Global venture capital firm Eight Roads, best known for investing in firms such as Cazoo and Spendesk, has raised its fourth fund to back European and Israeli scaleups.
According to Managing Partner and Head of Eight Roads Ventures Europe Davor Hebel, the firm plans to disburse the US$450m across 15 to 20 new firms in the region’s consumer, SaaS, fintech, and health-tech sectors.
The average initial investment volume is set between US$5 million and US$50 million per firm. The fund has not picked a defined stage, but has indicated they are seeking “companies that have reached product-market-fit.”
Hebel, who has vast experience backing European tech, says “Europe has come on leaps and bounds”, citing how the region has produced bigger tech firms and has had success stories even outside big tech hubs like London.
Eight Roads is backed by investment giant Fidelity and doesn’t have any other LPs. The firm was previously the proprietary investment arm of Fidelity International Limited but became independent in 2019.
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