European VC Plural Raises €400M Fund Led by Wise, Skype Founders to Back Tech Startups in Europe

European venture capital firm Plural, co-founded by Taavet Hinrikus of Wise, Ian Hogarth of Songkick, Sten Tamkivi of Skype, and Khaled Helioui, has successfully raised a 400 million euros fund to support technology startups in the region. This fund, Plural Fund II, follows the firm's 250 million-euro previous fund raised just 18 months ago.

Plural secured the funds from various limited partners, such as British and American university endowments, U.S. foundations, insurers, and strategic family offices in Europe and the United States. The firm plans to invest in two to three startups annually and has a strong focus on deep tech, including sectors like AI, frontier technology, climate, and energy.

Additionally, Plural aims to identify and support emerging categories often overlooked by other funds, such as clean tech. The fund has already made 27 investments, including backing companies like Robin AI, Proxima Fusion, and Sano Genetics. Plural is also considering opportunities in the consumer sector, particularly seeking founders with unique and significant business ideas. The firm's success in raising the fund amidst a challenging investment landscape demonstrates confidence in the potential of European startups.