Plural, the venture capital firm co-founded by Wise’s Taavet Hinrikus and Songkick’s Ian Hogarth, has announced its second fund of €400 million, aimed at supporting groundbreaking technology startups. This new fund comes on the heels of its successful €250 million debut in 2022, underscoring their commitment to fostering innovation that aims to change the world.
The latest fund surpassed its initial target, drawing investments from prestigious university endowments, foundations, funds of funds, and family offices. With this new capital, Plural is set to deepen its investment in the European tech ecosystem, which continues to grow at a pace outstripping that of the US.
The VC’s vision extends beyond financial returns, aiming for a GDP-level impact on Europe by addressing systemic risks and narrowing the global opportunity gap through technology.
Founding Team’s Expertise
The founding team, including Estonian investor Sten Tamkivi and former Bigpoint CEO Khaled Helioui, brings decades of experience from leading tech firms. Based in Tallinn, Estonia, and London, UK, Plural’s team has expanded to 15 members over the past 18 months.
A Focus on Global Technology
Europe’s role in shaping global technology standards, from AI to quantum computing, aligns with the VC’s ambition to tackle significant challenges such as climate change and the opportunity gap.
Since its inception, the investment company has invested in 26 companies across diverse sectors like AI, frontier tech, and climate & energy. Investments range from €1 million to €15 million in startups that promise to make significant impacts on the future.
A New Model of Investing
Carina Namih, Partner at Plural, highlighted the firm’s unique approach to supporting European founders, who have traditionally been underserved by the investment community. Plural’s model focuses on leveraging the founders’ operational expertise to tackle some of the world’s most pressing problems.
Building Enduring Global Companies
Taavet Hinrikus, Partner at Plural, emphasized the importance of supporting ambitious founders who are using technology to solve major global issues. Plural aims to build companies that not only have a substantial economic impact but also transform societies for the better.
With Fund II, the Investment firm is poised to take its innovative model of investing deeper into the European ecosystem, maximizing the burgeoning opportunity for startup creation and supporting the development of technologies that promise to reshape the world.