VC firm 83North—formerly an affiliate fund of Silicon Valley-based Greylock Partners called Greylock IL—has closed a $250 million vehicle, which will invest in startups across Europe and Israel. 83North IV, the firm's largest fund to date, brings total capital under management to $800 million.
The fund was oversubscribed, underscoring the firm’s healthy track record with investments into companies such as payments startup iZettle, payday lender Wonga and disaster recovery software provider Zerto.
Its most prominent investment to date has been Just Eat (LON: JE), the online takeaway ordering service that went public with a £1.47 billion market cap in 2014.
That investment—as well as the iZettle and Wonga deals—was led by partner Laurel Bowden. Commenting on the fund close, she pointed toward the maturity of the European ecosystem and opportunities that may arise as a result of Brexit. “There have been fifteen exits valued at more than $1 billion that originated from Europe in the past five years compared with only a handful prior. As we look to the future, the UK’s exit from the EU will accelerate activity in European tech hubs outside the UK.”
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