Earlybird, the Berlin-based VC that has focused on backing startups in Europe and other ecosystems outside of Silicon Valley, is today announcing its latest fund and geographical target. It is raising $130 million for the Earlybird Digital East Fund to invest in early and early growth startups in Turkey and Central and Eastern Europe. Around $110 million from institutional and family investors has been committed so far.
Berlin, Munich and Istanbul-based VC Earlybird Venture Capital is upping the ante on its Eastern European investment strategy. Today, it announced the initial closing of a new early-stage fund focused on Turkey and Central and Eastern Europe (CEE). So far the fund — titled Earlybird’s Digital East Fund (EDEF) — has raised more than $110m, the VC aims to close with $130m. The fund will be used to invest exclusively in startups in CEE and Turkey in the areas of consumer internet, mobile and enterprise technology. Earlybird partner Roland Manger said EDEF will fill the “gaping hole after the seed phase” — he told us there are few local investors and startups in the region often struggle to find early-stage investment.
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