Hummingbird Ventures, a venture capital firm based out of London and Antwerp, has managed to raise a new investment fund. The fund raised a total of ninety five million USD from a varied group of investors. Hummingbird aims to deploy these assets as late stage seed and series A funding in the tech startup sector.
Investment Target Areas
The fund invests primarily in Europe, with a few further afield in very nascent ecosystems such as Brazil, Turkey and the continent of Africa. The VC fund particularly researches startups having operations in the areas such as gaming, marketplaces, crypto and SaaS.
Hummingbird typically invests in the range of five hundred thousand USD to five million USD in a single entity.
This new ninety five million dollar fund is the third fund that Hummingbird Ventures has raised, this not taking into account the twenty five million USD “opportunities” fund that it had raised in 2014 to invest in the later stages of follow on funding.
As per Barend Vanden Brande, Founding Partner, Hummingbird Ventures, its latest fund has over one hundred plus private investors and was raised in a matter of approximately forty days. The investors include entrepreneurs who have made their own money by gaining a one billion USD plus valuation in their own ventures, strategic family offices as well as entrepreneurs backed by Hummingbird Ventures in their early stages of seed funding.
Barend Vanden Brande very keenly also pointed out that their newest fund had zero contribution in the form of taxpayer money, which means no tax breaks or tax incentives or even EIF’s were relied upon.
The amount to be raised would have very easily crossed the ninety five million USD mark, but to keep things legitimate and not dilute their own ideals by staying true to their early stage investment ideology.
The European startup scene is, at the moment, populated with quite a few American Funds shuffling their portfolios and the best Series B funding deals have been going across the Atlantic for some time.
Hummingbird Ventures has already made investments out of their Fund III even though they have just made the announcement regarding the raising of this fund. The ventures that Hummingbird Fund III has made investments in are Instacarro (Brazil), Frontier Car Group (Nigeria, Pakistan, Turkey, Chile, Mexico, Indonesia), and a stealth company in New York.
Barend Vanden Brande also states that Hummingbird is not in the business of “spray and pray”. His comparison stems from the fact that Hummingbird has just made twenty investments over the past five years unlike the other early stage venture capital funds operating in the same sector. Being selective is at the heart of Hummingbird's investment strategy.