UK’s Moonfire Ventures to Invest in AI, Web3 and More After Securing $115M

The UK-based venture capital firm said the fund will support companies in AI, Web3, AR/VR, gaming, work, health and finance.
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Quick take:

  • Moonfire has closed its second fund at $115 million.
  • The UK-based venture capital firm said the fund will support companies in AI, web3, AR/VR, and gaming among others.
  • Moonfire previously closed its first fund at $60 million in 2021.

UK’s web3-focused venture capital firm Moonfire has announced the closing of its second fund at $115 million. The company said its new fund will focus on companies in AI, Web3, AR/VR, gaming, work, health and finance.

The company raised $90 million for its Fund II plus an additional $25 million, which will be invested through its Opportunity Fund.

Moonfire said on Wednesday that it will continue using its “data-driven approach” to make investment decisions. The company has already invested alongside some of the leading VCs including Alexis Ohanian’s Seven Seven Six fund, Sequoia Capital, Accel, Index Ventures, and General Catalyst, among others.

According to the announcement, Moonfire claims to have taken leading roles in 23 funding rounds for different projects including leading Humaans’ $15 million Series A and investing in Lightdash’s $7 million round led by Accel and GOALS’ $20m Series A round with Seven Seven Six.

Moonfire was founded by the former Atomico co-founder Mattias Ljungman to invest in prospective startups. The venture firm says it uses custom-built Ai models and a tech stack to review opportunities.

According to Ljungman, the company now reviews “up to 50,000 companies every week”, TechCrunch reported, adding that it had not verified the claims.

But Moonfire claims to have used the same model to invest in UK-based fintech LiveFlow’s pre-seed round, which it co-led with Seedcamp. The company has since evolved its investment methodology by combining remote investing with in-person meetings, Ljungman said.

“The in-person is absolutely happening more. We do that on a monthly basis. We also have our Pulse event and our Seed event as well. So we believe in the integration of remote and also in-person.”

On the other hand, Moonfire Ventures partner Mike Arpaia commented: “The power of the AI and VC partnership has always been at the core of Moonfire and, with the launch of Fund II, we see it move to the next level. This new level combines human and machine like never before, hoping to turn an inefficient and inequitable industry on its head.”


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