UK-based venture capital fund FirstMinute Capital raised $25m from limited partners (LPs) including internet group Tencent yesterday to reach an $85m second close, TechCrunch has reported.
Tencent was joined by another China-headquartered corporate, property developer Nan Fung Group, and entrepreneurs Cheung Chung-Kiu, Frederic Mazzella and Wes Nichols.
FirstMinute Capital aims to tap entrepreneurial expertise drawn from across Europe to support tech startups on the continent. Its LPs also include Atomico, the investment firm set up Niklas Zennström, the founder of communication platform Skype.
The fund was launched by executive chairman Brent Hoberman, the founder of online deals platform Lastminute.com. It had secured $60m for its first close in June 2017.
FirstMinute will target startups operating in sectors such as medical, governmental and financial technology and robotics, as well as those with a focus on data, artificial intelligence and software-as-a-service, with valuations lower than $10m, initially investing between $250,000 and $750,000 in each company.
Hoberman said in a statement: “We believe that emerging European technology startups will continue to excite, and build on the momentum that has seen 47 unicorn companies built in Europe in the last 10 years.
“We hope to help the next generation of top entrepreneurs, both with our reach and by giving them credibility and support.”