Volta collects €35m for Volta Ventures II

The fund's predecessor, Volta Ventures I, closed on €55m in 2016. The second fund's target is €55m, and it is expected to close by June 2020, Unquote has learned. 

Volta has set a 2% management fee and 20% carry for the fund, which is expected to generate a net IRR of around 15%, a spokesperson for Volta told Unquote. 

The Ghent-based VC recently hired David Mozes as principal. He will focus on investment opportunities in the Netherlands.

The Belgian government vehicles PMV and FPIM, operating respectively on a regional and federal level, have made significant contributions to Volta Ventures II, a spokesperson for Volta has confirmed. Volta chairman Michel Akkermans has also invested, the Belgian publication De Tijd has reported. 

Volta is looking to attract more institutional LPs as well as family offices, mostly based in the Benelux, to complete the fundraise, Unquote understands. 

The vehicle will back seed and early-stage internet and software companies in Benelux. The VC intends to bridge the gap between the earliest funding rounds and later-stage venture capital.

Volta invests €300,000-2m per round in early-stage transactions. The strategy of the second fund will mostly follow that of its predecessor. 

Volta used its first fund to back Belgium-based businesses Beatswitch, Blanco and Sentiance, as well as Dutch companies LookLive and Qualifio.

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