Plural Raises €400 Million for European Startups Led by Entrepreneurs
Plural, a European venture capital firm founded and led by entrepreneurs, has secured a new €400 million fund to support early-stage startups in the region.
The firm, with founders such as Taavet Hinrikus from TransferWise/Wise, Sten Tamkivi, and Ian Hogarth, aims to invest in “transformational” startups and provide operational expertise to help them grow as businesses. Plural’s focus remains on early-stage investments rather than growth rounds. The latest fund exceeds its initial target and indicates the firm’s commitment to backing innovative and impactful startups in a challenging venture capital landscape.
Challenging VC Environment in Europe
Plural’s new fund comes at a time when the European venture capital landscape has faced challenges, marked by a weak economy, reduced startup investment, and declining valuations. Despite these headwinds, Plural has managed to surpass its fundraising target, with the participation of various institutional and family funds from the U.S. and Europe. The firm, which has made 26 investments from its first fund, continues to show confidence in early-stage ventures and intends to focus on key categories, including artificial intelligence, frontier tech, and climate and energy-focused startups.
Strategic Investments and Categories
Plural’s previous investments include companies like Robin AI, a London-based legal tech startup; Isometric, a U.K. startup focused on carbon removal; Proxima Fusion, a German energy generation disruptor; and Unitary AI, specializing in multimodal techniques for video content moderation. The firm has demonstrated interest in AI, particularly frontier models, while acknowledging the importance of other categories. Plural’s founders bring operational experience to the table, enhancing their ability to identify and support startups with transformative potential.
Consumer Opportunities and Singular Vision
Despite the current focus on AI, Plural is also eyeing opportunities in the consumer sector. The firm believes there are unique and special opportunities in consumer-focused startups that will emerge in the coming years. Plural emphasizes its interest in founders pursuing a singular vision and differentiating their businesses in a crowded market. While AI remains a significant area of interest, Plural is keen on supporting startups that take unconventional routes and exhibit a strong perspective on the world’s development.