It plans to raise $115 million in new funding (“Fund II”) to continue what it calls a “data-driven” approach.
Since launch by former Atomico co-founder Mattias LjungmanMoonfire says it has built-in custom AI models and a trove of technology to hunt down potential new startups.
It now claims, in a statement, to review “up to 50,000 companies per week” (though this claim has not been independently verified by TechCrunch).
That said, for example, it claims to have discovered UK Fintech Live stream through its AI engine, continues to lead the Pre-Seed round with Seedcamp.
The fund said it is looking at companies in AI, Web3 and AR/VR, as well as health, work, finance and games.
Ljungman said the fund is now combining a remote investment style with face-to-face meetings: “It’s more of a face-to-face meeting. We do it on a monthly basis. We also have our Pulse event and our Seed event. So we believe in the integration of remote and also in-person.”
Moonfire said it made 23 deals and co-invested in another 27 along with VCs like Sequoia, Accel, Index, General Catalyst, and Accel.
Portfolio companies include Humaans (which raised $15 million in Series A), Lightdash (a $7 million round led by Accel) and GOALS (a $20 million Series A round with Seven Seven Six). In addition to the $90 million Fund II, the company has raised $25 million for investment through the Opportunity Fund.
Mike Arpaia, partner at Moonfire Ventures added: “The strength of the AI and VC partnership has always been at the core of Moonfire, and with the launch of Fund II, we see it taking it to the next level. This new level combines people and machines like never before, with the hope of making an inefficient and unequal industry a reality.”