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Financials

Germany's HV Capital raises 535 mln euros for new fund

BERLIN, Oct 29 (Reuters) - Germany’s HV Capital said on Thursday it had raised 535 million euros ($632 million) for its eighth venture fund, and will commit the money raised to early-stage investments of up to 50 million euros per company.

The HV Capital Fund 8 brings total assets under management to 1.7 billion euros, said HV Capital, which is also changing its name from Holtzbrinck Ventures.

HV Capital has already backed online fashion retailer Zalando, logistics startups Sennder and Scoutbee, as well as travel app Flixbus.

It traditionally invests in seed and Series A rounds, but the new fund will have the flexibility to invest sums of between 7 and 25 million euros in later rounds.

“Before, our motto was: If we aren’t there at the outset, we won’t come on board later,” partner Rainer Maerkle told Reuters in an interview. In future, he added, HV Capital will be able to get on board if it misses out on a promising early prospect. ($1 = 0.8461 euros) (Reporting by Nadine Schimroszik, Writing by Douglas Busvine, editing by Emma Thomasson)

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