New $1 billion fund for investment in UK start-ups
German internet company Rocket Internet has closed a $1 billion fund to invest in early and growth-stage start-ups in the UK.
The Rocket Internet Capital Partners (RICP) fund is aimed at start-ups in areas such as fintech, software, e-commerce, marketplaces, and travel.
Rocket Internet contributed to 14 per cent of the total of the latest fund, with the rest provided by other global investors, including asset managers, financial institutions, pension funds, foundations, and individuals with a high net-worth.
According to the company, the RICP fund is the biggest tech fund of any venture capital firm in Europe to date.
In addition to start-ups, the fund will also be investing in existing portfolio businesses.
Rocket Internet Chief Executive Officer Oliver Samwer said: “RICP having reached the hard cap of $1 billion shows the strong interest of leading investors, who share the enthusiasm for the attractive investment opportunity RICP presents.”
A Rocket Internet spokesperson added that the company has been making investments out of the RICP fund for over a year.