Seedcamp raises $320 million to expand US footprint

On Monday, early-stage investment firm Seedcamp announced it has raised $320 million for its latest fund, Fund VII, which is the firm’s largest fund to date. The firm is splitting the $320 million fund to increase its focus on growth-stage investments, allocating $220 million for Seedcamp VII, its vehicle for early-stage investments, and $100 million for a new growth-stage fund called Select. This total is double the $180 million that Seedcamp raised for Fund VI in 2023. While Seedcamp already has offices in New York City and Miami, the firm is now expanding its presence in the United States by growing its team stateside. The firm is doing this to connect more of its European portfolio to U.S. customers and investors, especially as San Francisco and Silicon Valley regain their position as a center of gravity.

For Seedcamp VII, the firm looks to invest a target initial investment amount—or “first check”—of roughly $1 million in about 100 to 120 startups, with plans to follow on in later rounds. The Select growth fund will invest about $3 million to $5 million per check, following on in Series B rounds and later. Reshma Sohoni, Seedcamp’s co-founder and managing partner, stated that the firm will continue its thesis of being one of the first investors in upcoming startups, whether they are pre-product, pre-revenue, or pre-traction. However, the firm will continue to avoid capital-intensive businesses, such as mobility or marketplaces. “We tend to avoid capital-intensive startups because funding working capital isn’t a great model on day one … We’re definitely a commercial-driven investor,” Sohoni said.

Over 18 years of focusing on Europe, Seedcamp has built a portfolio of more than 550 companies, including 12 unicorns such as Fluidstack, Hopin, Pleo, Revolut, Synthesia, UiPath, and Wise. The firm now manages $1 billion in assets under management. Investors in the venture capital fund—the limited partners—for Fund VII include:

• British Business Bank
• HarbourVest
• Schroders
• Sofina
• 80 of its portfolio company founders, who have invested as angel investors.

Why it matters

Seedcamp’s expansion signals a strategic effort to bridge the gap between European startups and the US market, leveraging its new growth-stage fund to support portfolio companies as they scale stateside.