Plural, a Tallinn & London-based venture capital firm, has recently secured an impressive €400 million fund dedicated to nurturing early-stage transformational startups in the region. The fund exceeded its initial target despite challenges in the European venture capital landscape, with a notable U.K. academic institution participating as a key investor.
Plural’s prior €250 million fund, initiated in June 2022, demonstrated a strategic focus on key sectors like artificial intelligence, frontier tech, and climate and energy startups. Ian Hogarth’s influential role in the U.K. government’s AI safety initiatives has led to thoughtful adjustments in Plural’s investment strategy, with a continued keen interest in the consumer sector. The firm actively seeks founders with distinctive visions and innovative business approaches, emphasizing operational expertise to foster the growth and success of its portfolio companies.
Founded by accomplished entrepreneurs Taavet Hinrikus, Sten Tamkivi, and Ian Hogarth, Plural stands out in the European venture capital landscape with its commitment to early-stage investments in “transformational” startups. Notably, Taavet Hinrikus, recognized for co-founding TransferWise (now Wise), contributes to the firm’s leadership.
Plural’s unique proposition lies in its operational expertise, derived from the founders’ backgrounds in building successful startups, which aims to guide and support the growth of portfolio companies. The firm’s diverse investment portfolio spans artificial intelligence, frontier tech, and climate and energy-focused startups. Despite challenges in the European venture capital environment, Plural has demonstrated resilience by successfully raising funds, reinforcing its dedication to identifying founders with distinctive visions and innovative business differentiators.
Carina Namih, Partner, said: “When we launched Plural 18 months ago, we knew that European founders were being underserved by a lack of operators turned investors but even we couldn’t have predicted so much appetite for a different approach. We’re galvanised by the trust founders have placed in us to support them on their journeys tackling serious problems from developing clean energy that will save the planet to making the internet safer. With Fund II, we want to take this new model of investing even deeper into the European ecosystem, where startup creation continues to outpace the US, providing a huge opportunity that we have a responsibility to maximise.”
Taavet Hinrikus added: “We know that significant technology is being built across Europe – more than 40% of European tech investment in the past year has gone into frontier and deep tech. Founders tackling major world problems through technology are exactly the types of companies we are backing at Plural. By supporting the most ambitious founders with our hard-won experience, we’re determined to build enduring global companies that will have a GDP-level impact and be transformative for economies and society.“
