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Karma Ventures offers boost to UK tech startups with €40m European fund

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Karma Ventures has announced the launch of a €40m fund for European early-stage tech startups.

The fund – domiciled in Luxembourg – will be managed by serial investors Margus Uudam, Tommi Uhari and Kristjan Laanemaa.

Speaking to Tech City News, Uudam said the fund will be on the lookout for approximately 25 startups employing disruptive technology.

He added: “We are happy to look at startups that really have a technology differentiator in their products or service. This is what excites us the most.”

Although not specifically focused on any particular verticals, Uudam said the fund was particularly interested in the Internet of Things (IoT), FinTech, HealthTech and EdTech fields.

Karma Ventures has drawn funding from Ambient Sound Investments and the Baltic Innovation Fund, a scheme borne out of the collaboration between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and the European Investment Fund (EIF).

Initially launching with €40m, Uudam told Tech City News he would be looking to raise additional funding by the end of this year.

Aside from helping early-stage startups procure Series A funding, the fund will also provide access to an international network and help with strategic development.

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