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BACKED raises EUR150m for two funds to champion seed entrepreneurs in Europe

BACKED is to launch two new EUR75 million funds to invest in Europe’s boldest entrepreneurs. ‘BACKED Core 2’ continues to invest in seed-stage startups and ‘BACKED Encore 1’ is dedicated to follow-on investments in later-stage rounds of existing portfolio companies.

Co-founded and launched in 2016 by Partners Andre de Haes and Alex Brunicki, BACKED has grown to a team of 10. The portfolio now consists of 67 companies with an aggregate value of EUR10.7 billionn including three unicorns: SkyMavis, the company that experienced the fastest revenue growth in history through their play-to-earn game Axie Infinity, the cloud-native core banking platform Thought Machine; and the Ethereum Layer 2 solution Immutable X. Four portfolio companies have exited, such as mobile gaming studio, Hutch Games, which sold to MTG for USD375 million in November 2020.

BACKED’s investors include five major institutions both publicly-listed firms such as Groupe Bruxelles Lambert (through its Sienna Capital vehicle) and private firms such as Wilshire Associates, alongside 20 leading venture-focused family offices and over 20 entrepreneurs, including several from Backed’s own portfolio. 80 per cent of BACKED’s recent funding came from existing investors.

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