The Luxembourg-based venture capital firm behind Skype and Wix.com has raised $170m for a new fund.
Mangrove Capital Partners will invest in early stage companies, its CEO, Mark Tluszcz, said in an interview with Bloomberg published on on 19 July.
The latest fund is the 17-year-old firm’s fifth. Mangrove raised the money in two months, he told Bloomberg. The vast majority came from previous investors, including around 20 pension funds and high net worth individuals.
“We like to take big bets very early and support our best portfolio companies through multiple rounds of financing to build material stakes. We prefer to invest in unproven or unusual technologies rather than chase the latest fad.”
Mangrove has backed a total of 130 startups, according to the press articles. Today it manages more than $1bn from its offices in Luxembourg, Berlin and Tel Aviv.
The VC firm made $200m from its $2m investment in Skype and $550m on its $8m stake in Wix.com.