aspect that Brown has addressed is the use of data by Blossom to acquire and support deals. Both partners, Ghory and Hudack, have technical backgrounds – which should make them especially friendly with technical founders – and I said the company has developed a technology that uses different data to look for signals from promising companies in Europe's diverse and fragmented ecosystem to search.

According to Brown, a small company like Blossom is supposed to make sure that it still finds deals in some of Europe's more hidden tech centers, rather than just in the big ecosystems. She declined to elaborate on the data used and was careful not to divulge any of Blossom's secret sources.

More generally, VCs are increasingly relying on the use of data, whether this is the case Data scientists and analysts throw at the problem or develop customized software. Two other European companies that were thought to be similar to Blossom are InReach Ventures and the Berlin-based Fly VC from London.

"If you look at the big successes in Europe, around 70 percent of them today were outside the main hubs of business in countries like Romania, Finland and Portugal," writes Brown in a blog post. "Data allows us to cover the entire continent, not just the big and over-fished capitals like London, Paris, Berlin and Stockholm."

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