Plural has made 26 investments from its first fund, focusing on sectors such as artificial intelligence, "frontier tech", and climate and energy-focused startups. Notable investments include Robin AI, Isometric, Proxima Fusion, and Unitary AI. Despite Hogarth stepping away from investing in AI companies due to his role with the UK government's AI Safety Institute, the firm plans to continue exploring these sectors with its latest fund. It also sees potential in the consumer sector, looking for founders with a unique vision and a differentiated approach.
Key takeaways:
- European VC Plural is scaling up with a fresh €400 million fund to back "transformational" startups in the region, focusing on early-stage startups rather than growth rounds.
- Despite a slump in startup investment in Europe in 2023, Plural's latest fund exceeded its original target, thanks in part to the participation of an unnamed academic institution in the U.K.
- Plural has made 26 investments out of the first fund, with artificial intelligence accounting for nearly one-third of all of its investments, followed by "frontier tech" and climate and energy-focused startups.
- Despite stepping away from investing in AI companies due to his role in the U.K. government’s AI Safety Institute, Hogarth indicates that Plural will continue to explore the same categories when investing its latest fund, with a particular interest in consumer opportunities.