Klarna and Spotify backer Atomico just raised one of Europe's biggest ever VC funds of $820 million

Atomico Partnership 2020

Spotify and Klarna backer Atomico has raised one of Europe's biggest ever VC funds with a fresh $820 million to back local tech startups.
Founded in 2006, the new fund sees a number of Atomico portfolio founders and early team members join the project as LPs.
"It's a very exciting time," Irina Haivas, partner at Atomico, told Business Insider in an interview. "We are a platform that wants to be more than capital by engaging with talent, founders and the ecosystem."
Click here for more BI Prime stories.

European VC fund Atomico has closed a new $820 million fund to support European tech startups.

The new raise is one of Europe's biggest ever standalone venture capital funds.

Atomico also set the record for the largest venture capital raise for its fourth fund of $765 million in 2017.

Based in London, Atomico's fifth fund will focus exclusively on Europe. Founded in 2006 by Niklas Zennström, the founder of Skype, the new fund sees a number of Atomico portfolio founders and early team members such as Adyen, Spotify, and Klarna invest as limited partners.

"It's a very exciting time," Irina Haivas, partner at Atomico, told Business Insider in an interview. "We are a platform that wants to be more than capital by engaging with talent, founders and the ecosystem."

Atomico's fifth fund has already made a series of investments including Infarm, HealX, Spacemaker, Kheiron Medical, Peakon, Scoutbee, Koru Kids, Automation Hero and AccuRx. The firm currently has $2.7 billion in assets under management.

"This fund is an opportunity to double down on our core strategy in Series A but also looking at Series B and C to breakout," Haivas added. "The other element is finding these ambitious founders and build category winners, the entrepreneurs with the right tools are game changers to rewire the world."

Atomico didn't release the names of LPs in the new fund but noted that it contained global institutional investors, both existing and new, including pension funds, fund-of-funds, sovereign wealth funds, insurance companies, endowments, banks, family offices and government-backed entities, in a release.

Notable Atomico exits include Finnish mobile gaming company Supercell and Jawbone.

Join the conversation about this story »

NOW WATCH: What it's like to ride the world's longest flight