Berlin-based Fly Ventures, a VC that invests in seed-stage European startups, on Friday announced that it has closed its third fund at €80M.
According to the VC, Fund III, targeting deep tech founders, was oversubscribed and raised in a single closing. The announcement comes around four years after raising €53M in 2020.
“We like doing things that at the time, other people think, what the… material science and AI?! These days, more people do it, but our game plan is to do these kinds of investments two or three years before anybody else cares,” says Gabriel Matuschka to TechCrunch.
The announcement comes a few days after investing in Carbmee, a Berlin-based startup that helps companies manage, reduce, and report on their carbon emissions with unparalleled accuracy and efficiency on a centralised platform through advanced data analytics and AI.
Fly Ventures: VC for technical founders
Founded by Gabriel Matuschka and Fredrik Bergenlid, Fly Ventures invests €1-4M in rounds of €2-10M at the inception stage.
According to the company claims, many enterprise employees enjoy modern software in their personal lives but have outdated, legacy systems at work.
Fly seeks to back startups that close this gap for enterprise clients. Furthermore, Fly Ventures believes it is a multi-trillion-dollar transition in the making.
The company has a cross-functional team – Fredrik was one of the brains behind the Google Assistant program, while Gabriel opened and led the Berlin office for Partech Ventures before forming Fly in 2016.
Also, Matt Wichrowski, who joined Fly Ventures from Entrepreneur First in March and is helping to establish Fly Ventures’ position in the UK.
The German company is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe.
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