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Skype co-founder’s VC firm Atomico raises $820m to close one of Europe’s biggest early-stage funds

Skype co-founder’s VC firm Atomico raises $820m to close one of Europe’s biggest early-stage funds

One of Europe’s biggest-ever venture capital funds has been closed by Atomico, the venture capital house launched by Skype co-founder Niklas Zennström.

Atomico pulled in $820m for the final close of its fifth fund, eclipsing the already impressive $765m it gathered for its predecessor vehicle three years ago.

Its above-target raise – Atomico had been hoping for $750m – brings the firm’s total assets under management to $2.7bn.

The huge capital influx will see Atomico doubling-down on its core Series A and growth investment strategy, with the new firepower allowing it to continue investing at Series B and C rounds into breakout companies.

LPs backing Fund V include British Patient Capital, a subsidiary of the British Business Bank, which committed $50m.

Atomico’s current portfolio includes transformative companies across sectors including finance, healthcare, AI & machine learning, agriculture and business productivity.

Fund V investment to date include doctor messaging service AccuRx, urban farming business Infarm and construction simulation service Spacemaker.

A statement from the firm said, “In this decade, technological breakthroughs will increasingly enable founders to take on harder problems.

“While the global challenges have gotten bigger, so too have the ambition levels of European founders.

“And the potential rewards. We believe many of the lasting multi-billion dollar companies in this next decade will be those that address these new and harder problems.

“That’s why we’re guided by a simple belief – profit and purpose are mutually reinforcing, not mutually exclusive.”

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