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Seedcamp, an investment fund aimed at early-stage European startups, has announced the first close of its fourth seed fund at £41 million ($54 million).

Founded in 2007 by around 30 European investors, Seedcamp has often been compared to Y Combinator in the U.S. and has invested in more than 250 startups that have gone on to raise more than $1 billion in subsequent funding.

With Fund IV, London-based Seedcamp ushers in around 60 limited partners, including Index Ventures, Atomico, Idinvest Partners, and the U.K. government-backed British Business Bank.

Seedcamp will invest £100,000 ($132,000) in pre-seed stage startups, which may be bumped up to $250,000 ($331,000) when other angel investors are involved, and £400,000 ($530,000) in seed rounds of up to £2 million ($2,650,000) when there is already another lead investor involved.

Additionally, Seedcamp said that it will reserve a “significant” chunk of money to invest in Series B rounds, and it may also invest in crypto tokens.

“Seedcamp has been on an incredible journey over the past decade, and our ambition, alongside that of European entrepreneurs, has grown exponentially over this time,” noted Seedcamp managing partner Carlos Espinal. “While our investment approach and offering has evolved, the core of what Seedcamp stands for remains the same, with our founders and our global community at the center of everything we do.”

Seedcamp’s latest fund eclipses its previous $30 million fund that was announced back in 2014, as well as its $4 million second fund.


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