A group of investors has launched a new European venture capital firm seeking to raise at least €600mn to back local start-ups, as a recovery in funding for technology companies picks up after a two-year drought. The fund, Noteus, is led by a team that split off from French investment firm Eurazeo, and has invested more than €300mn into tech groups since its founding this year, according to a person familiar with the group.
Some Silicon Valley investors have also expanded to Europe, with Andreessen Horowitz and IVP opening offices in London last year.Noteus is led by chief executive Yann du Rusquec, who previously headed a team focused on later-stage start-up deals at Eurazeo that invested in some of Europe’s most highly valued start-ups, including electronics refurbisher Back Market and cloud data specialist Aiven.