Moonfire Ventures pitch deck to raise $60m Seed round

This is the Moonfire Ventures pitch deck to raise a $60m seed round in 2021.

About

Moonfire Ventures is a new venture exploring early stage investing opportunities in Europe.

Technology founders in Europe looking for seed-stage funding have a new option on the table: Venture capital firm Moonfire Ventures.

Moonfire is the latest vehicle from Mattias Ljungman, a longtime investor who previously set up another European venture capital firm, Atomico, with Skype billionaire Niklas Zennstrom.

Ljungman announced his departure from Atomico in 2020, and announced Moonfire’s first $60 million fund on Thursday.

His new firm will focus on smaller, seed-stage startups and primarily write checks to founders between $1 million and $1.5 million, and smaller checks where it decides to invest earlier. Atomico, by contrast, mostly backs later Series A rounds.

Ljungman told Insider that European seed-stage startups are “underfunded” compared to the US. “If you compare Europe to the US, we dont have as many seed funds with a reputation and brand as in the US,” he said, citing early Roblox investor First Round Capital and Lyft investor Floodgate Ventures.

This does seem to be changing, however. Europe’s existing crop of seed funds have scored notable victories, such as UK-based Seedcamp¬†investing early in public software firm UiPath. And according to¬†data from Ljungman’s former firm Atomico, there is real dynamism in European seed funding, with round sizes rising from an average of $700,000 in 2016 to $1.2 million 2020.

Moonfire hasn’t named all of its limited partners, or LPs, who have handed it funding. Ljungman does mention US investment company Cendana is the fund’s main backer. Others include Utah School and Institutional Trust Funds Office and Reference Capital.

Funding rounds

Announced Date Fund Name Money Raised
May 6, 2021 Moonfire Ventures Fund I $60M

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Moonfire Ventures Pitch Deck

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