Klaus
Hommels has invested in some of Europe’s most successful start-ups.
That includes Spotify, the music-streaming service, and Klarna, a Swedish online payments company
valued at more than $2 billion.
He has also backed several American tech giants like Facebook and Airbnb, the vacation-rental site.
He has also backed several American tech giants like Facebook and Airbnb, the vacation-rental site.
Now, the German venture capitalist is doubling-down on Europe’s tech sector.
On
Monday, Mr. Hommels’s venture capital firm, Lakestar, will announce a
new fund worth 350 million euros, or $398 million, one of the largest
European fund-raisings so far this year. It is more than double his
previous fund, raised in 2013, whose portfolio of start-ups includes Harry’s, the American online shaving company, and Algomi, a London-based social network for bond trading.
Mr.
Hommels, 48, who lives in Zurich, plans to spend most of the new money
on European start-ups, but also a few American fledging tech companies
looking to fast-track their global ambitions. He said that as more
industries like automotive and energy embrace new tech trends, he would
look at early-stage companies transforming the way people — and
traditional companies — lead their daily lives.
“Technology
has become integral to how we live,” said Mr. Hommels, who also
invested in King Digital, the maker of Candy Crush, but sold his stake
before the company went public,
missing out on roughly $1 billion. “We won’t be afraid to back
start-ups with high valuations if we can accelerate their growth.”
The
fund-raising by Mr. Hommels is perhaps the strongest evidence yet that
investors have rekindled their interest in European venture capital.
Just like in Silicon Valley, where companies like Uber, the ride-booking
service, have attracted eye-popping valuations, venture capitalists, private equity firms and other investors are now flooding into Europe.
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