London-based venture capital firm LocalGlobe, announced on Tuesday that it has closed a new $500M (approximately €475.36M) fund and changed its name to Phoenix Court Group. The rebrand is centred on the firm’s ambition to remain a seed investor, while also having vehicles to participate in businesses at all stages.
Co-founder Saul Klein and his father Robin’s VC firms LocalGlobe and Latitude are now under the parent organisation, Phoenix Court Group. Besides, the group has also announced two new investment vehicles, Solar and Basecamp.
The group has unveiled how its four new funds will operate and how it will deploy 10 per cent of its profits into its Phoenix Court Works foundation to invest in charitable organisations.
The renaming of LocalGlobe to Phoenix Court Group reflects the company’s links to the community. Its offices are in Somers Town, a 5-minute walk from major tech businesses such as Google, Meta, and Apple. It is also one of the poorest boroughs in the UK.