Point Nine, a venture capital fund that invests in tech companies, today announced it has secured €55 million (£40 million) to invest in European and US internet startups, bringing total funds under management to €100 million (£72 million).
The Berlin-based VC, which has invested in fast growing companies like Delivery Hero and ZenDesk, said it would use “Point Nine III” to back approximately 40 early-stage SaaS and marketplace firms with between €100,000 and €1 million each.
The new fund comes less than a week after London-based VC Passion Capital announced it has raised an additional £45 million for its UK startup fund, suggesting an increasing number of businesses and individuals are seeing tech as a safe place to invest their money.
Point Nine has helped many of its portfolio companies to expand overseas to the likes of the Silicon Valley, where they can access the technology-hungry North American market.
The VC also has a strong track record in helping its portfolio companies attract follow-on funding from a wide range of international investors such as Accel Partners, Bessemer Venture Partners, Matrix Partners, General Catalyst and Insight Venture Partners.
Overall, Point Nine’s portfolio companies have raised more than €1 billion in later-stage funding, with notable examples including Delivery Hero, Westwing, Kreditech, Helpling, DocPlanner and Vend.
Christoph Janz, managing partner at Point Nine Capital, said: “When we started Point Nine, our goal was to combine our founder-friendly no-nonsense ‘angel investor’ approach with the ability to provide much stronger financial support.
“We’re very happy with the results so far and we are excited to continue our work with Fund III.”
Mariusz Gralewski, CEO of Point Nine portfolio company DocPlanner, said: "The team at Point Nine has been a great sparring partner for internationalisation, recruiting, and follow-on financing, ever since their initial investment in 2012.
“We are now the biggest healthcare platform in Europe and we look forward to continuing to work with Point Nine to strengthen our position and expand further into new markets."
Investors in Point Nine Capital IIII include multiple international institutional investors Horsley Bridge Partners and Sapphire Ventures, both of which are existing investors in Point Nine Capital II, as well as new backers such as Flossbach von Storch AG and Vintage Investment Partners. A number of successful internet entrepreneurs, some of which Point Nine backed in the past, also contributed to the fund.