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Atomico Ventures scores USD 476.6 million for Atomico III

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(Credit: Reuters) Image shows the logo of Atomico Ventures.Atomico Ventures
November 11
7:42 PM 2013

A filing with the US Securities and Exchange Commission or SEC showed that Atomico Ventures was able to gather USD 476.6 million in capital commitments for its third fund. The fundraising for Atomico III only had a target of USD 392 million based on the firm's October 25 filing. It had already raised USD 286.8 million in funds. The third fund was originally called Atomico Ventures III before it was amended in a subsequent document, private equity website unquote.com reported.

In a December 2012 filing, the document revealed that Atomico ventures increased its fundraising amount to USD 396.8 million. At this time, it had already gathered USD 301.5 million. The most recent filing revealed that the company was not anymore raising for its third fund after gathering USD 476.6 million in funds.

Launched two years ago, the fund holds headquarters in the Cayman Islands. Non-US investors invested about USD 414.6 million of the total raised in the third fund, the Form-D filing showed. According to unquote.com, one of the investors for Atomico III was the European Investment Fund or EIF which gave EUR 20 million. The EIF pledged the investment through the UK Future Technologies Fund and the Risk Capital Mandate. Formed by the EIF and the UK government, the UK Future Technologies Fund is a fund-of-funds that focus on technology. EIF runs the Risk Capital Mandate on behalf of the European Investment Bank.

Three years ago in March, Atomico Ventures II was able to raise USD 165 million for its second fund, Atomico Ventures II.

Atomic looks for opportunities in young technology firms. The company focuses its investments primarily in US and Europe. Atomico invested over USD 25 million in Supercell, a Finnish-based game developer. This was part of Supercell's Series C round which raised 130 million. According to unquote.com, SoftBank and GungHo Online Entertainment purchased a 51% stake in Supercell in a deal worth USD 1.53 billion. The partial exit resulted in healthy returns for the venture capital supporters of Supercell, the report added.    

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