European early-stage VCs close new funds, with Entourage hitting €100 million

Bouten said the firm's ambition when it launched was to back the next generation of founders, adding that the team is doubling down with Fund II, according to EU-Startups and Tech.eu.

Other closings across Europe

Paris-based Auriga Partners reached an €80 million interim close for Auriga Cyber Ventures II, its second fund dedicated exclusively to cybersecurity. EU-Startups reported that the fund is backed by Bpifrance through the French National Seed Fund No. 3, managed for the French State under the France 2030 plan, with additional support from the European Union via the InvestEU fund through the European Investment Fund. Founded in 1998, Auriga says it has backed more than 150 companies, including Neolane, Nexthink, Wallix, Vade and Vestiaire Collective.

London's AP Ventures held the final close of its third fund at €269.62 million ($300 million), raised from institutional investors including sovereign wealth funds, corporates, pension funds and family offices. Since its initial close in 2024, Fund III has backed 13 companies developing industrial and energy technologies. AP Ventures began within Anglo American Platinum's Platinum Group Metal Investment Programme before launching as an independent fund in 2018.

Dubai-headquartered BY Venture Partners closed its $60 million Fund III and opened a Lisbon office. Tech.eu reported that the fund is anchored by the Dubai Future District Fund, bringing the firm's total assets under management above $200 million. BY Venture Partners invests across more than 16 markets, with two-thirds of its capital deployed outside the MENA region in North America and Europe, writing cheques of up to $1 million at the pre-seed to Series A stages into AI-native enterprise software companies. It has deployed 15 of a planned 40 investments to date, including PQ Shield, Cosyne, Isometric, Huspy and Invisible.