Cherry Ventures, a Berlin -based venture capital company, has secured a $ 500 million fund to invest in early and grading emerging companies. The company announced a new capital on Wednesday, pointing out that the funds will be divided between the initial investment of the flagship and the follow -on -round after the series B.
In a letter announced on Tuesday, Cherry opposed the general pessimism surrounding European economy and claimed that the continent could produce the first trillion trillion company.
“So there is a commitment to you here. Today we have launched a cherry V to become part of the solution. We are 500 million new funds to become an appropriate type of partner. The dollar can be a global power of our flagship and the most promising portfolio companies in the company B. In short, we are ready to provide funds to the first $ 1 trillion in Europe.
Cherry did not specify the timeline of the ambition, but this fund boosts European startups. Many of them still catch up with the US counter part. According to recent surveys, European AI startups have raised about $ 8 billion last year.
In the UK, the largest emerging corporate market in this area, venture funds decreased by 50 % in October compared to the previous quarter, and startups attract only $ 2.9 billion, according to the HSBC Innovation Bank report.
Cherry Ventures itself did not create HEC-DOW JONES Venture Capital Rankink last year. Meanwhile, Balderton Capital, known for the support of Revolut, has recently closed a $ 1.3 billion for European emerging companies and acknowledged that the continent has been catching up in the AI race.
Despite the issues, Europe has a powerful startup pipeline. In early 2024, the continent has an early 35,000 startup (more than any other area), and its technical labor has grown seven times since 2015.
“We have all the appropriate elements, such as world -class talent, important technology research, and prosperous high -tech hubs, but the culture of innovation must change. Cherry states that it is essential that Europe is in charge of its own fate in global technology races, with powerful instructions and high -tech instructions.
What does this mean for European startups?
Cherry said that his goal was to support founders with bold ideas to move on technology. The company has pointed out past European success stories (Supercell, KLARNA, Revolut, and UIPath).
The company also emphasized that investors have a practical experience to build major companies such as Zalando, Spotify, and Uber. He said that the background would be an important asset to guide a new founder.
“The world’s best founder’s network is a supercell cherry V: Ilkka, Walt Miki, and the cause of Jochen in Flix. We are proud of calling them as cherry investors. I am grateful to all the unwavering support for our vision. “
Cherry Ventures now supports more than 130 startups and has established a status as the driving force of European technology ecosystem.
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