Eight Roads reveals £330m fund to boost European tech scale-ups

A new $450 million (£330 million) venture capital fund targeting the Europeantech sector was unveiled today, with up to a third of cheques likely to land with later stage UK-based start-up founders.

VC fund Eight Roads, an early investor in Alibaba and backer of UK tech-enabled companies Cazoo, Made.com and Treatwell, has invested hundreds of millions into British tech in its 50-year history.

It plans to put new cash into 15-20 “scale-ups” - start-ups already taking in significant revenues - based around Europe or in Israel.

Initial cheques will range between $5 million and $50 million per scale-up and help in growing and acquiring top talent will be offered, Eight Roads said.

The new fund’s team of 20-plus investors will be looking across areas including fintech, healthtech and consumer.

Cazoo founder and CEO, Alex Chesterman, said in his experience Eight Roads are "knowledgeable, experienced investors, with an international network and can help Europeans founders build global game-changing businesses".

The new fund brings the firm's total assets under management to $8 billion.

Eight Roads' Europe managing partner, Davor Hebel, said: “It’s great to be launching our latest fund at a time when there is so much entrepreneurial energy and ambition in both Europe and Israel.

“This additional capital enables us to continue helping ambitious founders scale, win and have a lasting impact on the way we live.”

The announcement comes after fellow venture capital firms also revealed large tech-focused funds this summer. Index Ventures raised $3 billion in July, while Balderton Capital unveiled a $680 million early-stage fund in June.