Force Over Mass gears up for Fund V

With a target of EUR 150m, fundraising for the new vehicle is set to begin following the full deployment of Force Over Mass Capital IV, which raised EUR 103m with a final close in December 2020, according to Unquote Data.

FOM IV is deployed across 24 investments, including UK-based fintech Outfund, for which it led a GBP 115m Series A last month. It can invest in up to 30 companies, Volckaert said.

Launched in 2019 with a EUR 100m target, FOM IV invests in Europe-based companies operating across the fintech, lending, fast-scaling software infrastructure, B2B software, Industry 4.0, and Artificial Intelligence sectors, Volckaert said.

The fund provides average initial tickets of around EUR 1.5m-EUR 2m but, according to Volckaert, it has gone above and under that range. The vehicle has deployed half of its funds in initial tickets, with the remainder reserved for follow-on investments in its best performing companies, Volckaert said.

According to him, FOM III generated a 4.5x return at fund level and FOM IV is expected to have a minimum return of 3x capital overall.

As well as Outfund, recent investments by the VC firm include London-based Banked, a developer of an account-to-account payment software platform, and Berlin-based Banxware, a SaaS provider of embedded financial services

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