Berlin-based seed fund Cherry has raised a new $340 million fund after backing some of Europe’s recent crop of unicorns including Auto1, fast grocery startup Flink, and Greyhound Lines’ new owner Flixbus.
A large slice of Cherry’s new fund will be set aside for follow on investments into its existing portfolio with nine startups reaching unicorn valuations of more than a $1 billion, says cofounder Christian Meermann. Around $34 million will be reserved for new investments into crypto and Web3 companies after earlier bets from Cherry on NFT hedge fund Blackpool, and open-source library Radicle.
“When we were building Zalando and Spotify the landscape looked very different but right now I think there is no better time for founders to start a company,” says Sophia Bendz, Cherry partner. “I think there is an amazing opportunity to produce really big companies [in Europe] that are growing bigger, and even sooner.”over the last few years had helped dictate the size of the new fund, which will be one of the largest seed fund in Europe, says Filip Dames, Cherry partner.
Cherry Ventures was founded by Dames and Meermann, who both worked as senior executives at Zalando, the German ecommerce giant, in its run-up to going public before branching out as angel investors and later setting up the fund in 2016. Former Spotify marketing executive BendzThe fundraises comes shortly after London-based venture investorSend me a secure
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