Connected Capital $176M Funding Focused on European B2B SaaS Startups

Amsterdam-based business-to-business (B2B) Software-as-a-Service (SaaS) investment firm Connected Capital on Thursday (Feb. 3) closed its oversubscribed Fund II at a total of 154 million euros ($176 million), bringing its total committed capital to over 200 million euros ($228.5 million).

Connected Capital’s newest fund is three times the size of its previous fund, according to a Thursday (Feb. 3) press release. The company has closed nine platform investments in Europe since being founded in 2017.

“New, innovative and scalable solutions are unlocking functionality at an incredible speed. It is inspiring to support cloud-based business models, and our second fund will help us have more impact on SaaS growth and innovation in the next few years,” said Mathijs Robbens, managing partner at Connected Capital.

European startups raised 113 billion euros ($129 billion) across the continent in 2021, giving it an 18% share of global tech startup investment, up from 13% in 2020.

“We look for founders with a thoughtful and pragmatic tolerance for risk, who can also recognize their strengths and weaknesses in order to build a larger pool of talent and delegate properly,” said Robbens.

“Strong fundamentals are key for business growth, but a flexible, diverse and adaptive team is what makes success sustainable in an evolving, competitive industry like B2B SaaS,” he said.

Related: WeTransfer Pulls Amsterdam IPO Over Market Volatility

Last month, Netherlands file-sharing company WeTransfer scrapped plans for an initial public offering (IPO) in Amsterdam due to market volatility.

The company was slated to start trading on Euronext Amsterdam (AEX) Jan. 28 and was initially seeking to raise 160 million euros ($182.7 million) in the offering. Last week, however, WeTransfer dropped 20% off its proceeds target, changing the amount sought to 125 million euros ($143 million). The startup’s estimated valuation of 716 million euros ($799 million).