European venture firm Backed VC has closed its third fund, Backed 3, at its $100m cap, alongside making its 100th investment. Compared to its previous two funds, the firm’s third has increased presence in the US and expanded its global events strategy.
Close to 50% of Backed 3 was committed from 10 leading institutional fund of funds, with new investors such as Isomer Capital and Wunderland Capital. Backed 3 also now counts over 50 family offices and entrepreneurs as investors, including founders from Backed’s existing portfolio.
Backed 3 will focus on three areas of tech: AI-native therapeutics, blockchain and banking infrastructure and manufacturing automation. This fund has re-invested in 6 of its founders from previous funds. Five of the firms 100 investments have achieved unicorn status, with valuations of over $1bn.
