UK VC Firm SuperSeed Raises $41M

U.K. venture capital firm SuperSeed has wrapped the first closing of its new fund at 31 million pounds ($41 million) targeting a final close of 50 million pounds ($67 million).

The company said the fund will invest in 30 to 35 startups, focusing on firms based in the U.K. or hoping to use the U.K. as a springboard to expand worldwide.

“Europe continues to develop world-class technology, and the European startup ecosystem has exploded over the last decade,” the company said in a news release. “However, far too often, European startups are outfought by their American counterparts, and the venture ecosystem needs to do more to support them.”

SuperSeed points to recent research showing 66% of large companies are piloting new automation processes, and while 80% of business leaders say they are considering ‘speeding up’ their automation processes following COVID.

“Technological innovation is the foundation to unlocking human progress. In simple terms – tech will save us!” said Mads Jensen, SuperSeed co-founder and managing partner.

“But tangible benefits can only be achieved when the technology is commercially viable and successfully deployed in the hands of real users. Unfortunately, when it comes to marketing and sales, the Americans have historically had an edge on us here in Europe, and we have to do better if we want to compete on the world stage.”

Read more: Europe’s Fast-Growing Tech Sector Spurs Record $121B in Startup Funding

This isn’t to say Europe’s tech sector is lagging too far behind. Startups in the region raised a record $121 billion in funding in 2021, almost three times the $41 billion brought in the year before, according to the State of European Tech 2021 report from venture capital firm Atomico.

The report also found Europe now has 321 unicorn startups — companies worth over $1 billion — with 98 reaching that status in 2021, along with 26 decacorns, which are startups worth $10 billion or more.

European tech company reached a combined $275 billion in enterprise value, creating $1 trillion in value in the second half of 2021.