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London-based Balderton Capital has launched a $680 million early-growth fund to target Europe's future tech giants.
- The sector-agnostic vehicle, dubbed Balderton Growth I, will make primary and secondary investments of between $25 million and $50 million in around 15 companies at the early growth stages.
- The VC firm said it is targeting "an unprecedented opportunity" for growth-stage investing in Europe, noting that the number of deals in the $5 million to $50 million range is now accelerating faster than in the US.
- PitchBook's most recent European Venture Report also shows that European late-stage deal value has been increasing every year since 2017, with that figure reaching €13 billion in the first three months of this year alone.
- Balderton—formerly known as Benchmark Capital Europe before its rebranding in 2007—is now actively deploying over $1 billion in European companies. It has backed more than 230 companies since being founded in 2000. The new fund will be led by managing partner Bernard Liautaud, and general partners David Thévenon and Rana Yared.