UK based, Europe focused early stage VC firm Mosaic Ventures — which bills itself as “a Silicon Valley-style venture capital firm based in London” — looks to be raising a second, larger fund, four years after closing its debut $140M fund.
According to a Form D filing, submitted yesterday with the US Securities and Exchange Commission, Mosaic Ventures is aiming to raise $150M for the second fund.
The filing also states that Mosaic intends to incorporate the fund in the Cayman Islands — a popular location for investment funds.
Although, given political upheaval and business uncertainty in the UK on account of Brexit, you do have to wonder whether the decision to incorporate the fund in a British Overseas Territory isn’t at least partly related to the ongoing domestic fog.
We reached out to Mosaic Ventures about its intentions for the second fund but at the time of writing the firm had not responded.
Mosaic was co-founded in 2014 by veteran investors Simon Levene, Mike Chalfen and Toby Coppel.
The firm focuses at the Series A end of early stage startup investment, and counts the likes of Clue, InfoSum and Blockstream in its current portfolio.
In a bit of a twist this March, Chalfen announced he was leaving to focus on investing in a solo investor capacity — and on what he dubbed a “streamlined professional life”.
He remains on the boards of his Mosaic portfolio companies, and at the time of his departure also said he planned to invest in future Mosaic funds.