The round was co-led by HG Ventures and Suma Capital, with participation from Oetker Collection KG and the European Innovation Council Fund.

The new round saw support from Hartree Partners, Subutai Capital Partners, Space 4 Earth, Truffle Capital, the Luxembourg Future Fund, and OTB Ventures.

The fund was backed by entrepreneurs, family offices and industry leaders.

Balnord plans to invest in at least 22 companies out of its Fund I, with initial cheque sizes ranging from €500,000 to €3 million.

The new Verne Capital fund received support from public and private investors associated with the founders’ previous fund Futury.

Luxembourg-based VC Adara Ventures has announced the first close of its €100 million AV4 Fund, targeting high-impact sectors.

Luxembourg-based MiddleGame Ventures has announced an initial close of its €150 million third fund. It targets early-stage fintech startups across Europe.

Luxembourg-based climate insurtech IBISA has secured $3 million to improve parametric insurance solutions for weather-related risks in Asia and Africa.