London’s LocalGlobe just closed on two funds totaling $295 million
Seven months ago, TechCrunch’s Steve O’Hear reported that LocalGlobe had begun the fundraising process for two separate funds. The London-based seed-stage venture firm was raising yet another seed-stage venture fund, O’Hear said at the time; he also noted that LocalGlobe was also expect to raise its first opportunities fund.
Fast-forward and today, the firm, founded by father and son duo Robin and Saul Klein, says it has closed both, having secured $115 million in capital commitments for its seed fund and $180 million in capital commitments for the second fund, dubbed “Latitude,” which it says it will use to support its “winners” at the Series B and later stages.
As we’d written earlier, it’s no surprise that LocalGlobe decided to institutionalize some of its later-stage investments. It’s become a trend in recent years for early-stage firms to raise separate funds to capture more of the upside when their portfolio companies begin to break away from the pack, rather than watch their stakes get hammered down in subsequent funding rounds.
And LocalGlobe already has a bit of a track record in supporting its growing portfolio companies, writing follow-on checks to companies like the property listings startup Zoopla and the money