UK’s InReach Ventures holds first close of new $59.8 million fund

InReach Ventures, a British software and artificial intelligence focused venture capital firm, has held the first close of a new 53 million euros ($59.8 million) fund, exceeding its original target of $56.4 million.

The new fund is targeting the most promising and innovative startups across Europe from Helsinki to Barcelona, from Warsaw to Rome, primarily in the areas of consumer internet, software as a service and marketplaces.

To date, the company has infused in eight startups from across Europe including Oberlo, Soldo, Tutorful, Shapr3D, Traitly and Loot.

InReach Ventures said that in most cases it will be the first institutional backer with first cheques to be between $564,526 and $2.2 million.