London's Air Street Capital has raised $232 million in Fund III aimed at backing early-stage AI companies in Europe and North America, the firm announced on Monday.
Check sizes range from $500,000 to $15 million, with some growth investments reaching up to $25 million. The latest funding, led by Nathan Benaich, makes Air Street one of Europe's largest single VC funds. The company has already backed notable AI unicorns like Black Forest Labs and ElementLabs, and has seen exits from companies like Adept (sold to Amazon) and Graphcore (sold to SoftBank).
The company currently has $400 million in assets under management, the FT reported. Its Fund II was $121 million, up from the $17 million raised in Fund I in 2020.