Business Wire

Balderton Capital Expands, Launching $680M ‘Early Growth’ Fund to Invest in Future Tech Giants Born in Europe

Share

Two decades in European tech

After more than 20 years focused on backing Europe’s most ambitious early-stage founders, Balderton Capital is launching a dedicated growth fund to extend its support to European founders scaling the next global tech giants.

While this is the first time the firm has expanded to a completely new stage of primary investing, Balderton already holds one of the largest growth stage portfolios in Europe, having backed some of Europe’s most successful startups from a very early stage. The firm invested at Seed or Series A in global leaders Aircall, ComplyAdvantage, Contentful, Depop, GoCardless, Infarm, Labster, Revolut, THG, Vestiaire Collective and Zego. The firm’s Liquidity I portfolio also includes some of Europe’s leading growth companies, such as Darktrace, Flywire, Graphcore and Truecaller.

Balderton predicts a formidable increase in the European growth stage opportunity

Balderton sees an unprecedented opportunity for growth stage investing in Europe. Along with a maturing technology ecosystem, market disruption caused by the coronavirus pandemic has favoured innovation. The number of deals between $5m and $50m in Europe has been growing steadily year-on-year, with deal counts in those ranges now accelerating faster than in the US. Ten years ago, the US was doing five times the number of venture deals compared to Europe. Today that ratio has more than halved.1 All indications point to more high quality European companies reaching a stage of maturity where they need experienced European growth capital.

“I’ve been an investor at Balderton since 2008, and it has been incredible to see the increasing number of ambitious European founders, and to be able to support them financially through those critical first three to five years with our early stage funds. With this Growth Fund, we can now support them as they scale to become global industry leaders. We predict a $50 billion growth opportunity in Europe in the next three years alone, and we want to be the first choice for those ambitious founders,” said Bernard Liautaud, Managing Partner.

The fund will target exceptional companies at the early-growth stage and is sector-agnostic. Balderton expects to invest between $25m and $50m per company through both primary and secondary investments.

Rana Yared, General Partner, adds: “Our approach for this fund will be ‘one of few’. This means personalised attention from the entire partnership, plus access to Balderton’s leading platform team. We’re looking for fifteen or so really exceptional companies that have the potential to be sector leaders and disrupt global industries.”

World-class growth team

Balderton Growth I will be led by a world-class team of experienced investor operators: Balderton’s Managing Partner, Bernard Liautaud; General Partner David Thévenon, previously at Google and Softbank; and General Partner Rana Yared , previously at Goldman Sachs. This team brings exceptional experience to share with Founders, having been on the board of global giants across Europe, Asia and the US, including Grab, SoFi, Lemonade, Talend, THG, Tradeweb and Unqork .

Balderton’s Growth team will also be supported by the firm’s equal Partnership. Balderton’s Partners are equally vested in every Portfolio company’s success, and all Founders benefit from access to the full team’s experience and support.

Portfolio leadership teams will also have access to Balderton’s wider team, which has now grown to over 50, including functional specialists in marketing, talent, legal and finance, and 23 investors across key European hubs including London, Berlin, Paris and Stockholm.

David Thévenon, General Partner at Balderton said: “We have been lucky enough to have spent the past two decades deeply embedded in the European tech ecosystem, working with hundreds of extraordinary founders. Our partners are a mixture of financiers, tech operators and founders themselves, and together we have a deep understanding of the opportunities and challenges of scaling globally from the continent. This fund will allow us to expand our support, not only to our existing portfolio but also to Europe’s most promising future global leaders.”

Building on momentum

This fund follows Balderton’s launch of Europe’s first dedicated secondary fund, Liquidity I in 2018, and the firm’s seventh Series A fund in 2019, and it comes after a record year for both Balderton and its portfolio.

In the 18 months since January 2020, 22 new companies have joined the Balderton portfolio, and the firm has made over 45 follow-on investments. There have been three IPOs, with THG in 2020, (the second most valuable technology IPO in Europe); Darktrace in 2021; and Flywire in 2021. The firm has also seen eleven portfolio exits since January 2020, including Digital Surgery’s acquisition by Medtronic , Peakon’s acquisition by Workday and Depop’s acquisition by Etsy.

In addition, companies in the Balderton portfolio have themselves raised more than $5bn since January 2020 to fuel growth, of which close to $1.7bn has been since the beginning of 2021. The portfolio now employs over 25,000 staff in over 50 countries around the world.

- ENDS -

About Balderton Capital

Balderton Capital is Europe’s leading venture firm focused exclusively on backing the best European-founded technology companies. In the two decades since its founding, Balderton has worked with hundreds of extraordinary European founders, and has raised 4$bn across nine funds. Previous exited investments include Betfair (FTSE: BET), Depop (Etsy), Digital Surgery (Medtronic), Frontier Car Group (OLX Group), Magic Pony (Twitter), NaturalMotion (Zynga), Peakon (Workday), Recorded Future (Insight Partners), Sunrise (Microsoft), Talend (NASDAQ: TLND) and Yoox Net-a-Porter (BIT: YNAP). Balderton’s current portfolio includes: Aircall, Carwow, Citymapper, Contentful, ComplyAdvantage, Darktrace (LON: DARK), Flywire (NASDAQ: FLYW), GoCardless, Graphcore, Infarm, Kobalt Music, Nutmeg, Prodigy Finance, Revolut, SOPHiA Genetics, Tessian, THG (LON: THG), VanMoof, Vestiaire Collective, Vivino and Zego.

For more information see http://www.balderton.com or follow @balderton.

1 Source: Pitchbook

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Jen Andre | jen@balderton.com | +44 7736-869-201

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

EIG-Led Consortium Closes $12.4 Billion Infrastructure Deal with Aramco18.6.2021 22:02:00 EEST | Press release

EIG, a leading institutional investor to the global energy sector and one of the world’s leading infrastructure investors, today announced the closing of its previously announced transaction with Saudi Arabian Oil Co. (“Aramco”), under which a consortium of investors acquired a 49% equity stake in Aramco Oil Pipelines Company (“Aramco Oil Pipelines”), a newly formed entity with rights to 25 years of tariff payments for oil transported through Aramco’s stabilized crude oil pipeline network. The EIG-led co-investment process in Aramco Oil Pipelines attracted a global group of leading institutional investors from China, the Kingdom of Saudi Arabia, Korea, the United Arab Emirates and the United States including, amongst others, Mubadala Investment Company, an Abu Dhabi Sovereign Investor, Silk Road Fund, Hassana and Samsung Asset Management. R. Blair Thomas, EIG Chairman and CEO, said: “We are pleased to have completed this transaction with Aramco, a preeminent global energy supplier. The

Moody's ESG Solutions: V.E provides Second Party Opinion on Desjardins’ Sustainable Bond Framework18.6.2021 19:13:00 EEST | Press release

Moody's ESG Solutions announced today that V.E has provided a Second Party Opinion (SPO) on Desjardins’ Sustainable Bond Framework. The framework will be used to finance and refinance projects tied to eight environmental categories and three social categories, including Renewable Energy, Green Buildings, and Affordable Housing. In V.E’s opinion, the framework is aligned with the four core components of the Green Bond Principles (2018) and the Social Bond Principles (2020). “In our assessment, the bonds issued via this framework will provide an ‘advanced’ contribution to sustainability objectives, as we see significant and consistent evidence that the proceeds will be allocated to environmentally and socially focused projects throughout Canada and several emerging markets,” said Patrick Mispagel, Managing Director – Sustainable Finance at Moody’s ESG Solutions. “We expect to see growth in sustainability efforts in North America in order to meet increasing global regulatory requirements

Sale of Retail Banking Business in France18.6.2021 16:30:00 EEST | Press release

HSBC Continental Europe (‘HBCE’) has today signed a Memorandum of Understanding (‘MOU’) with Promontoria MMB SAS (‘My Money Group’), its subsidiary Banque des Caraïbes SA (the ‘Purchaser’) and My Money Bank (‘MMB’), regarding the potential sale of HBCE’s retail banking business in France. My Money Group, MMB and the Purchaser are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P. Commenting on the Potential Transaction, Jean Beunardeau, HBCE CEO said: “This potential transaction is an important step towards achieving our strategic goal of being a leading wholesale bank in Continental Europe for Corporate and Investment Banking, Markets and Private Banking, anchored in Paris, connecting our customers to HSBC’s global network, and providing access to Continental Europe for HSBC’s customers around the world. As importantly, this potential transaction would allow HSBC’s French retail banking business to be sold to an expe

Potential sale of HSBC SFH (France): Signing of a Memorandum of Understanding18.6.2021 16:30:00 EEST | Press release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION HSBC Continental Europe (‘HBCE’) has today signed a Memorandum of Understanding (‘MOU’) with Promontoria MMB SAS (‘My Money Group’), its subsidiary Banque des Caraïbes SA (the ‘Purchaser’) and My Money Bank (‘MMB’), regarding the potential sale of HBCE’s retail banking business in France. My Money Group, MMB and the Purchaser are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P. The potential sale includes: HBCE’s French retail banking business; the Crédit Commercial de France (‘CCF’) brand; and, subject to the satisfaction of relevant conditions, HBCE’s 3% ownership interest in Crédit Logement, its 100% ownership interest in HSBC SFH (France) (‘HSFH’), and the transfer of rights and obligatio

UFC® Names Lumen® the Official Metabolic Tracker of the UFC Performance Institute18.6.2021 16:30:00 EEST | Press release

UFC ® , the world’s premier mixed martial arts organization, has named Lumen® the Official Metabolic Tracker of the UFC Performance Institute®. To launch the new partnership, select UFC athletes will be using Lumen as a tool to optimize their performance under the guidance of the nutrition team at the UFC Performance Institute (UFC PI). These athletes will have access to real-time metabolic data to help improve their nutrition, performance, and body composition through optimizing their metabolic health and flexibility. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210618005278/en/ Dustin Poirier and Lumen (Photo: Business Wire) “The UFC PI strives to support athletes in fueling their body to achieve championship performances while also maintaining optimal health, all while meeting the weight management demands of mixed martial arts,” said Clint Wattenberg, UFC PI Director of Performance Nutrition. “Metabolic health and meta

Hilton Doubles Down on Las Vegas Growth with Rapidly Expanding Portfolio and Grand Return to the Strip18.6.2021 16:07:00 EEST | Press release

After revolutionizing the Las Vegas hospitality experience decades ago, Hilton is building on its storied legacy in time for the return to travel by almost doubling its presence in the sought-after global destination over the past three years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210618005335/en/ Resorts World Las Vegas – Exterior (Photo: Business Wire) The company is slated to have more than 30 hotels and over 11,000 rooms across 12 brands in the market by the end of 2021. On the heels of Virgin Hotels Las Vegas, Curio Collection by Hilton’s June opening celebration, and just weeks before the anticipated debut of Conrad Hotels & Resorts, LXR Hotels & Resorts and Hilton Hotels & Resorts at the integrated Resorts World Las Vegas complex, Hilton is making an epic return to this top-tier travel destination, bringing new premium and luxury brands to the Strip. “Hilton helped create the Las Vegas we know today – the ent

Toshiba's Chairperson of the Board of Directors Issues Open Letter to Its Shareholders18.6.2021 12:06:00 EEST | Press release

Toshiba Corporation (TOKYO:6502) today announced that Osamu Nagayama, Chairperson of Toshiba’s Board of Directors, has issued an open letter to the company's shareholders. The full text of the letter is as follows: Dear Shareholders As the Chairperson of the Board of Directors of Toshiba Corporation ("Toshiba", the "Company"), I would like to express my deep regret regarding recent unacceptable events at the Company which have eroded your trust in us. You would have seen that we have already taken decisive and immediate action following the release of the Investigation Report, amending the slate of nominees for directors, committee members and executive officers ahead of the upcoming AGM on June 25. I, together with the Board, am fully committed to ensuring we improve your Company's governance fundamentally and enhance its corporate value. United, we shall be taking the following concrete steps with urgency: In order to stop recurrence, we will conduct an inquiry, with third party part

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom