Earlybird closes $100 million fund focused on Berlin

Marguerite Imbert 2012-04-03 5

Today Earlybird Venture Capital announces the close of a $100m fund which will focus entirely on early-stage investments in disruptive global consumer and enterprise businesses across Europe, with particular interest in Berlin as Europe’s first established tech hub. The target fund size is $200M, bringing the total Earlybird raise to over $700M since its founding in 1997.

Berlin

More funding for Berlin-based companies

The announcement joins recently closed funds from Index, Sunstone and Partech to reflect growing confidence in the European VC market as well as potential opportunities on the Continent despite the debt crisis. Accompanying the new fund are reported figures that confirm Berlin as second only to Silicon Valley as having the highest number of tech start-up company founding rates worldwide.

“In some cases we took investors on a tour across the ecosystem: St. Oberholz and its co-working space, meeting teams we may invest in, meeting with key angels, visiting our still small but also our large portfolio companies,” said Earlybird VC Ciaran O’Leary. ”It really amazing to see pension fund managers from the US and Asia who manage billions excited about what founders are building here in Berlin.”

International confidence in Berlin peaks

“In addition to maintaining our Continental investment focus,” said Earlybird Managing Partner Christian Nagel in a statement to VentureVillage, “we plan to significantly add to our seven existing portfolio investments in Berlin, which has become a nourishing ground for global tech companies.

“Earlybird’s announcement today is another sign that venture capital is re-emerging as an attractive asset class on the Continent and underscores that, despite the sovereign debt crisis, innovation has not fallen victim to recession and the financing of novel companies that shift paradigms has little correlation to macro economic conditions,” said Andreas Schmidt, Head of Primary Private Equity at Deutsche Bank Private Equity.

Image credit: flickr user marfis75

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