Estonian venture capital(VC) firm, Karma Ventures announced the closing of its new investment fund, European media reported. The fund is 70 million euro and is focused on deep tech startups across Europe.
The decision for this new fund comes following Karma Ventures’ great success in the Nordic and Baltic region. Now, the VC team is interested to expand wider in Europe, where reportedly the firm is seeing new great opportunities. The focus, however, still remains with the early-stage investments (series A and seeds).
“The larger fund will allow us to broaden our reach and to offer high quality support to deep tech startups across Europe”, says Margus Uudam, Founding Partner of Karma Ventures. “Our philosophy is the same – we’re looking for great teams with stand-out technologies and compelling business propositions behind them. With our counsel we want to help European startups to grow, that is why our commitment will remain with early-stage investments.”
Founded in 2016 in Tallinn by Margus Uudam, Tommi Uhari and Kristjan Laanemaa, Karma Ventures is an early-stage venture capital firm, specialized in late seed and A round investments in Europe’s most promising tech startups. The first fund, as announced, was €40M. To date, this Estonian VC has invested in nine startups: TrademarkNow, Adaptive Simulations, SpectX, Plumbr, Minut, AppGyver, Sonarworks, Realeyes and cgtrader. The founders are advised by the Skype’s founding engineers Ahti Heinla and Jaan Tallinn, who provide executive guidance and knowledge on the technical side of the investments, especially investments in deep tech.
Alongside the experienced Karma Ventures’ team, the new fund will be managed by Isomer Capital too, a UK company that joins the fund as a limited partner (LP).
“The team at Karma Ventures have unrivaled insight into emerging technologies and the Northern European startup scene”, says Chris Wade, Co -Founder and Partner at Isomer Capital. “Its capabilities and geographical scope are a great fit with ours, and we’re encouraged by the potential to build very significant companies together”.
Isomer Capital is a UK company founded in 2015 that invests in European technology through limited partner investments in venture capital funds, company co-investments, and providing liquidity to firms and founders via secondary purchases. In their portfolio they have wide range of high- growth technology based companies such as Automata, Babylon Health, Curve, Deliveroo and many others.