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Laxman Pai, Opalesque Asia:

EQT Ventures, the venture fund arm of Sweden's investment giant EQT making early-stage bets on startups primarily in Europe, has closed Europe's largest venture capital fund with EUR 1.1bn raised for its third venture vehicle.

The Swedish private equity group said in a press note that EQT Ventures III, which includes participation from a wide range of European, North American, and Asian institutional investors, foundations, and endowments, will make investments of EUR 1-50 million in founder-led startups using technology.

EQT Ventures III brings total commitments raised across the EQT Ventures Funds to EUR 2.3 billion since launching in 2016. The Swedish fund, which initially invested in Finnish start-up Wolt before it was bought by U.S. delivery firm DoorDash, said it planned on using the money to support early-stage tech startups in Europe and North America.

According to the release, the EQT Ventures Funds have made over 100 investments in six years, including nine companies that have reached a EUR 1bn+ valuation, including Wolt, Small Giant Games, Einride, Handshake, Netlify, and Instabox (today Instabee). The Fund has already backed and supported 13 companies as the lead investor.

"EQT Ventures III will continue to support companies using technology to solve some of the biggest challenges facing society by investing in sectors such as climate tech, food tech, the creator economy, energy, fintech, software, data & IT infras......................

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