Fly Ventures, a Berlin, Germany-based venture capital firm, closed an early stage fund, at $41M.
LPs includes the European Investment Fund, Korelya Capital and several family offices from Europe and the US.
Led by partners Stephan Seyboth, Gabriel Matuschka and Fredrik Bergenlid, Fly Ventures uses AI and machine learning to identify, evaluate and support investment targets via software that currently finds more than 1,000 new companies a week.
The fund makes seed and Series A investments with a focus on invests in automation with a focus on machine learning, market places and SaaS. Focus areas include finance, HR and recruiting, mobility health, tech and platform businesses.
Since its first close 12 months ago, Fly closed 11 investments including Finiata (Berlin), Inato (Paris) and Bloomsbury AI (London) taking stakes in businesses that are raising between $1 to $2.5m.