The firm filed an updated document with the US Securities and Exchange Commission, which shows that its second fund is targeting €40m.
Regulatory documents filed earlier this month showed that the firm was looking to raise just over $40m for the fund, which follows Adara’s first vehicle that raised €50m in 2006.
Adara Ventures II has yet to register its first commitment, the filing showed.
The firm is raising the fund without a placement agent and has set a minimum commitment requirement of around €125,000 for outside investors.
Adara, which is based in Spain and Luxembourg, invests in early-stage technology companies.
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