Moonfire Ventures Raises $115m Fund to Back and Scale the Best Early-Stage Startups in Europe
Moonfire Ventures is today announcing it has raised $115 million to continue backing Europe’s best early-stage startups. Combining a human and tech approach, Moonfire uses proprietary machine learning models and software across the VC value chain to transform venture, solving founder challenges at scale, with greater knowledge and speed.
Through this Moonfire is embracing the new age of AI that is redefining how tech companies are built, driving further access, efficiency and product quality while revolutionising the startup opportunity for founders.
Moonfire: A tech firm transforming venture
Since its launch in 2020, by former Atomico co-founder Mattias Ljungman, Moonfire has been building the most advanced quantitative VC firm in Europe. A firm that is as much a VC-focused tech startup as it is a VC firm and its VCs are as much investors as they are product managers. The team isn’t using off-the-shelf tools, it’s built custom AI models and a large-scale tech stack from the ground up, allowing it to integrate tech across the full VC value chain, from founder discovery to exit.
It’s a symbiotic, proprietary approach that sees the AI help the investors make better decisions; while the investors and on-hand engineers can directly and continuously improve the AI in response to evolving trends and market shifts. All of which directly benefits founders by enabling its investors to build deeper founder relationships.
Moonfire’s technical power, when combined with the team’s operator experience, is a key draw for founders looking for a partner to help them solve their hardest technical challenges. Such as how to harness the power of AI and machine learning – an opportunity the Moonfire team is uniquely placed to help founders maximise, alongside traditional areas like hiring, go-to-market and fundraising. Such is the impact of its approach, Moonfire believes it represents the future of VC by enabling its team to be more impactful, more productive, and drive more value for its founders. A key step in the rise of the 10x VC.
Maths with words
Having defined this approach with Fund I, Moonfire is taking it to the next level with Fund II.
Moonfire now reviews up to 50,000 companies every week – more than 600 times the average of a traditional VC – in search of the very best founding teams in Europe using next-level technologies like AI, Web3, and AR/VR to transform four key sectors – health, work, finance and gaming. Moonfire describes this focus as “where sources of disruption intersect with sectors that are driving innovation” and believes this is key in the pursuit of a more accessible, sustainable and equitable society.
Such is the importance of this thesis, it forms the basis of Moonfire’s AI company evaluation and is the worldview upon which its algorithms model themselves. Using this mathematical representation of its written thesis, Moonfire’s AI is able to discover companies and founders that align with this unique worldview. It empowers investors to make better decisions, faster; it makes VC more inclusive: finding overlooked talent early, more frequently, and with greater accuracy.
Moonfire’s investment into UK Fintech LiveFlow is an example of its tech-first approach in action. Having sourced LiveFlow through its AI engine, Moonfire led the Pre-Seed round alongside Seedcamp and then used the Moonfire team’s technical expertise to build a recruitment funnel that empowered LiveFlow to hire a new, highly experienced CTO. LiveFlow went on to raise a $4 million Seed round, at more than double its initial pre-Seed valuation.
Moonfire Ventures’ Managing Partner Mattias Ljungman said:
“We are entering a new decade of AI that is transforming the possibilities of technology and redefining how tech companies are built through greater access, efficiency and product quality. We want to be there for the founders at the earliest stages powering their growth and being true partners from the very beginning. Europe has been a leader in AI and we find our best fit is to support the next generation of founders solving some of our greatest challenges within health, work, finance and gaming."
Building on success
Ljungman founded Moonfire using insight from 20+ years investing in tech leaders, from Klarna ($6.5bn) to Supercell ($10bn). Partner Mike Arpaia is a computer scientist focused on AI and quantitative finance. He was previously co-founder and CTO of security platform Kolide, and formerly tech lead at Facebook, Etsy, and Workday. Joining Ljungman and Arpaia is a team of entrepreneurs and technologists, 90% of whom have founded and scaled companies themselves.
To date, the Moonfire team has led 23 deals and co-invested in a further 27 with top-tier investors Sequoia, Accel, Index, General Catalyst and Accel since having joined its founders' journeys. Notable successes from Fund I include portfolio company Humaans recently raising a $15m Series A round, Lightdash completing a $7M round led by Accel, and GOALS closing a $20m Series A round with Seven Seven Six. In addition to its $90M Fund II, the firm has raised $25M to double down on its winners via its Opportunity Fund.
Moonfire Ventures partner and computer scientist Mike Arpaia said:
“The power of the AI and VC partnership has always been at the core of Moonfire and, with the launch of Fund II, we see it move to the next level. This new level combines human and machine like never before, hoping to turn an inefficient and inequitable industry on its head. With AI solving the mental-manual work, we can focus on the aspects humans are better at – meeting and forming relationships with founders.”
– ENDS –
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
07909 985 621
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
BlueConic Named the Only Challenger in Inaugural 2024 Gartner® Magic Quadrant™ for Customer Data Platforms21.2.2024 18:33:00 CET | Press release
Market-leading customer data platform (CDP) BlueConic today announced that it has been recognized as the only Challenger in the inaugural Magic Quadrant for Customer Data Platforms. We believe this industry recognition marks a major milestone for CDPs and the maturity of the space on a global scale. BlueConic differentiates from other vendors for its: Privacy-by-design philosophy: Maintaining responsible data practices is essential for garnering consumer trust, but maintaining compliance with a patchwork of regulations is only getting more difficult. That’s why BlueConic has been built with privacy at the forefront. The platform has been purposely designed to collect first-party data in ways that ensures it is unified, actionable, and privacy-compliant. Collecting and using data within the framework of privacy regulations like GDPR and CCPA enables companies to build trust and deliver valuable customer experiences, while mitigating their consumer data risk at the same time. Easy-to-use
Bynder named a “Leader” in Digital Asset Management by independent research firm21.2.2024 17:58:00 CET | Press release
Bynder, the global, enterprise digital asset management (DAM) platform, has been named a “Leader” in The Forrester Wave™: Digital Asset Management Systems, Q1 2024 report by Forrester Research, Inc. Bynder received a top score in the revenue category, with the report stating that “Bynder invests to play a transformative role in the digital-first economy.” In the past two years since the last report was launched, Bynder has surpassed $130m in ARR, announced a majority investment from Thomas H. Lee Partners, made two acquisitions, developed its enterprise partner ecosystem, launched more than 45 out of the box integrations and expanded its suite of product offerings to include AI capabilities and other new innovations that are redefining DAM. According to a quote from a customer reference in the report “the AI search and smart filter system in Bynder simplifies the process of finding the exact assets you’re looking for.” These recent AI innovations have highlighted the company’s market l
Parse Biosciences Launches Evercode Whole Transcriptome Version 3, Boosting Usability and Performance21.2.2024 17:00:00 CET | Press release
Parse Biosciences, a leading provider of accessible and scalable single cell sequencing solutions, today announced a significant update to the company’s flagship Evercode™ Whole Transcriptome products. Available to ship in mid-March, Evercode Whole Transcriptome version 3 kits offer researchers a more streamlined workflow, more flexible and higher throughput fixation, and optimized reagents for improved sensitivity in gene detection. With the new version, customers will enjoy a more streamlined and flexible workflow, helping them move from samples to results more quickly. These enhancements are delivered while significantly improving upon the previous version’s sensitivity and library complexity, giving researchers higher biological resolution and insight into their samples. Parse customers already rely on the utility of Evercode fixation, which enables them to fix cells or nuclei when they become available, store them for up to six months, and then sequence them when ready. Fixation i
Tigo Energy Expands Comprehensive Residential Energy Solution for Italy with GO EV Charger21.2.2024 15:00:00 CET | Press release
Tigo Energy, Inc. (NASDAQ: TYGO), a leading provider of intelligent solar and energy software solutions, today announced the launch of the GO EV Charger for the Italian market. A smart residential electric vehicle (EV) charging station, GO EV Charger offers solar installers a way to add e-mobility that seamlessly integrates with the Tigo EI (Energy Intelligence) Residential Solar Solution, which includes inverter, battery system, TS4 MLPE devices, and everything else required for fast, flexible, and dependable solar installations. The Tigo EI Residential Solar Solution will be on display from February 28th to March 1st at KEY - The Energy Transition Expo in Rimini, Italy. Previously released for the German market, the GO EV Charger features seamless integration with the Tigo EI Residential solar-plus-storage solution. The GO EV Charger is available in single- or three-phase variants, up to 22 kW, and delivers high flexibility with multiple charging modes, current limits, and scheduling
Talkdesk Hires Software Veteran Albert Caravelli to Lead, Grow Strategic Alliances and Partners21.2.2024 15:00:00 CET | Press release
Talkdesk®, Inc., a global AI-powered contact center leader for enterprises of all sizes, today announced that Albert (Al) Caravelli, an accomplished executive experienced in transforming sales and alliances organizations at some of the world’s leading software companies, has joined the company as senior vice president of Alliances and Partners. In this role, Caravelli is responsible for expanding and nurturing Talkdesk’s growing ecosystem of strategic technology alliance partners, global system integrators, and global service providers. Caravelli comes to Talkdesk following nearly nine years at cloud security company Zscaler, where he most recently served as global vice president of strategic alliances and advisory firms, responsible for leading Zscaler’s go-to-market strategy and execution. During this time, he was instrumental in the formation of strategic alliances with multiple companies, including Accenture, Capgemini, Deloitte, HCL, Infosys, AT&T, BT, Cognizant, Deutsche Telekom,