Seed investor Frontline Ventures has scored €70m for the final close of its third fund targeting early-stage European tech startups.
The Seed Fund III raise comes four years after Frontline struck a €60m close for Seed Fund II, and less than a year after the firm raised $80m for its Frontline X vehicle targeting growth stage expansions of US companies into Europe.
Firm partner William McQuillan, pictured, said, “When we looked at the data back in 2012 – at the very start of Frontline – it was painfully clear that European entrepreneurs lacked the infrastructure and support to build a global business out of Europe.
“Today, Europe rightfully finds itself on top-tier US investors’ target list, but global expansion remains an important challenge to solve.
“As a team, we’ve pooled all of our experience and resources into helping our founders cross the Atlantic. Seed Fund III will be an extension of our work – to help founders get off the ground – and go global.”
The new fund, backed by the European Investment FUnd, Ireland Strategic Investment Fund and Irish bank AIB, among others, brings Frontline’s total capital under management to €250m.
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