Berlin-based investment firm Earlybird Venture Capital is nearing a final close for its latest early stage fund.
Earlybird’s Digital East Fund has secured $110m towards its $130m target, the firm said in a statement.
LPs that have backed the fund include the European Bank for Reconstruction and Development, the European Investment Fund, the International Finance Corporation and Turkey’s dedicated fund of funds and co-investment program Istanbul Venture Capital Initiative.
The new fund will focus on early stage and early growth investments in Turkey and Central and Eastern Europe.
“The region provides an environment of exceptional economic expansion, young and growing populations enthusiastically embracing new technologies and continuously increasing income per capita,” Earlybird said in a statement.
“The new fund will focus on opportunities featuring exceptional founders building businesses that serve large, rapidly growing and preferably global or regional markets with capital-efficient business models, demonstrating sustainable competitive advantage.”
Since its launch in 1997 Earlybird has raised €900m across its funds. The firm said that Earlybird Digital East Fund team has closed or prepared several investments for the fund and” built a strong pipeline of further candidates throughout the region.”
In July last year Earlybird held a final close of $2900m for its fourth European seed fund.
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