Global venture firm Eight Roads is back on the fundraising trail with its third fund and is looking to raise $375m.
ERVE III will seek to make investments in fast growing technology companies across the enterprise, consumer, FinTech and healthcare IT industries. The firm has been very active in the FinTech market this year, having already closed two deals.
Earlier in the year, Eight Road participated in the $28m investment round to data technology provider Duco. Other participants to the round included Insight Venture Partners and NEX Opportunities, and this funding will support the expansion of Duco’s global footprint.
With the new fund, Eight Road’s London-based team aims to fill the ‘resource gap’ it claims exists for a number of tech businesses across Europe and Israel. Investments will be made to support businesses with key priorities from building up sales and marketing through to geographical expansion.
This vehicle will back between 15 and 20 companies with an average investment size of $10m and $30m.
Eight Roads Europe managing partner Davor Hebel said, “We find ambitious entrepreneurs across the continent but there is a real lack of credible scale up advice and business-building experience to help them beat the odds. We will continue to support our entrepreneurs with our global platform and value-add team of operators as they take their companies from 50 to 500 employees and beyond.”
Other FinTech companies in Eight Road’s portfolio include India-based Early Salary and California-based Securonix. At the start of the year, the firm led the $15.8m Series B of EarlySalary, a mobile app that gives salaried individuals to access instant loans on 30-day periods.
Last year, the firm contributed to Securonix’s $29m Series B round, helping to support the big data security and analytics platform with the expansion across global markets.
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