Speedinvest closes $100m second fund

The VC started fundraising in October 2014 and held a first close in March 2015 on $73m. The vehicle exceeded its initial target of $50m.

Speedinvest's maiden fund had a significantly smaller target, closing on $10m in September 2011.

Investors
The fund attracted investments from more than 100 entrepreneurs and private investors, including Red Bull founder Dietrich Mateschitz and Herman Hauser, who is behind startups such as Runtastic, Shpock and Busuu.

The VC stated that some of its investors actively co-invest and collaborate with selected portfolio companies. As well as founders of Austrian startups, Speedinvest II has seen commitments from German IT companies Allgeier Group, Püspök Group, Heinzel Group and Weiss Bros.

New Enterprise Associates committed $5m to the fund. The vehicle also raised €7m from the National Foundation for Research Technology and Development and an undisclosed sum from the Austrian Federal Development Bank.

Several investors in the first fund have re-upped into the second fund, including Russmedia and business angels Gerhard and Michael Ströck, Hansi Hansmann and Eva Dichand.

Investments
Speedinvest II plans to make 10 investments per year, half of which will be made outside Austria with a strong focus on the CEE region.

It will focus on initial seed investments of €500,000. It then has the option to invest up to €3m per portfolio company. Half of the fund is reserved for follow-on investments.

Sectors of interest for the fund include e-commerce, media, fintech and technology. 

To date, the fund has deployed capital in 14 companies across Europe, including Hungary-based ad-fraud detection company Enbritely, and Sofia-based Metrilo, a startup that gathers and analyses e-commerce data.

People
Oliver Holle is CEO of Speedinvest, while Erik Bovee is a US-based partner.

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