Niklas Zennström and Janus Friis, the founders of internet telephony company Skype, have raised US$165million, which they are hoping to invest in internet and software company start-ups.
The pair founded Atomico Ventures in 2006, hoping to capitalise on a market which has seen many investors take fright in the wake of the worldwide economic downturn.
“The type of companies we are looking at are consumer-facing and also small business … that do not need to build up sales forces around the world to scale and grow,” Mr Zennstrom told the Financial Times.
“These are the kinds of companies like Skype, Google, and Facebook who, if the business model is really working, can get large revenues without having to go through too many financing rounds.”
While Atomico will look for opportunities all over Europe, Mr Zennström said that London remained a hub for start-ups.
Atomico’s fund-raising has itself been scaled back following the downturn. “When we started we had a flexible number,” Mr Zennström said. “We think we have exactly the right amount of money.”
Atomico itself is the largest single investor in its new fund, although it is a minority stakeholder. A “relatively small number” of institutions supplied the rest of the financing.
Its existing portfolio companies include Viagogo, the ticket reselling site; Mydeco, Brent Hoberman’s home furnishings site; and Seesmic, a popular application for updating Twitter.
Atomico’s founders are known for establishing companies that disrupt existing industries. But Mr Zennström said that by adapting to Skype’s pressure on call prices, telecoms companies have discovered new businesses in areas such as broadband and consumers have benefited.