UK-based venture capital fund FirstMinute Capital has achieved a $100m close of its debut fund with chemical and consumer goods producer Henkel joining the limited partners, TechCrunch reported yesterday.
Private bank Lombard Odier also joined the fund’s backers. Internet group Tencent and property developer Nan Fung previously supported an $85m second close in September 2017 alongside entrepreneurs Cheung Chung-Kiu, Frederic Mazzella and Wes Nichols.
FirstMinute Capital was launched in June 2017 with a cornerstone investment from Atomico and contributions from 30 entrepreneurs that have founded unicorn startups.
Limited partners also include the family offices of JCDecaux, Baron Davies of Abersoch, Paul Ruddock and Alex de Carvalho.
The fund focuses on Europe-based startups and will be sector agnostic, though it will favour companies in the areas of robotics, artificial intelligence verticals, health technology, blockchain, software-as-a-service, cybertechnology, gaming and direct-to-consumer.
FirstMinute will have the flexibility to follow local leads to the US and Israel. It will typically provide $1m to seed-stage businesses.
The fund is managed by three partners, Brent Hoberman, Spencer Crawley and Henry Lane-Fox.
FirstMinute has invested in 17 startups to date and disclosed three additions made since September 2017: self-driving technology developer Wayve, fuel delivery business Zebra, wireless charging company Chargifi and initial coin offering exchange Templum.
Hoberman said: “We are excited to reach a significant milestone for FirstMinute, that helps us continue to support the most ambitious entrepreneurs globally. The latest investors to get behind the fund further increase our ability to have real impact, and we are buoyed by the rapid progress our portfolio founders are making.
“With our young and hard-working investment team, and our invaluable venture partners, we are hopeful that we can make our brand promise – of aspiring to be Europe’s most helpful seed fund – a reality.
“We were aiming to raise $60m for our first fund, and so to have closed our first fund at $100m is a strong signal for European technology.”