Seedcamp closes $320M across core and select funds, reaches $1B AUM

Seedcamp, one of Europe’s oldest seed investors, has closed its 7th core fund at $220 million and a new select fund at $100 million, bringing total assets under management to $1 billion. The dual-fund structure mirrors a trend among mega seed firms: the core fund targets 100+ new companies per year, while the select fund follows winners into Series B and beyond.

Seedcamp has invested in nearly 550 companies since launch in 2007, with early bets in Revolut, Wise, UiPath, Synthesia, and Fluidstack. From fund 3 (2014), the firm achieved 13x return on distributions to paid-in capital. Managing partner Carlos Espinal emphasized selective strategy: the firm invests up to $1.3M per initial check, leads ~70% of deals targeting 5-10% ownership, and reserves 40% of capital for follow-on rounds. It is actively avoiding hyper-competitive AI verticals where overinvestment is evident.

European founders are raising and relocating to the U.S. earlier than historical patterns. Seedcamp opened a New York office under Hilary Howe, signaling a shift from the traditional model of building in Europe, dominating locally, then moving to America. Architects building in fintech, national security, robotics, and vertical AI will watch Seedcamp’s portfolio formation for signal on which sub-verticals are attracting serious early capital.