Artificial intelligence venture capitalist InReach Ventures has raised €53 million (£47 million) for a new fund targeting fledgling European tech firms.
The business was launched in 2015 and has invested over €3 million into developing its own propreitary systems.
Founded by ex-Balderton Capital duo Roberto Bonanzinga and John Mesrie, alongside former Yammer UK engineering director Ben Smith, the business has invested in eight startups across Europe.
These have included private tutoring firm Tutorful in the UK, retail fulfillment app Oberlo in Lithuania and prepaid business card business Soldo in Italy.
The fund had targeted €50 million.
Investment partner Bonanzinga said: ‘We are very excited by the opportunity for European technology entrepreneurship. However, if we look at the biggest tech companies in the world today by market capitalisation, European companies are significantly under-represented.
‘We need to adopt an approach which is tailored for Europe, or we will continue to fall behind. Entrepreneurs can found companies anywhere in Europe, from Helsinki to Barcelona, from Warsaw to Rome, and yet many fail to get noticed at the right time.
'As European venture capitalists, we need a new approach that is distinct and tailored to deal with this geographic fragmentation and economic reality. We believe the only way to achieve this is through a software-based approach, powered by AI.’