468 Capital raises $400 million to back European startups

VC firm 468 Capital has raised $400 million for its second seed-stage fund focused on European startups, and American ones with a connection to Europe.

Why it matters: The past year has been a record year for the European startup market, even attracting unprecedented levels of American venture capital.

• It previously raised about $200 million (€170 million) for its first fund in mid-2020.

The firm is led by D2iQ co-founder Florian Leibert, former Global Founders Capital managing partner (and Rocket Internet board member) Alexander Kudlich, and former GFC partner Ludwig Ensthaler.

• Given the partners’ respective backgrounds, 468 is investing both in consumer services like ultra-fast delivery and e-commerce aggregators, as well as in business software and cloud infrastructure tech.
• It also recently formed a second SPAC, which is listed on the Frankfurt Stock Exchange and raised $250 million in IPO proceeds. Its first one acquired kids’ entertainment company Boxine.