Cherry Ventures fights back at EU 'doom and gloom' – launches $500m 'daring vision' fund
Could an impact company become Europe’s first trillion dollar business? Cherry Ventures – which has already invested in carbon-cutting firms including Planet A Foods and Bardo – is on the hunt for the next European tech hero.
Investment heavyweight Cherry Ventures has announced a new $500m (€455 m) fund designed to fund Europe’s next tech legend.
The initiative, announced in an open letter, comes off the back of recent heated debates around Europe’s competitiveness compared to the US.
"The current narrative around European tech is all doom and gloom," says the letter. "We don’t buy it."
"Sees unprecedented opportunity"
In a separate LinkedIn post the company wrote: "Today marks a pivotal moment for European tech. While some see limitations, we see unprecedented opportunity".
It continued: "With more early-stage startups than any other region and a growing tech workforce, Europe's foundation for innovation has never been stronger."
Cherry Ventures, which has offices in Berlin, London and Stockholm is an early-stage investment firm.
The company's latest funding announcement is positive news for the impact sector, with Cherry Ventures' portfolio already including some of Europe’s most talked-about carbon-cutting startups.
Last year the VC firm was part of a $30 million Series B funding round for Munich-based B2B food tech startup Planet A Foods, which produces foods including cocoa-free chocolate. It also invested EUR 3 million in Bardo, a Swedish carbon intelligence company conceived at fossil-fuel free startup Stegra (formerly H2 Green Steel).
The firm’s impact portfolio additionally includes Berlin-based Atlas Metrics, a B2B platform for ESG compliance and sustainability performance management.
Cherry Ventures' investment team includes former entrepreneurs and managers who helped build major European companies including Zalando and Spotify.
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