UK Moonfire VC raises its second $115M fund to target early-stage startups

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It was in the era of the 2021 pandemic that we reported on the launch of moonfireat the time a $60 million early-stage “data-driven” VC “Fund I” geared around the new world of remote work and remote launch.

His new $115 million fundraiser (“Fund II”) plans to continue what he calls his “data-driven” approach.

Since its launch by the former co-founder of Atomico Mattias LjungmanMoonfire says it has built custom AI models and a technology stack to scout for potential new startups.

It now claims, in a statement, to review “up to 50,000 companies every week” (although this claim has not been independently verified by TechCrunch).

That said, he claims, for example, to have discovered UK Fintech live stream through its AI engine, going on to lead the Pre-Seed round along with Seedcamp.

The fund says it is looking for companies in AI, Web3 and AR/VR, as well as healthcare, work, finance and gaming.

Ljungman said the fund is now mixing its remote investing style with in-person meetings: “The in-person is happening absolutely more. We do it monthly. We also have our Pulse event and our Seed event. That is why we believe in the integration of the remote and also the face-to-face”.

Moonfire says it has led 23 deals and co-invested in another 27 alongside VCs such as Sequoia, Accel, Index, General Catalyst and Accel.

Portfolio companies include Humaans (raised a $15 million Series A round), Lightdash ($7 million round led by Accel), and GOALS ($20 million Series A round with Seven Seven Six). In addition to its $90 million Fund II, the company has raised $25 million to invest through its Opportunity Fund.

Moonfire Ventures Partner Mike Arpaia added: “The power of AI and VC partnership has always been at the core of Moonfire and with the launch of Fund II we see it take it to the next level. This new level combines humans and machines like never before, hoping to turn an inefficient and inequitable industry on its head.”