Evolution Technology Fund II eyes $250m final close

Evolution Equity registered the fund as a Luxembourg SCSp in June 2019. British Patient Capital has committed $35m to the fund, according to a statement, and the European Investment Fund has also invested, according to Unquote Data.

The fund will focus mainly on growth-stage information technology investments, primarily in Europe. Its predecessor held a final close on $125m in July 2017 and invested $5-25m in early- and growth-stage companies operating in the cybersecurity, machine learning, software and internet sectors across North America, Europe and Israel.

Evolution Technology Fund II portfolio companies include Quantexa, a London-based big data intelligence and risk analysis firm. Evolution Equity led a £51m series-C funding for Quantexa, with British Patient Capital co-investing.

Evolution Technology Fund II has also invested in Arqit, a London-based cybersecurity company protecting against quantum cyber threats.

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