London-based VC Mosaic Ventures has launched its first fund, a $140m vehicle targeting European technology start-ups.
Between them, the firm's founders have thirty years' investment experience at Accel Partners, Advent Venture Partners, Allen & Company, Apax Partners and Index Ventures. They have worked on investments including Alibaba, Criteo, Etsy and King.
The VC cited the lack of available funding for companies at the series-A funding stage in Europe as the motivation behind the fund launch.
The vehicle will focus on the fintech, e-commerce, education and health markets as well as software-as-a-service providers for SMEs. Mosaic will look to make fewer than 10 investments per year.
According to the Financial Times, Mosaic has attracted commitments from large US institutional investors including Horsley Bridge Partners. Mosaic also stated its partners will look to invest a significant amount of their own capital in the firm.
Mike Chalfen, Simon Levene and Toby Coppel are partners at Mosaic.
Austria-based electrical engineering company had filed for insolvency in April 2020
VC house expects to hold a €35-45m first close by the end of July and a final close in around one year
LPs in Exponent III include Aberdeen Standard Investments, Central Pension Fund and CNP Assurances
Company has generated €12m in revenues and has a 25% EBITDA margin