It is said that European VC has no firepower to compete with US VCs. Probably the further evidence of this view is that Berlin -based Cherry Ventures closed the latest funds for $ 500 million and were divided into early rounds and follow -on -rounds after Series B. Masu.
A statement from cherry has built that ambition. We want to use this fund to build the first $ 1 trillion company in Europe. As a result, we called for a reversal of the “fate and darkness” story about European economy.
It's great, but the evidence that European startups are currently on trillion dollars are still thin on the ground. To be appropriate, if AI plays as a jaguar note, if everyone says it will be, only a handful of companies with the most capital in this field come from the neck of this forest. Recent surveys are estimated that about $ 8 billion of AI companies in Europe has been raised by AI companies in the United States for emerging AI. Yes, it is an important part of the mix, as not only money, but also cherry and other VCs know.
Cherry did not put the timeline in that desire.
According to the HSBC Innovation Banking Report, only $ 2.9 billion in startups has decreased by 50 % since the previous quarter of the previous quarter.
Cherry Ventures itself did not even appear in last year's HEC-DOW JONES Venture Capital Rankink.
Meanwhile, Revolut Backer Balderton Capital has recently been able to procure $ 1.3 billion for European technology emerging companies, agreed that Europe is missing the AI boom.
Cherry's last fund, announced in early 2022, arrived at 300 million euros ($ 312 million). VC's portfolio is the Space Technology THE EXPLORATION COMPANY, Grocery Delivery Startup FLINK, Neurosurgical Microbots Company REBEAUTE Includes Istics Unicorn Forto.
The new fund LPS includes Wolt entrepreneurs Miki Kusi. ILKKA PAANANEN, the highest executive officer of Supercell. And FLIX JOCHAN ENGHERT.
The 18 exit of Cherry Ventures contains something like cowwap, ninetile, and home.