Facebook Co-founder Among New Investors In VC Firm Antler

The early-stage venture capital (VC) startup Antler has raised $50 million from new investors that include Facebook Co-founder Eduardo Saverin, according to reports on Monday (Jan. 6).

Other new investors included Elaine Saverin; Norwegian investment firms Kistefos and Canica International; philanthropist Christen Sveeas (via Kistefos); and Credit Saison, the Japanese financial services company. The money will be used by Antler for its funds in Amsterdam, London, New York, Stockholm, Sydney, Nairobi and Singapore.

Antler was founded in 2018 by Magnus Grimeland in Singapore and now runs invitation-only company builder programs in several locations. The VC firm specializes in early-stage funding and is a self-proclaimed “startup generator.”

Those who are invited to Antler can apply to numerous programs designed to assist entrepreneurs in finding a co-founder or making startup decisions. It offers pre-seed funding as well as a two-month subsidy to offset living expenses. Firms that are deemed successful can apply for later-stage funding.

“At Antler, we aim to work with exceptional people regardless of their industry or specialization, as long as they have a clear spike, drive and grit,” Grimeland told the news outlet.

He added that the firm strategically goes after diverse talent, including “extremely strong people who’ve been part of building great technology companies before, such as Spotify, iZettle, Grab or Lazada, or sold their previous startups.”

The company looks to invest in startups with broad-ranging technologies like FinTech, PropTech and robotics. “During our program, we want our portfolio companies to build an MVP and already show traction before they present at our demo day,” Grimeland said. “We are doing something unique at Antler.”

According to Antler, since its launch, it has invested in a diverse portfolio that tops 120 companies.

In April, Facebook’s Saverin closed out a $406 million round for B Capital, his venture capital fund. Saverin is known for his Facebook connection, but he has since renounced his U.S. citizenship and is known more for his investments in Asia. B Capital’s first fund close was in last February for $360 million.