A new venture capital fund focusing on early-stage businesses in need of Series A financing has launched in London, reinforcing the UK capital's status as a magnet for tech startups.
Mosaic Ventures, founded by Mike Chalfen, Simon Levene and Toby Coppel, has raised $140 million to invest in fast-growing startups that have moved beyond the seed and angel phase investment cycle.
On its decision to base the fund in Europe, Mosaic states: "We now see plentiful sources of seed and angel capital; but relative to the US, there is a lack of experienced early stage venture investors focused on Series A."
The three partners, who have a track record in tech talent spotting from their days at Accel, Index, Apax and Virgin, say they intend to invest in fewer than ten companies per year.
"We build conviction about macro investment themes and focus our activities around them," states the firm on its website
. "Today we are focused on several areas that include (but are not limited to): marketplaces, next generation finance and payments, bitcoin and the blockchain, SaaS for SMEs, analytics, education and health."