EQT Venture, a Stockholm-based venture capital fund, has closed its third fund — EQT Ventures III, at €1.1 billion from a wide range of European, North American, and Asian institutional investors, foundations, and endowments. To date, the Swedish VC has raised €2.3 billion.
The recent close of EQT Ventures III follows the recent closing of the EQT Growth fund, at €2.4 billion in total commitments, cementing EQT’s position as a leading tech investor.
Lars Jörnow, Partner at EQT Ventures, says, “EQT Ventures was founded to give entrepreneurs the investor that we would have wanted on our company board. Now, with a freshly raised EUR 1.1 billion, an advisory team of founders and operators, and being backed by EQT, one of the world’s biggest tech investors, EQT Ventures is here to continue the journey as half startup, half VC, investing holistically in early-stage tech startups, giving founders a fast track to scale.”
Focus on startup solving societal challenges
EQT Ventures III will make investments of €1 – 50M in companies using technology to solve some of the biggest challenges facing society by investing in sectors such as climate tech, food tech, the creator economy, energy, fintech, software, data & IT infrastructure, deep tech and more.
EQT Ventures III has already backed 13 companies as the lead investor.
So far, EQT Ventures Funds have made over 100 investments in six-year, including nine companies that have reached a €1bn+ valuation, including Wolt, Small Giant Games, Einride, Handshake, Netlify, and Instabox (today Instabee).
In fact, both EQT Ventures and EQT Growth are committed to investing in high-growth private tech companies. However, they are two business divisions with separate funds and advisory teams.
EQT Ventures makes initial investments between €1-50 million, while EQT Growth makes initial investments between €50-200 million at later stages of the company growth journey.
The EQT Ventures funds are advised by over 40 founders and operators across offices in Stockholm, London, San Francisco, Berlin and Paris with a 50/50 gender split. With the new fund, the advisory team will be able to grow further by hiring in Europe and the US, with the ultimate goal of making EQT Ventures the most supportive early-stage investor across both markets.
Per Franzén, Head of Private Capital and Deputy Managing Partner at EQT, says, “Coming shortly after the close of EQT Growth, EQT Ventures’ successful fundraising is a real vote of confidence in EQT’s active ownership approach to investing. The capital raised across both funds means EQT has now raised new commitments of EUR 3.5 billion to private market tech, consolidating our position as one of the world’s largest tech investors. By driving collaboration across EQT Private Capital, we will continue at the forefront of technology investments across strategies.”
Alastair Mitchell, Partner at EQT Ventures, concludes, “Now is the time to back category leaders, those driving innovation to change the world for the better. EQT Ventures was set up to give founders the best chance of reaching scale, irrespective of the macroeconomic climate. We’re an advisory team of founders and operators that have weathered cycles and have experience creating global businesses. The Fund will double down on EQT Ventures’ proven European track record while continuing to grow the impressive portfolio of US startups scaling internationally.”