Karma Ventures, a Tallinn, Estonia-based early-stage venture capital firm, held the first close of its debut fund at €40m.
The final target of the and Luxembourg-domiciled vehicle is fixed at €60m, which is aimed to be reached by the end of the year.
Led by founding partners Tommi Uhari, Margus Uudam and Kristjan Laanemaa, Karma.vc focus on investing in late seed and Series A rounds in Europe’s most promising tech startups targeting global markets and already having initial commercial traction.
The fund will initially invest up to €3m per company and can make follow-on investments in later rounds. The first investments will be made during Spring 2016.
The team of the firm also includes Associate Marili Merendi.