Index Ventures closes Fund VII on €400m

The venture firm collected the capital for its early stage fund in just a few weeks.

Index Ventures, a venture capital firm, has closed its seventh fund on €400 million, according to a statement.

The fund, which had a €400 million target, was raised in just a few weeks, according to a source familiar with the matter.

Index declined to comment beyond the statement.

It is understood the majority of investors re-upped, with approximately half of the investors coming from Europe and other half coming from the US, according to the source.

The vehicle will invest up to €15 million alongside entrepreneurs in the US, Europe and Israel, the firm said, adding that it aims to “build the S&P 500 of the next 20 years”.

In the past 12 months, Index has sold seven of its investments, in which the firm originally invested approximately €144 million. The cash returns and the value of the remaining stakes are currently €1.5 billion, the source added.

Index-backed Just Eat, King, Criteo, Zendesk and Arista Networks recently made their public market debuts at valuations of over $1 billion, while Climate Corporation and Supercell, two other Index-backed companies, realised strategic exits of around $1 billion or more, the firm said in the statement.

In 2013, Index’ network of 140 companies employed over 25,000 people, generated revenues of over €6 billion, while growing 117 percent, with 1,800 additional job openings.

The firm’s seventh fund will do between 30 to 40 investments. Index is expected to close a number of investments from the vehicle in the coming weeks, the source said.

Index was founded in 1996 in Switzerland. Since then it has opened additional offices in London and San Francisco. The firm has worked with a number of successful technology companies like Betfair, MySQL and Skype. It has raised €3 billion since inception.