Atomico bags €1.04B amid VC funding drought in Europe 

Within the picture: Niklas Zennström| Picture credit: Atomico

London-based Atomico, a enterprise capital agency, introduced on Tuesday that it has raised $1.1B (roughly €1.04B) in a funding spherical to spend money on startups.

The VC managed to safe the brand new capital throughout its newly established enterprise and development funds, in accordance with US regulatory filings, studies FT. 

The most recent capital infusion brings Atomico near its aim of securing $1.35B (roughly €1.28B) for each funding automobiles.

The brand new capital comes at a time when it’s more durable for VCs to boost funding because of larger rates of interest and falling valuations for tech corporations, inflicting buyers to tug again.

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Nevertheless, Atomico has secured one of many greatest funding rounds in Europe this 12 months. Highland Europe closed its €1B (roughly €1.28B) fund in January, whereas Daybreak Capital raised $700M final month in London.

In response to analysis from PitchBook, Europe VC funding for startups slowed in H1, 2023 with a complete worth of offers lowered by greater than 60 per cent in comparison with the identical interval final 12 months. 

In Q2, European VC funding fell 40 per cent YoY to $20B, whereas North American funding practically halved to $42B (roughly €40B).

Atomico: What you want to know

Based by Skype founder Niklas Zennström in 2006, Atomico invests in bold tech founders at Collection A and past with a specific concentrate on Europe, leveraging deep operational expertise to supercharge their development.

The agency has partnered with over 130 bold groups, together with these at Klarna, Supercell, Graphcore, Compass, MessageBird, Masterclass, Attentive Cell, Pipedrive, and Hinge Well being. 

Presently, Atomico has $5B (roughly €4.75B) in property below administration. 

Headquartered in London, Atomico has places of work in Paris, Berlin and Stockholm. 

“I believed there was such potential in Europe for extra firms like Skype to be created. Let’s break the [Silicon Valley] monopoly. We may construct the identical factor and even higher in Europe,” says Zennström in an interview with FT.