Air Street becomes one of the largest solo VCs in Europe with $232M fund

<p id="speakable-summary" class="wp-block-paragraph">London’s Air Street Capital has raised a $232 million Fund III with eyes set on backing early-stage AI companies across Europe and North America, <a href="https://press.airstreet.com/p/fund-iii" target="_blank" rel="noreferrer noopener nofollow">the firm announced</a> Monday. </p>
<p class="wp-block-paragraph">Check sizes will range from $500,000 to $15 million, with select growth investments reaching up to $25 million. Led by Nathan Benaich, this raise makes Air Street one of <a href="https://www.ft.com/content/c9e5d053-7b5b-47ed-9027-f8bfb3793bb9?syn-25a6b1a6=1" target="_blank" rel="noreferrer noopener nofollow">Europe’s largest solo VC funds</a>. It’s already backed notable AI unicorns like Black Forest Labs and ElevenLabs, and has seen exits from companies like Adept (sold to Amazon) and Graphcore (sold to SoftBank).</p>
<p class="wp-block-paragraph">The firm now has $400 million in assets under management, the FT reported. Its Fund II was $121 million, up from the $17 million raised for Fund I back in 2020. </p>