UK-based venture capital firm Keen Venture Partners launched today announcing a €90m ($100m) fund backed by financial services firm ING Netherlands and KPN Ventures, the corporate venturing subsidiary of telecommunications firm KPN.
Keen also signed up European Union agency the European Investment Fund (EIF), the EIF-backed Dutch Venture Initiative, Netherlands Ministry of Economic Affairs and Netherlands state-owned investment firms Participatiemaatschappij Oost Nederland and Brabantse Ontwikkelings Maatschappij.
The firm operates offices in London and Amsterdam, and expects a final close of the fund in 2017. It will invest in early-stage technology startups across Europe and is looking to invest between €5m and €10m per company.
Keen will particularly focus on the Netherlands, UK, Sweden and Germany but will consider opportunities in North America if the companies in question are are looking to expand to Europe.
The firm has been established by Ben Verwaayen, formerly CEO of telecom group BT and telecom equipment manfuacturer Alcatel-Lucent; Alexander Ribbink, former chief operating officer of GPS technology developer TomTom; and Robert Verwaayen, former principal at VC firm Prime Ventures.
Pier Luigi Gilbert, chief executive of the European Investment Fund, said: “EIF currently supports over 400 private equity funds across Europe, including first-time teams.
“Keen’s partners are among the most experienced operators we have seen starting a new venture capital fund, which is good news for the venture community.
“With offices in London and Amsterdam Keen has a wide geographic reach across Europe, and a strategy that can support European [small to medium-sized enterprises].”
– A version of this article originally appeared on our sister site, Global Government Venturing.