Germany-based e-commerce and online services holding company Rocket Internet closed its dedicated venture capital fund, Rocket Internet Capital Partners (RICP), at $1bn on Wednesday.
The final close represented RICP’s hard cap, and Rocket Internet has claimed it is the largest internet-focused fund in Europe.
Rocket Internet itself provided approximately $140m for the fund, which will participate in early and growth-stage deals, acting as a co-investor with Rocket Internet and investing alongside it in a four-to-one ratio.
The fund’s close comes after a shaky 2016 for Rocket Internet in which its share price has dropped significantly along with the valuation of several of its global e-commerce businesses, meaning RICP will likely provide some needed capital to several members of the firm’s portfolio.
RICP will target online companies in sectors including marketplaces, e-commerce, financial technology, software and travel services. It made its first investment in July 2016, contributing to a $363m round closed by Rocket Internet’s fashion e-commerce subsidiary, Global Fashion Group.
The fund reached its $420m first close in January 2016, with Rocket Internet stating it had received strong interest from alternative asset managers such as insurance firms, pension funds, endowment funds and foundations. Goldman Sachs International was placement agent for the fundraising.
Oliver Samwer, chief executive of Rocket Internet, said yesterday: “RICP having reached the hard cap of $1bn shows the strong interest of leading investors, who share the enthusiasm for the attractive investment opportunity RICP presents.”