Denmark-based venture capital (VC) manager Dreamcraft Ventures has reached its target of 55 million euros ($58.7 million) for its Fund II.
Fund II has made six investments in the last nine months, the firm said in a Wednesday (Sept. 13) post on LinkedIn. The VC manager invests in European tech companies from pre-seed to Series A, according to its profile on the platform.
“We are in a time where many of the big tech companies are tightening their belts,” Dreamcraft Ventures Managing Partner Daniel Nyvang-Szekely Mariussen said in the post. “A big number of commercial and technological profiles are being thrown back into the market, so we are experiencing a flow back into the founder market of people with really cool and transformative ideas.”
Fund II will prioritize investments in 25 companies at the pre-seed and seed stages, with a particular focus on being the lead or co-lead investor for companies serving the Nordic and/or German markets, EU Startups reported Friday (Sept. 15).
The fund will primarily target B2B software companies operating in various industries, including finance, supply chain management and gaming, according to the report.
Dreamcraft Ventures is aiming to offer add value to company founders, positioning itself as a partner that provides support and guidance to increases the chances of these companies successfully closing a Series A round, the report said.
While Dreamcraft Fund I was raised within six months, Fund II took nearly three times as long. This extended fundraising timeline allowed the team to explore various capital sources.
The news of Fund II comes at a time when European startups have been struggling to find venture funding. The amount of venture capital funds invested in Europe fell by 61% in the first half of 2023, per are port from PYMNTS last month.
The report noted that the funding drought has forced startups to cut costs and scale back their plans for growth.
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