UK-headquartered venture capital firm Firstminute Capital has launched a $111m second fund with backing from limited partners including internet group Tencent and consumer goods and chemicals producer Henkel, TechCrunch reported yesterday.
The vehicle is anchored by investment trust RIT Capital Partners and its LP list also features VC fund Atomico, four undisclosed California-based investment firms and some 70 founders of business valued at $1bn or higher.
Founded in 2017, Firstminute Capital invests in Europe and US-based companies at seed stage. It has built a portfolio of about 50 companies including interactive entertainment developer Klang, catering robotics technology provider Karakuri and charging technology producer Chargifi.
The close of the second fund comes after the firm closed its first fund at $100m in mid-2018 having secured capital from backers including Tencent, Henkel, real estate developer Nan Fung and private bank Lombard Odier.
Crawley, co-founder and general partner at FirstMinute, told TechCrunch: “Our healthcare systems, workplaces and educational establishments face fresh complexities. The service economy is having to reimagine itself.
“The gap between financial markets and the real economy is growing wider (with the young most at risk). Startups are not a panacea, but emerging technology companies have a key role to play in today’s recovery strategy, both in their mindset and the products they will create.”
