UK-based venture capital firm Kindred Capital has closed an £81m ($104m) fund thanks to limited partners included insurance provider Legal & General, TechCrunch reported yesterday.

University of Chicago has also invested in the fund, as have Industry Ventures, Generation Ventures, Sands Capital, British Patient Capital, Isomer Capital and private investors Taavet Hinrikus, Carsten Thoma and Rishi Khosla.

The fund will focus on seed-stage startups in Europe, operating a model the firm has dubbed equitable venture whereby the founders it backs will receive carry in the fund and, once the LPs have their investment returned, also share in any profits.

The firm has already led 10 investments from its second fund.

Kindred previously closed its first fund in early 2018 at a similar amount in pounds sterling, though a weakened pound since then means those £80m were worth $110m.

That fund invested 29 startups, such as Farewill, a UK-based funeral preparation services provider backed by media group Daily Mail and General Trust, and UK-based sales software platform developer Paddle backed by software developer MacPaw.

– The original version of this article appeared on our sister site, Global University Venturing.

UK-based venture capital firm Kindred Capital has closed an £81m ($104m) fund thanks to limited partners including University of Chicago, TechCrunch reported yesterday.
Insurance provider Legal & General has also invested in the fund, as have Industry Ventures, Generation Ventures, Sands Capital, British Patient Capital, Isomer Capital and private investors Taavet Hinrikus, Carsten Thoma and Rishi Khosla.
The fund will focus on seed-stage startups in Europe, operating a model the firm has dubbed equitable venture whereby the founders it backs will receive carry in the fund and, once the LPs have their investment returned, also share in any profits.
The firm has already led 10 investments from its second fund.
Kindred previously closed its first fund in early 2018 at a similar amount in pounds sterling, though a weakened pound since then means those £80m were worth $110m.
That fund invested 29 startups, such as Farewill, a UK-based funeral preparation services provider backed by media group Daily Mail and General Trust, and UK-based sales software platform developer Paddle backed by software developer MacPaw.