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UK Moonfire Pledges to Invest in AI, Web3 and More After Raising $115M

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  • Moonfire closed its second fund at $115 million.
  • The UK-based venture firm said the fund would support companies in AI, web3, AR/VR and gaming, among others.
  • Moonfire previously closed its first fund at $60 million in 2021.

Moonfire, a UK web3-focused venture capital firm, has announced the closing of its second fund at $115 million. The firm said its new fund would focus on companies in the AI, Web3, AR/VR, gaming, jobs, healthcare and finance sectors.

The company has raised $90 million for its Fund II plus an additional $25 million, to be invested through its Opportunity Fund.

Moonfire said on Wednesday that it would continue to use its “data-driven approach” to make investment decisions. The firm has previously invested alongside some of the top VCs, including Alexis Ohanian’s Seven Seven Six fund, Sequoia Capital, Accel, Index Ventures and General Catalyst, among others.

According to announcement, Moonfire says it has taken leadership roles in 23 funding rounds for various projects, including leading Humaans’ $15 million Series A round and investing in Accel’s $7 million Lightdash round and Series A round. of 20 million GOALS with Seven Seven Six.

Moonfire was founded by former Atomico co-founder Mattias Ljungman to invest in potential startups. The venture firm says it uses custom Ai models and a technology stack to hunt for opportunities.

According to Ljungman, the company now vets “up to 50,000 companies every week,” TechCrunch reported, adding that it has not verified the claims.

But Moonfire says it has used the same model to invest in UK-based fintech LiveFlow’s pre-seed round, which it co-led with Seedcamp. Since then, the firm has evolved its investment methodology by combining remote investing with in-person meetings, Ljungman said.

“The in person is happening absolutely more. We do this monthly. We also have our own Pulse event and our Seed event. So we believe in remote and in-person integration as well.”

On the other hand, Moonfire Ventures partner, Mike Arpaia, commented: “The power of the partnership of AI and VC has always been at the heart of Moonfire, and with the launch of Fund II, we see it take it to the next level. This new level combines man and machine like never before, hoping to turn an inefficient and unfair industry on its head.”

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