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

London-based Air Street Capital has raised a $232 million Fund III with an eye on backing early-stage AI companies in Europe and North America. the company announced Monday.

The size of the checks will range from $500,000 to $15 million, with select growth investments reaching up to $25 million. Led by Nathan Benaich, this increase makes Air Street one of Europe’s largest solo VC funds. It already backs 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).

The company now has $400 million in assets under management, the FT reported. Fund II totaled $121 million, compared to the $17 million raised for Fund I in 2020.