Berlin Innovation nearing first close for €40m seed fund

Berlin Innovation Ventures will make approximately 40 initial seed investments of €250,000, with up to €3m per company available in follow-on funding over the next four years.

The fund has a 10-year lifespan and standard terms for management fees and carry.

Its LP base currently consists mainly of Tel Aviv-based family offices and funds-of-funds, but the VC expects to bring more in by the end of the year and hold a first close on €10-15m.

It has already invested €500,000 in five seed and pre-seed rounds using bridging facilities and expects to announce a larger seed round this month.

The vehicle will focus mainly on Berlin initially, where the firm says there is a lot of undiscovered technology talent. However, it will expand its operations to cover other European cities over the next four years.

Sector-wise, the fund will target investment in companies that use machine learning and artificial intelligence technologies.

The fund will both lead and follow in financing rounds and look to partner with strategic and financial investors, as well as offering co-investment opportunities to its own LP base.

The fund is registered as a KG structure in Germany and will be managed from Berlin by three general partners: Luis Shemtov, Mick Halsband and Elad Verbin.

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