Luxembourg-based Mangrove Capital Partners, one of Europe’s leading early-stage venture capital firms, has raised $170 million for its latest fund.
Mangrove V will be used to invest across Europe and Israel. The amount matches that of its previous funds, and was completed inside two months with 90 percent coming from returning investors, said the firm. Mangrove has been one of Europe’s most successful VCs, backing hits such as Skype (sold twice and now part of Microsoft) and Wix.com (which is now publicly traded). So far the firm has invested in more than 130 companies since 2000.
Mark Tluszcz, co-founder and CEO, said in a statement: “We like to take big bets very early and support our best portfolio companies through multiple rounds of financing to build material stakes. We prefer to invest in unproven or unusual technologies rather than chase the latest fad.”
Compared to much bigger fund raises from other European VCs in the last…