London-based investor Isomer Capital has closed its third fund at £216 million.
British Business Investments, a commercial subsidiary of the British Business Bank, has committed up to £50m to the fund which is focused on European venture capital.
Other contributors include the European Commission, Fondaco, Happiness Capital, Italmobiliare, Nikon and PwC Germany.
“Though the current economic climate is challenging, the European technology ecosystem has proven to be resilient, innovative and highly productive, bringing exciting new technology products and businesses to the world at an increasing velocity,” said managing partner Joe Schorge.
“Our team has built a strong brand and reputation as a ‘value-add’ limited partner, and the swift progress of Isomer Capital III is a testament to their good work.
“We will deploy IC III over the next two years, which given the powerful combination of Europe’s maturing talent base and prudent valuations we believe can be some of the best vintage years in the VC sector.”
IQ Capital, a London-based DeepTech venture capital firm, recently raised £322m to back DeepTech startups.