Startup300 holds first close on €20m

The fund has a target of €40-60m and has the stated aim of finding and funding the first Austrian "unicorn" – a startup that reaches a valuation of €1bn.

Startup300 has made 24 investments in Austrian companies to date, backing mainly software companies. However, this is the first time the VC has raised institutional capital.

The fund will make co-investments with global VCs and has already reached agreements with Sequoia Capital, Accel Partners, Andreessen Horowitz, Atomico, Greylock Partners, Mosaic Ventures and Mayfield, according to a statement by the firm's CEO.

Investors
The fund is backed by institutional investors and family offices, although the LPs' identities were not disclosed.

Investments
Capital300 will target a perceived gap in the market for later-stage funding of Austrian companies. According to a statement by the VC, 80% of startup investments between €2-5m are made by non-Austrian investors, while that percentage reaches almost 100% for funding in excess of €5m.

People
Capital300 – Peter Lasinger (managing partner).

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