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It ’s sometimes said that European VC does n’t have the firepower to compete with VCs in the U.S. , which regularly conjure up billion - dollar+ funds these days . Perhaps further evidence of this view prevail in the word that Berlin - basedCherry Ventureshas closed its latest fund at $ 500 million , to be split between early - stage round of drinks and follow - on troll at Series B and beyond .
A statement from Cherry laid out its aspiration . It require to utilize this fund to assist build the “ first trillion - dollar company in Europe . ” With this , it called for the reversal of the “ end of the world and gloominess ” narrative about Europe ’s economy .
That ’s big , although evidence that European startup are currently on the trillion - dollar bill track remains sparse on the ground . Case in point , if AI play out as the juggernaut everyone is suppose that it will be , just a handful of the most - capitalized companies in the field come from this neck opening of the woods . late research estimated that some$8 billionwas raised by AI companies in Europe , compared to some$97 billionraised in the U.S. for AI startups . Yes , it ’s not only about money , but as Cherry and other VCs know , that capital is a critical part of the mix .
Cherry did not put a timeline on its aspirations .
In the U.K. , the biggest startup market in Europe , October venture capital funding for U.K. inauguration fell by 50 % from the previous quarter , as startups secured only around $ 2.9 billion , concord to a Dealroom and HSBC Innovation Bankingreport .
Cherry Ventures itself did not even appear in last year ’s HEC - Dow Jones Venture Capital PerformanceRanking , with the top title being taken by Bek Ventures , ( formerly Earlybird Digital East Fund ) .
Meanwhile , Revolut backerBalderton Capitalrecently managed to lift $ 1.3 billion for European tech startups , while concur that Europe is missing out on the AI boom .
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Cherry ’s last fund , harbinger in early 2022 , come in at € 300 million ( $ 312 million ) . The VC ’s portfolio includes distance technical school startup The Exploration Company , market delivery startup Flink , neurosurgical microbots company Robeaute , Greyhound owner Flix SE , and logistics unicorn Forto .
LPs in the new store admit entrepreneurs Miki Kusi from Wolt ; Ilkka Paananen , chief administrator of Supercell ; and Jochen Engert from Flix .
Cherry Ventures ’ 18 exits have admit CoW Swap , Ninetailed , and Homelike .
