Bloomberg reported that European venture capital firm Sprints has closed its fifth fund at €725 million, or about $810 million. Co-founder and managing partner Henrik Persson said the fundraising process took about a year and that more than half of the capital has already been deployed. The money is being used to back new companies as well as existing portfolio holdings. Limited partners in the fund include endowments, foundations, pension funds, and family offices. Sprints is known for early backing of Revolut and is also the largest shareholder in secondhand marketplace app Vinted. Its portfolio also includes Flightradar24 and payments company Checkout.com. One of its investments, AI customer service company Fin, was acquired by Salesforce earlier this year in a $3.6 billion deal. Persson also said Sprints has not invested in any foundational AI companies because, in his view, most of them have not yet established a business model.
Bloomberg reported that European venture capital firm Sprints has closed its fifth fund at €725 million, or about $810 million.
Henrik Persson, the firm's co-founder and managing partner, said the fundraising took about a year. He said more than half of the capital has already been deployed for investments in new companies and existing portfolio holdings. The fund's backers include endowments, foundations, pension funds, and family offices.
Sprints was an early investor in Revolut and is the largest shareholder in secondhand marketplace app Vinted. The firm has also invested in Flightradar24 and payments company Checkout.com. One of its portfolio companies, AI customer service startup Fin, was acquired by Salesforce earlier this year for $3.6 billion.
Persson also said Sprints has not invested in any foundational AI companies because most of those companies have yet to establish a business model.
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