Samsung NEXT, the South Korean tech giant’s VC arm, which launched a $150 million vehicle in January, has expanded its operations into Europe with an office in Berlin. In an interview with The Times, managing director Felix Petersen was blunt about Samsung NEXT's choice of Berlin as a base rather than London, saying the UK capital is 'not a fun place to live unless you are really rich' and that the cost of living makes it 'increasingly hard for people to build companies'.
Led by Petersen, a former partner at Faber Ventures, Samsung NEXT's European office will pursue early-stage deals in AI, VR/AR and other frontier technologies.
While the news is a boon for Europe's venture community, its Berlin headquarters (and Petersen's comments) are a telling comment on London's attractiveness to investors. Samsung NEXT's decision follows May reports that the European Investment Fund had decided to reduce its UK exposure over Brexit concerns.
PitchBook subscribers can learn more about Samsung NEXT.