Blossom Capital, one of the few female-led venture capital firms in London, has raised a new pot of money to invest in early-stage tech businesses.
Blossom, founded in 2017 in London by former Index Ventures and LocalGlobe investor Ophelia Brown, has raised its third fund, pulling in $432 million (£316 million) from investors. It claims to be Europe’s largest dedicated “Series A” fund, meaning it only backs companies at the point they first raise institutional investment.
Brown said: “With this new fund we are continuing with our high-conviction strategy of providing foundational capital to entrepreneurs, so their Series A creates an undeniable strategic advantage.”
The raise takes Blossom’s total assets since founding to over $1 billion. It has backed startups including Checkout.com, which was recently valued at $40 billion, Pigment, Duffel and Tines.
The new fund will target crypto companies, which Blossom said reflects “the evolution of crypto from a niche financial tool to a mainstream asset class.” The firm’s first investment in the space, MoonPay, recently went on to raise $555 million.
Alex Lim, a managing partner who recently joined the firm, said: “Fund III is the latest step in our mission to support a new generation of world-beating companies from Europe. Founders need more than just capital from an investor at the early stage; they need partners who go above and beyond to make them successful.
“We have built a diverse partnership and tailored services offering, and are constantly pushing ourselves to provide ever-higher levels of service to European founders. We are excited to partner with more founders who share our ambition for Europe as a global technology hub.”
Blossom claims to use artificial intelligence to help it source investments and says it finds around a third of companies that way.