We are glad to share that Aldermoor Fund IV has closed at €99m. Many of the investors who backed our first fund in 2014 have returned, joined by a small group of new family offices and foundations.

Raising a fund in this market took longer than we expected. We are grateful to everyone who took the time to understand how we work, and to the founders who spoke to our investors on our behalf.

What changes

Very little. We will keep writing first cheques, keep the partnership small, and keep reserving money to support our companies in later rounds. Fund IV is slightly larger than Fund III, which lets us invest a little more in each company and hold larger reserves.

We expect to back around twenty companies from this fund over the next three to four years, at pre-seed and seed, mostly in Europe.

Where we will invest

Our four areas stay the same: software, climate, life sciences and cities. Within each, we are spending more time on the tools and infrastructure that other companies build on, the parts of the economy that are hard to see but hard to replace.

We are also adding a small amount of capital for founders who have worked at our portfolio companies and want to start something of their own.

Thank you

Thank you to our investors, our founders and everyone who has helped us over the past decade. We are just getting started on the next one.