Oc­to­pus Ven­tures raises US$284mil fund for Euro­pean star­tups

The Star Malaysia - StarBiz - - Dig­i­tal Trend -

LON­DON: Oc­to­pus Ven­tures, the Lon­don­based ven­ture cap­i­tal firm, has raised 230 mil­lion eu­ros (US$284mil) to in­vest in young Euro­pean star­tups.

The new funds bring the to­tal amount of money Oc­to­pus Ven­tures cur­rently man­ages to 1 bil eu­ros, the com­pany said Mon­day.

The new fund is 64% larger than the 140 mil­lion-euro fund the firm raised in 2016. The com­pany said it has made 16 new in­vest­ments in the past year, in­clud­ing those in Bri­tish soft­ware firm Origami En­ergy and mar­ket re­search and in­tel­li­gence startup Street­bees.

Past in­vest­ments of Oc­to­pus’s in­clude on­line prop­erty mar­ket­place Zoopla, whose par­ent com­pany is now pub­licly-listed in the UK with a mar­ket cap­i­tal­i­sa­tion of £1.5bil, Swiftkey, a pre­dic­tive text tool that Mi­crosoft bought in 2016 for an undis­closed amount, and Magic Pony, a video com­pres­sion ser­vice that Twit­ter pur­chased for US$150mil that same year. It also has stakes in on­line travel com­pany Se­cret Es­capes and mail-or­der snack com­pany Graze.

“The re­sources we now have at our dis­posal will bet­ter equip us to sup­port tech dis­rup­tors of the fu­ture,” Al­liott Cole, Oc­to­pus Ven­ture’s chief ex­ec­u­tive of­fi­cer, said in a state­ment.

“The pipe­line of high po­ten­tial, fast growth busi­nesses has never been so strong and we are ex­cited about the seed and early stage ven­tures we can help scale.” — Bloomberg

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