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Vertex Growth Fund and Nexus NeuroTech Ventures led the round.

Women-led VC funds experienced a 25% drop in YoY fundraising through the end of November, a steeper fundraising drop than the overall venture industry.

"It’s fair to say this fundraising was the smoothest, most efficient, and most oversubscribed fundraise we’ve had in the 20 years and 10 funds since I joined the firm," says partner Bruce Booth.

The early backer of UiPath sees great promise in founding teams from Central and Eastern Europe who have grown more ambitious now that they see billion-dollar outcomes are achievable.

The fund is targeting pre-seed and seed opportunities within the artificial intelligence sector with a particular focus on infrastructure and enterprise applications across relevant verticals.

The emerging manager's strategy of investing in both VC funds and start-ups allows family offices to access the VC market through a single commitment, partner Daniel Sakovics tells Venture Capital Journal.

Fund II is 90% larger than Theory Ventures' debut fund, which secured a commitment from The Guardian Life Insurance Company of America.

The firm has raised $2.2bn for a dedicated fund 10 months after being the lead investor in a GP-led process moving two companies out of German PE/VC firm LEA Partners' Fund I into a separate vehicle.

Fund I will focus on making Series A funding in European hardware and software ventures that accelerate the energy transition.

Fund III's LPs include UBS, WovenEarth Ventures, Rockefeller Brothers Fund, the McKnight Foundation and Zoma Capital.