Speedinvest holds EUR 60m close for Speedinvest x Fund 2

Speedinvest x Fund 2 exceeded its EUR 50m target.

The final close follows a EUR 33m first close for the fund in November 2020, having launched the fundraise process at the start of 2020.

YPOG (formerly known as SMP) provided legal advice for the fundraise, as reported.

The fund was previously part of Speedinvest's Network Effects strategy, which has changed its name to Marketplaces and Consumer. The change reflects the fact that the strategy now incorporates the firm's consumer technology portoflio and new investments.

The vehicle will therefore back both B2B and B2C marketplaces, although the Network Effects thesis will remain a core part of the strategy, according to a statement.

The previous fund in the strategy, Speedinvest x, held a final close in June 2018 on EUR 25m. The GP no longer plans to make new platform investments from the fund following the first close of Speedinvest x Fund 2, although the vehicle has capital remaining for follow-on investments.

The GP held a final close for its third flagship fund in February 2020 on EUR 190m.

Investors
LPs in the vehicle include executives and founders from consumer marketplaces including Ankorstore, Vinted and Planetly. Further executives backing the fund include Jörg Gerbig, COO of JustEatTakeAway and co-founder of Lieferando.

The first close was backed by existing investors, but the final close has seen new LPs join the fund. The minimum commitment for institutional investors was EUR 1m, while individuals from Speedinvest's network could commit from EUR 100,000, as reported.

Investments
The fund deploys equity tickets of EUR 100,000-1m, participating in pre-seed, seed and Series A rounds. The vehicle has made four investments since the announcement of its first close and expects to make 25-30 platform deals in total.

In addition to expanding its focus to B2C companies, the fund will continue to target Europe-based startups within the Network Effects strategy, such as sharing, subscription and circular economy-focused businesses.

Speedinvest x Fund 2's predecessor backed startups including coaching platform CoachHub and e-scooter startup Tier Mobility; the latter raised a USD 250m round led by Softbank in June 2021. In addition, the fund's portfolio includes six further companies that are each valued at more than USD 100m.

Speedinvest x Fund 2 has backed startups including freight and logistics marketplace Yolda.

Click here to read a VC Profile of Speedinvest on Unquote.

People
Speedinvest – Mathias Ockenfels (general partner).

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