Berlin, Germany-based early stage venture capital firm Paua Ventures has held the first close of its first institutional fund, Paua I, at $45m.
Limited partners include the European Investment Fund, high net worth individuals, major global industrial groups such as Klöckner & Co SE, well unnamed entrepreneurs and other institutional investors.
The final target of the vehicle has been fixed at $65m.
The firm will continue to invest in European startups seeking Seed and Series A opportunities in areas such as Software-as-a-Service (SaaS), B2B-marketplaces, B2C mobile, mobile enterprise solutions as well as ecommerce 2.0.
The new fund, which already has a portfolio of seven active companies, has deployed around $9m in capital to date. It aims to invest into another 20 startups within the next three years with checks amounting between $200k and $2m (with the ability to follow up to a maximum of $6m).