12:42:00 PM PDT - Sunday, September 25th, 2022

Sources say Web Summit Ventures will be a new $40M follow-on fund  

By Editor - Tue Sep 20, 2:39 am

Web Summit , one of the world’s largest events centered around technology startups, is to launch a brand new venture capital vehicle consisting of two new funds, TechCrunch understands. The move follows an acrimonious fall-out between Web Summit’s co-founders, who first started the now-defunct Amaranthine VC fund in 2018, in part to join the ballooning investment ecosystem which had grown up around the Web Summit events. While it’s been previously reported that Web Summit cofounder, Paddy Cosgrave , will imminently launch his new vehicle, Web Summit Ventures (WSV), the nature and size of the fund has not, until now, been revealed. TechCrunch understands that WSV will command $40 million in funding, split into two $20 million funds. They will be dubbed “Web Summit Ventures Seed” and “Web Summit Ventures Growth,” respectively . The Seed fund will invest at the early stage and Series A, while the Growth fund will invest at the ‘Series B and beyond’ stages

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Sources say Web Summit Ventures will be a new $40M follow-on fund

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