Europe’s largest female-led VC firm Revaia has announced a €150 million first close for their second fund, just two years after raising €250 million for their first fund. While the final target for the latest raise has not been publicly disclosed, founding partners Alice Albizzati and Elina Berrebi are expecting to reach the fund’s hard cap in 2024.
Revaia’s success is even more notable because current market conditions are markedly unfavourable. In the past two years, there has been a sharp decline in startup funding, driven by a broader decrease in growth investments across the board.
Albizzati stated:
“Raising a second fund in 2023 with a €150 million first close… in the current market, as an emerging and completely independent company, is a huge achievement.”
The new fund will largely follow Revaia’s earlier-established investment parameters. It will seek to invest in growth-stage companies, in Series B rounds or later, and will be sector-agnostic – but will specifically target companies which are focused on sustainability.
Investment ticket sizes will range from €10 million to €30 million, and about one-third of the fund will be specifically reserved for follow-on investments in later rounds.
Indeed, the fund has already hit the ground running with 3 new investments. Its first batch of portfolio companies include Kaiko, a cryptocurrency data provider from France, and Mews, a property management company from the Netherlands. Its third investment was made outside Europe – in US-based data analytics startup Coralogix.
Revaia secured funding from a range of LPs, including institutional investors such as the European Investment Fund (EIF), as well as a number of family offices and high-net worth individuals.