Wise and Skype Founders Secure $436 Million to Support European Tech Ventures

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A new fund named Plural Fund II, with backing from the founders of Wise, Skype, and Songkick, has successfully raised 400 million euros ($436.4 million). This initiative, coming just 18 months after the firm’s last fund of 250 million euros, aims to support technology startups in Europe. Plural Fund II, driven by founders including Taavet Hinrikus of Wise, Ian Hogarth of Songkick, Sten Tamkivi of Skype, and Khaled Helioui, former CEO of Bigpoint Games, stands out with its founder-led focus, competing with established funds like Atomico, Balderton Capital, and Creandum.

Hinrikus emphasized that Plural, founded by entrepreneurs with proven success, could serve as a valuable partner for European startups, especially considering that only 8% of venture capitalists (VCs) in Europe are former founders, a significantly lower percentage compared to the United States, where 60% of VCs are former founders. Plural aims to bring a unique perspective by prioritizing partners who are “totally unemployable,” individuals with real-world startup experience.

The funds were raised from diverse limited partners, including British and American university endowments, U.S. foundations, insurers, and strategic family offices in Europe and the United States. Despite a challenging fundraising environment, Plural exceeded its fundraising target, showcasing significant interest from limited partners.

Plural Fund II plans to invest at a rate of two to three investments per investor per year, focusing on deep tech and clean tech rather than the next major software-as-a-service entity. Plural has a track record of 27 investments, spanning sectors such as AI, frontier technology, and climate and energy. The firm aspires to contribute to the development of technology giants in Europe by identifying emerging categories often overlooked by other funds.

Carina Namih, partner at Plural, expressed optimism about the rapid technological advancements in Europe, emphasizing that new players and emerging companies can dominate entirely new spaces, facilitated by breakthroughs around AI and increased pools of capital. The new fund launch aligns with the growing startup activity in Europe, with a rising number of startups founded by former employees of unicorn firms.

Plural Fund II’s commitment to deep tech, clean tech, and emerging categories reflects a strategic vision to foster innovative solutions to fundamental scientific problems, positioning itself as a key player in Europe’s evolving startup ecosystem.

A new fund named Plural Fund II, with backing from the founders of Wise, Skype, and Songkick, has successfully raised 400 million euros ($436.4 million). This initiative, coming just 18 months after the firm’s last fund of 250 million euros, aims to support technology startups in Europe. Plural Fund II, driven by founders including Taavet Hinrikus of Wise, Ian Hogarth of Songkick, Sten Tamkivi of Skype, and Khaled Helioui, former CEO of Bigpoint Games, stands out with its founder-led focus, competing with established funds like Atomico, Balderton Capital, and Creandum.

Hinrikus emphasized that Plural, founded by entrepreneurs with proven success, could serve as a valuable partner for European startups, especially considering that only 8% of venture capitalists (VCs) in Europe are former founders, a significantly lower percentage compared to the United States, where 60% of VCs are former founders. Plural aims to bring a unique perspective by prioritizing partners who are “totally unemployable,” individuals with real-world startup experience.

The funds were raised from diverse limited partners, including British and American university endowments, U.S. foundations, insurers, and strategic family offices in Europe and the United States. Despite a challenging fundraising environment, Plural exceeded its fundraising target, showcasing significant interest from limited partners.

Plural Fund II plans to invest at a rate of two to three investments per investor per year, focusing on deep tech and clean tech rather than the next major software-as-a-service entity. Plural has a track record of 27 investments, spanning sectors such as AI, frontier technology, and climate and energy. The firm aspires to contribute to the development of technology giants in Europe by identifying emerging categories often overlooked by other funds.

Carina Namih, partner at Plural, expressed optimism about the rapid technological advancements in Europe, emphasizing that new players and emerging companies can dominate entirely new spaces, facilitated by breakthroughs around AI and increased pools of capital. The new fund launch aligns with the growing startup activity in Europe, with a rising number of startups founded by former employees of unicorn firms.

Plural Fund II’s commitment to deep tech, clean tech, and emerging categories reflects a strategic vision to foster innovative solutions to fundamental scientific problems, positioning itself as a key player in Europe’s evolving startup ecosystem.