A European venture capital firm has launched a new fund to support innovative companies ‘that are reshaping entire industries’.
Iris Capital‘s IrisNext fund has attracted €250 million backing from some of the continent’s leading corporates, banks and institutions. It will target young companies pioneering developments in frontier technologies, including big data, artificial intelligence, Internet of Things and cybersecurity.
“With this new fund we look forward to fueling many more ambitious and innovative success stories,” said Erkan Kilicaslan and Erik de la Rivière, Managing Partners at Iris Capital.
IrisNext will support startups ‘from seed to growth stage’ with investments from €1 million to €30 million. The money will primarily be spent in Europe, with the French and German markets likely to be the key beneficiaries.
“Our mission at Iris Capital is to identify and fuel promising entrepreneurs to help them grow and scale their businesses across Europe and beyond,” added Antoine Garrigues, Managing Partner and co-founder at Iris Capital.