London and Dublin based venture capital firm Frontline Ventures has held a final close of €40m for its inaugural fund.
LPs that backed the fund include Irelandia, AIB, and Enterprise Ireland, Frontline said in a blog post.
The firm invests in early-stage technology startups, aiming to be their first institutional investor.
Frontline has led more than 30 investments in Europe and the US.
Its portfolio companies include log management and analytics technology company Logentries, big data startup Boxever and mobile sales analytics specialist Qstream.
“This means that more capital and resources can be deployed to stellar founders across Europe, their innovative products, and their talented and diverse teams,” said Frontline.
“We are partnering with forward-thinking LPs…all converging on this idea that the future of disruption lies in early-stage technology startups.”
Other European venture funds that have recently been closed include Prime Ventures’ fourth vehicle, which secured €130m.
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