Venture capital firm OTB Ventures has launched its OTB Growth Fund, a new fund through which it plans to further its primary goal: providing the needed financing to Europe-based tech startups with potential for global growth.
The US$60m-fund will allow it to provide more funding to its existing and successful portfolios, to help them scale their operations and improve the quality of their products and services to match global competitors.
The fund has the backing of the European Commission’s ESCALAR program and European Investment Fund.
OTB launched its first fund in 2020, supporting the growth of several European startups with over US$100m in the capital. So far, it has garnered a reputation for successfully helping EU companies expand their reach beyond the shores.
OTB Ventures recently led a US$60m Series B funding round for Romania’s FintechOS and a US$87m Series C round for Finland’s ICEYE.
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