European venture capital firm Redalpine raises $200 mln in largest fund
Aug 27 (Reuters) -Zurich-based venture capital firm Redalpine said on Tuesday it has raised $200 million in its largest-ever fund, which would back 15-20 early-stage companies across Europe.
Called Redalpine Capital VII or RAC VII, the fund saw commitments from several existing investors, with limited partners including institutional investors such as public pension funds and national banks.
Redalpine, which also announced the opening of a new office in London, has more than $1 billion in assets under management across its seven funds.
WHY IT'S IMPORTANT
RAC VII has already invested in nine companies, including fusion energy startup Proxima Fusion, gene-editing company Expression Edits and LegalFly, an AI copilot for legal services.
The fund underscores a rebound in venture capital funding following a lull earlier this year, aided by the optimism around artificial intelligence and other disruptive technologies.
Redalpine's London office will help expand its geographical footprint, support its local portfolio companies and unlock new investment opportunities. The firm currently operates out of offices in Zurich and Berlin and has a presence in San Francisco.
CONTEXT
Founded in 2006, Redalpine has so far invested in more than 100 companies, including payments group Klarna, France's Mistral AI, Germany's tax return app Taxfix and biotech firm Infinite Roots.
KEY QUOTES
"We are at a pivotal inflection point in technological development ... Huge forces such as AI, energy transition, health and food security and more are creating significant investment opportunities. We are seeking startups that are working on incredible solutions," said Redalpine Founding Partner Michael Sidler.
"London and the UK have shown very impressive advancements in the past few years, particularly in deeptech and AI — areas that align perfectly with our investment strategy," said Sebastian Becker, general partner at Redalpine and head of the London office.
Reporting by Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar
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