Berlin-based venture capital firm Cherry Ventures said it has raised a $500 million fund to back European startups.
The firm wrote a letter to entrepreneurs that called for the reversal of the “doom and gloom” narrative about Europe’s economy.
Cherry Ventures’ partners said they hoped to seed the continent’s first trillion-dollar company.
“Announcing Cherry’s $500m commitment to build Europe’s first trillion-dollar company,” said Cherry Ventures in a LinkedIn post.
“Today marks a pivotal moment for European tech. While some see limitations, we see unprecedented opportunity.
“With more early-stage startups than any other region and a growing tech workforce, Europe’s foundation for innovation has never been stronger.
“That’s why we’re launching $500m in new funds split between early-stage investments and supporting our most promising companies through Series B and beyond.”