(l-r) Tracy Dorée, Mark Evans, Leila Zegna, Russell Buckley
The venture capital company has closed its first fund after investing in startups including Kalo, FiveAI and Paddle.
Equitable venture firm Kindred Capital has closed its first round of funding after investing £80m into 18 of the UK’s most exciting startup businesses.
Launched in 2015, the firm offers disruptive seed-stage entrepreneurs the opportunity to co-own the fund that invested in their business, meaning it now has 45 investors who co-own carry in the fund.
This means all Kindred-backed founders are aligned with each other, economically incentivised to nurture and grow each other’s companies and the Kindred Capital ecosystem.
Kindred Capital’s four partners, Leila Zegna, Tracy Doree, Mark Evans and Russell Buckley, are all entrepreneurs and investors in their own right, making the firm a real exception in the European venture space.
Commenting on the closing of Kindred Capital’s £80m fund, Buckley said: “We’re delighted to have closed our first fund of £80m, which was our ambitious target from the start.
"This will allow us to make a substantial impact on the seed stage ecosystem in the UK. We will invest in around 35 companies in total, keeping 70% of the fund for future follow on rounds in our portfolio companies, to ensure they have adequate funds in the vital early years.
"While it’s early days, our Equitable Venture and founder-centric approach seems to be paying off, with many of our first investments going on to raise further funding at significantly higher valuations from the likes of First Round Capital, Venrock, Spark, and Notion.”
Stan Boland, CEO and founder of FiveAI, added: “When deciding which investor we wanted to work with, we were looking for a real partnership with a company that shared our conviction and offered real support on our entrepreneurial journey.
"We’re really pleased that we chose Kindred, not least because their equitable venture model means that we’re surrounded by an army of other founders incentivised to help us win.”