Rocket Internet launches second fund

Oscar Geen
24 July 2018

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German VC firm Rocket Internet has launched its second institutional fund, Rocket Internet Capital Partners II (RICP II), to back technology startups in Europe and the US, Unquote understands.

The fund has a target of between $1-2bn, according to press reports, and will aim to invest a larger portion of the capital in US companies. It is understood a first close is expected in Q1 or Q2 2019.

The fund has set a hard-cap at $1.5bn, according to a person familiar with the raise.

Founder Oliver Samwer has been buying back shares in the listed business (Rocket Internet SE) that he founded, and, after spending €104m since December 2017, owns approximately 3% of the company, according to German media reports.

Rocket Internet Capital Partners I held a final close on its $1bn hard-cap over a $500m target in January 2017. The vehicle is currently 45% deployed over 130 investments, with an additional 30% reserved for add-on capital, Unquote understands.

The previous vehicle built a track record of investing in US-based companies and expanding European companies to the US, such as online fashion retailer Zalando and meal kit delivery firm Hellofresh.

Filings for the new fund were registered in Luxembourg in April and May 2018.

Investors
RICP II is currently being marketed to existing LPs globally, but will also raise a portion of capital from new investors.

The previous Rocket Internet fund was backed by financial institutions, pension funds, asset management firms, foundations and high-net-worth individuals.

Investments
The new fund will target early-stage and growth capital investments in companies focusing on the internet sector in Europe and the US. This includes marketplaces, e-commerce platforms, finance-focused technology, software and travel businesses.

People
Rocket Internet – Oliver Samwer (CEO).