Atomico announces USD476 million fund for later-stage startup investments

By Rizza Sta. Ana

Nov 19, 2013 09:00 AM EST

Today, venture capital firm Atomico announced the biggest fund it had launched. The venture capital firm co-founded and headed by Skype co-founder Niklas Zennstrom said it would be supporting startups who are raising money via late-stage funding rounds. Atomico's Fund III was worth a staggering USD475 million, which would be focusing on startups outside Silicon Valley, disclosed an unnamed spokesman to TechCrunch. Atomico manages around uSD850 million in funds to date.

According to the company, its latest venture capital fund was oversubscribed, and is three times larger than the previous fund's size.

In a statement about its latest fund's focus, Zennstrom noted, "Great companies can come from anywhere," Zennstrom noted in a statement. "Ten years ago people thought you had to be in Silicon Valley to build a global technology business. That is no longer the case. We see entrepreneurs from all over the world achieving global success faster than ever before and across every sector of the global economy. Our new fund is aimed squarely at this opportunity. We will help entrepreneurs, primarily outside Silicon Valley, disrupt established industries and grow the next generation of global businesses wherever they are."

Atomico had a string of successes in its investments lately. It is an investors of both the Climate Corporation and Supercell, which were both over USD1 billion transactions for Atomico, TechCrunch noted. Atomico had also made investments in markets outside of Europe as well, particularly in Brazil.

One of Atomico's investors in its Fund III is the European Investment Fund. In a statement, European Investment Fund Head of Venture Capital Matthias Ummenhofer said about their participation in the fund, "Great Venture Investors can come from anywhere too and Atomico is the best proof that this can also happen in Europe. The Atomico team is setting global standards and together with its portfolio companies has brought Europe back on the radar of international Venture Investors and corporates. We are proud to be part of the journey!"

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