Moonfire Ventures has raised $115 million for a fund to invest in early-stage tech and AI startups in Europe.

The funding raise follows the VC company’s initial seed-stage round which raised $60 million in 2021.

Since its founding in 2020, the company has led 23 deals and coinvested in another 17, with partners including Sequoia, Accel and Index.

The company, which looks for tech startups in Europe across health, work, finance and gaming, said it has since built custom AI models “from the ground up,” which allows it to integrate technology across all aspects of the VC chain.

Moonfire Ventures also claimed that it can review up to 50,000 companies per week, which it says is over 600 times more than the average VC firm.

“We want to be there for the founders at the earliest stages powering their growth and being true partners from the very beginning,” said Moonfire Ventures’ managing partner Mattias Ljungman. “Europe has been a leader in AI and we find our best fit is to support the next generation of founders solving some of our greatest challenges within health, work, finance and gaming."

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