Aviva Investors has added €11.4m (£9.8m) to Revolut backer Lakestar’s latest venture capital fund.
The London-based investment arm of the insurance giant has backed the Lakestar Growth Fund II, which will target deep tech, healthcare, fintech and digitalisation firms at the growth stage.
The new fund has already begun deploying capital, with recent investments including patient health examination startup Neko and low-cost satellite solutions group Isar Aerospace.
Founded in 2012 in Switzerland, Lakestar has backed major UK and European tech firms including Revolut, Blockchain.com and Spotify.
“Lakestar has a rich history and wealth of expertise, discovering and supporting pioneering companies which have grown to be at the forefront of their industries,” said Aviva Investors managing director of venture and strategic capital Ben Luckett.
“The European technology sector has such vast potential to nurture world-leading ideas from globally-important clusters which can drive future growth. We believe Lakestar’s can give us unrivalled access to these opportunities, supporting portfolio company growth and unlocking long-term investment returns for our clients.”
The new funding marks the third venture and growth capital investment announced by Aviva Investors, following its backing of Oxford Science Enterprises and Northern Gritstone earlier this year.
It follows the launch of the Aviva Investors Venture and Growth Capital Long Term Asset Fund (LTAF) in February that aims to provide pension funds with better access to innovative companies.
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