Fly Ventures Launches €80M Fund to Support Technical Founders in Tech Industry
Fly Ventures, the Berlin-based VC specializing in seed-stage European startups within enterprise and deep tech, has just announced the launch of its third fund, valued at an impressive €80 million. This marks a significant increase from their previous €53 million fund raised back in 2020.
Founder’s Vision and Unique Approach
The firm, co-founded by Gabriel Matuschka and Fredrik Bergenlid, aims to target technical founders with Fund III, which was oversubscribed and raised in a single closing. This strategic move reflects Fly Ventures’ aspiration to operate as a boutique firm, emphasizing quality over quantity.
Matuschka shared with TechCrunch, “We like doing things that, at the time, others may question—material science and AI?! These days, more people are jumping on board, but our game plan is to make such investments two or three years ahead of the curve.”
Investment Strategy and Focus Areas
Fly Ventures typically invests between €1-4 million in rounds ranging from €2-10 million at the inception stage. With partners Matt Wichrowski, Marie Brayer, Bergenlid, and Matuschka, the firm follows an equal-GP model with four partners based in Berlin, London, Paris, and Zurich.
Matuschka highlighted the strategic importance of locations like Berlin, London, and Paris for fostering technical innovation within the portfolio. He emphasized the growing significance of Paris in the tech landscape, leading to the addition of partner Marie, based in Paris.
Diverse Investment Portfolio and Impact
AI comprises approximately 45% of Fly’s investments, with vertical applications and industrial tech making up 35%, and dev tools/infrastructure at 20%. Notable investments include Inato, Salv, GitGuardian, Wayve, Lakera, and Orbital Materials, showcasing the firm’s commitment to cutting-edge technologies and solutions.
One particularly exciting development is Wayve’s recent $1.05B Series C round led by SoftBank, focusing on advancing autonomous driving with self-learning technology. Additionally, investments in startups like Lakera and Orbital Materials demonstrate Fly Ventures’ dedication to revolutionizing various sectors with innovative solutions.
This strategic vision and hands-on approach by Fly Ventures underscore their commitment to supporting technical founders and driving innovation in the tech industry, positioning them as a key player in Europe’s startup ecosystem.