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Skype Founders Score $165 Million in Funding for New Venture

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March 22, 2010

Skype Founders Score $165 Million in Funding for New Venture

By Marisa Torrieri, TMCnet Editor

London-based Atomico – the group headed by Skype founders Niklas Zennström -- announced today that it has completed fundraising for its second fund, called Atomico Ventures II.

The $165 million fund will focus primarily on “disruptive technology” in Europe; investors will seek out early stage, high-growth technology companies, according to reports.

The goal is to provide outsized returns to investors over the long-term, said an Atomico press release. The fund will achieve this by investing in outstanding management teams to address large market opportunities that leverage innovative business models and “transformational technologies.”

“We are delighted to announce that we have completed the fundraising for Atomico Ventures II, which will be focused primarily on early-stage tech companies in Europe,” said Niklas Zennström, founder and CEO of Atomico, in a press statement. “We will seek to invest in exceptional entrepreneurs who are building exceptional businesses. We will target companies that we believe have the potential to generate significant growth, transform their industries, and deliver strong returns.”

What makes the fund remarkable is that Atomico managed to raise so much for its second fund. A number of venture capital groups are having a hard time finding investors lately, Financial Times noted.

Zennström told FT the firm will focus on early-stage software and Internet companies that have the potential to be “transformative.”

“The type of companies we are looking at are consumer-facing and also small business … that do not need to build up sales forces around the world to scale and grow,” Zennström told the Financial Times. “These are the kinds of companies like Skype, Google (News - Alert)and Facebook who, if the business model is really working, they can get large revenues without having to go through too many financing rounds.”

Marisa Torrieri is a TMCnet Web editor, covering IP hardware and mobility, including IP phones, smartphones, fixed-mobile convergence and satellite technology. She also compiles and regularly contributes to TMCnet's gadgets and satellite e-Newsletters. To read more of Marisa's articles, please visit her columnist page.

Edited by Marisa Torrieri

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