European investment firm Plural launches 400 million euros tech-focused fund

By Sudip Kar-Gupta

PARIS (Reuters) – European venture capital fund Plural, whose investors include Taavet Hinrikus who co-founded money transfer company Wise Plc, launched on Tuesday a new 400 million euros ($435 million) fund focusing on the tech and artificial intelligence sector.

“By supporting the most ambitious founders with our hard-won experience, we’re determined to build enduring global companies that will have a GDP-level impact and be transformative for economies and society,” said Hinrikus in a statement.

The new fund comes after Plural launched in June 2022 with an initial 250 million euros fund, as Europe aims to compete more with the United States and China in the tech sector, and as artificial intelligence becomes increasingly prominent.

Recent investments by Plural, which has staff in London and Tallinn, include the company Robin AI – which handles AI for legal teams – and renewables energy firm Proxima Fusion.

($1 = 0.9186 euros)

(Reporting by Sudip Kar-Gupta; Editing by Toby Chopra)