Observed Signal · Dec 6, 2024 · Funding · Source: Tech.eu · Impact: 2/5 · Sentiment: Positive
Fly Ventures closes €80M Fund III for European deeptech founders
Berlin-based venture capital firm Fly Ventures has closed its third fund, Fund III, at €80 million. The fund targets deep tech founders in Europe at the inception stage, with investments typically between €1 million and €4 million per round. The firm operates with an equal-partner model across Berlin, London, Paris, and Zurich. Notable portfolio companies include autonomous driving unicorn Wayve, AI security startup Lakera, and Orbital Materials. Fly reports that over 75% of its portfolio companies raise follow-on rounds or get acquired, compared to a European seed VC average of 31%. AI accounts for 45% of Fly's investments, with vertical applications and industrial tech at 35%, and dev tools/infrastructure at 20%. Limited partners include the European Investment Fund and KfW Capital.
The announcement is significant for the European deeptech and AI funding ecosystem, with Fly Ventures' Fund III providing capital for early-stage technical founders. It is relevant to AI and tech infrastructure but not directly to core AdTech or MarTech operations.
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Key Takeaways & Evidence Grounding
- Fly Ventures closed its third fund, Fund III, at €80 million.
- The firm's previous funds were €53 million (Fund II) and €35 million (Fund I).
- Fly Ventures invests €1-4 million in rounds of €2-8 million at the inception stage.
- Over 75% of Fly's portfolio companies raise follow-on rounds or get acquired, versus 31% industry average for European seed VCs.
- Limited partners include the European Investment Fund (EIF) and KfW Capital.
Connected Companies & Entities
2 Entities mapped“LPs in Fund III include the European Investment Fund (EIF) via the ERP-EIF Facility....”
“The Firm invests as first check investor in standout companies, including unicorn Wayve....”
Ontology Mapping & Concepts
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