Karma Ventures holds €40m first close for maiden fund

One of the main investors in the fund, Ambient Sound Investments, is a vehicle set up to manage the venture portfolio of a group of Skype's founders. Skype engineers Jaan Tallin and Ahti Heinla are involved with the fund as exclusive advisers and will be helping with due diligence on potential investment cases.

Karma Ventures I is domiciled in Luxembourg and will target a second close before the end of 2016.

Investments
The vehicle will invest in series-A funding rounds for startups across Europe, targeting around 25 investments. It has yet to commit any capital.

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.

Investors
Ambient Sound Investments and the Baltic Innovation Fund are the main LPs in Karma Ventures' fund. The Baltic Innovation Fund is a joint initiative set up by the Baltic states Latvia, Estonia and Lithuania, in conjunction with the European Investment Fund.

Additional investors in the fund include pension funds and family offices.

People
Karma Ventures – Margus Uudam, Tommi Uhari, Kristjan Laanemaa (founding partners).

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