SpeedInvest II will total $63m.
SpeedInvest has announced a second fund in partnership with Pioneers, a startup platform, and Johann Hansmann, a business angel. Named SpeedInvest II, the fund will total €50m ($63m).
SpeedInvest’s previous fund totalled €10m, and serves as a super angel fund for 30 angels. Its individual investments are €500,000 and it currently has 20 portfolio companies, with the latest spin-out Bitmovin securing investment in August 2014.
The fund, which aims to bridge the gap between a startup incubator and a seed investor, will have a lifespan of 10 years. Not only will SpeedInvest be providing early-stage financing, but entrepreneurs from Pioneers will work closely with individual start-ups to get their ideas off the ground.
SpeedInvest II’s exit strategy will be flexible, with the fund targeting both growth stage venture capitalists and strategic investors. It hopes to hold its first close by the end of 2014 and will focus on fintechs and engineering companies German-speaking Europe and Eastern Europe. So far it has secured about 20% of the fund from an unnamed regional bank.
