Venture capital firm Fly Ventures has announced the creation of a €53m fund to invest in European startups within both the enterprise and deep tech spaces.

Dubbed Fund II, it is the second fund created by Berlin-based Fly Ventures, having raised a total of €88m to invest in startups since 2017.

The VC firm will be using the new fund to make investments in early stage startups of between €500,000 and €1.3m.

Within the enterprise technology space, it is focusing on startups that are seeking to “unlock the full potential of digitisation and automation” and overcome the challenges posed by outdated legacy systems, arguing that it is “a multi-trillion dollar transition in the making”.

Meanwhile in the deep tech space, Fly Ventures is seeking to invest in startups that are developing truly novel technologies that are typically highly specialised, hard to replicate and have an unclear path to market at their early stages. It sees these technologies as having “enormous potential to remake entire industries”.

Fly Ventures builds on startup successes with Fund II

The creation of Fund II by Fly Ventures builds on considerable successes that the VC firm enjoyed with Fund I.

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Among the 28 startups that received funding in the first round were autonomous driving company Wayve, which has since raised $20m in a Series A funding round, and cybersecurity startup GitGuardian, which recently raised $12m in a Series A round.

Two of the startups have also already exited, with both computer vision-based augmented reality service Scape and AI-enabled text reasoning platform Bloomsbury AI both selling to Facebook.

It is hoped that this second fund will continue that success.

“We have a vast talent pool in Europe with deep expertise and experience. That talent has the potential to remake entire industries and that’s what we want our fund to unlock. Venture is pretty simple: find great people and make hard, risky bets that have huge outcomes,” said Fly Ventures’s Matt Wichrowski.

“A lot of venture today has lost this ethos. It’s become more reserved with risk taking. We at Fly are going back to the heart of what VC is all about; using our vast expertise in building and selling to uncover, identify, develop and finally make use of the abundance of enterprise and deep tech talent to build super large outcomes for all involved.”

Read more: UK tech startups buck coronavirus slump, with funding nearing 2019 levels