Karma Ventures gears up for second fund

Karma filed a registration document for the vehicle with Luxembourg's Registre de Commerce et des Sociétés on 4 August; the fund was incorporated on 29 July.

Karma had not returned a request for comment at the time of publication.

Karma founding partner Margus Uudam told Unquote in 2019 that the firm was aiming to start raising a new fund in 2020 with a view to close in 2021.

At the time, Uudam said it was too early to comment on the potential fund size, only adding that it could be similar to its existing EUR 70m fund focusing on European technology companies. Karma intended to handle the fundraising process internally, using its own network, he added.

The Estonia-based VC held a final close on EUR 70m for its inaugural fund, Karma Ventures I, in 2018. The final close followed on from the fund's interim close on EUR 60m in June 2017. Karma announced a first close for Karma Ventures I on €40m in February 2016.

Karma invests in series-A funding rounds for startups across Europe, targeting around 25 investments for its first fund. Karma seeks to back companies developing technology for ICT products and services with potential to scale into a large market, and that have customer interest prior to roll-out.

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