VentureFriends, a European early-stage VC that started from Athens but now has offices in London and Warsaw, has completed the first closing of its new fund at €90 million, with an aim for a hard cap at €100 million ($112 million). The new fund is backed by family offices/HNW, founders and operators, the European Investment Fund, and the Hellenic Development Bank of Investments. The seed and Series A focus of the fund remains the same. It invests €500,000 to €2.5 million per company but can follow-on up to €10 million. It invests in B2C and B2B startups, including consumer, proptech, fintech, marketplaces and SaaS.
VentureFriends’ portfolio includes proptech Blueground ($180 million Series C), grocery delivery marketplace Instashop in the Middle East (acquired by Delivery Hero), fintech B2B Belvo in Mexico ($43 million Series A), fintech Plum out of London ($20 million Series A) and FBA roll-up Factory14 from Spain ($200 million seed). There is also FlexCar, Spotawheel, Justlife, Byrd, Agro.Club and Influ2. More recently, VentureFriends invested in the UAE proptech/fintech Huspy. The VC also said it intends to invest beyond Europe, in Latin America and the Middle East.