Turkish venture capital firm 500 Emerging Europe has announced 70 million euros ($70.1 million) financing for its second fund.

500 Emerging Europe has already raised more than $50 million for the fund, expected to back central and eastern European startups.

As part of the deal, the fund will invest in pre-seed and seed rounds in Emerging Europe, with first tickets as high as $2 million and high reserves for follow-on rounds.

500 Emerging Europe, previously known as 500 Istanbul, will fuel ecosystem-building activities and bridge the region to more developed markets.