Balderton Capital

Reviewed Updated May 12, 2026

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Location London, UK
Founded 2000
Fund Size $5.7B total raised; $615M Early Stage Fund IX (2024); $685M Growth Fund II (2024); $600M Fund VIII (2021); $680M Growth Fund I (2021); $400M Fund VII (2019); $375M Fund VI (2017)
Website https://www.balderton.com
Stage Focus
seed series-a series-b growth
Sector Focus
fintech ai enterprise consumer cybersecurity digital-health gaming marketplaces climate-tech defence-tech

Team

Bernard Liautaud Managing Partner
Suranga Chandratillake Partner
Rob Moffat Partner
Daniel Waterhouse Partner
James Wise Partner
Rana Yared Partner

About

Balderton Capital is a London-based venture capital firm focused exclusively on backing European-founded technology companies 1. The firm was founded in 2000 as Benchmark Capital Europe, a European affiliate of the Silicon Valley firm Benchmark Capital 2. Balderton became fully independent in 2007 and rebranded under its current name 2.

Over 26 years, Balderton has raised $5.7 billion across multiple funds for investments from seed stage through IPO 1. The firm has backed more than 275 European technology companies 3. In 2024, Balderton raised $1.3 billion across two funds — Early Stage Fund IX ($615 million) and Growth Fund II ($685 million) — representing the largest fundraise for a European venture firm at the time 3. In 2021, the firm raised $600 million for its eighth early-stage fund and $680 million for its first dedicated growth fund, bringing total assets past $5 billion 4.

The firm operates with approximately 65 team members across Europe, with its primary office near King’s Cross in London and additional investor presence in Paris and Berlin 31. Balderton has an equal partnership model in which all partners have the same number of votes on every investment decision 5. As of 2026, the firm’s portfolio includes more than 125 active companies and 20 unicorns 3.

Notable exits include Depop (acquired by Etsy for $1.625 billion in 2021), Darktrace (IPO on the London Stock Exchange in 2021), MySQL (acquired by Sun Microsystems in 2008), Betfair (IPO in 2010), Yoox (IPO in 2009), The Hut Group (IPO in 2020), Recorded Future (acquired by Insight Partners), Talend (IPO in 2016), and NaturalMotion (acquired by Zynga) 236.

Stated Thesis

Balderton publicly describes its mission as backing “Europe’s most ambitious entrepreneurs as they build world-changing businesses” 3. Managing Partner Bernard Liautaud has stated: “At Balderton, we believe the best way to change the world is to build a business — and that many of these world-changing businesses will be built in Europe” 3.

The firm positions itself as sector-agnostic, seeking high-potential opportunities across fintech, healthcare, mobility, cybersecurity, digital platforms, AI, gaming, and marketplaces 73. Partner Suranga Chandratillake has explicitly pushed back against sector-specific framing: “I would refrain from saying we’re excited about sector X or Y, because honestly, it’s such bullshit” 5.

Balderton emphasizes a founder-centric investment model, prioritizing exceptional teams. Rob Moffat has described their core criteria as: “We are looking for great entrepreneurs with disruptive ideas whose business can scale up something like half billion dollars within ten years” 8. James Wise has stated: “The three main factors for me are the team, the vision and the timing. Team is always the most important factor in an investment” 9.

The firm has stated that it builds “strong conviction early in the development of a new company” and invests based on rigorous internal analysis rather than following market trends 7. In 2024, Liautaud noted: “Technology, especially in the age of AI, is no longer adjacent to global economic progress. It is central to it” 7.

Balderton integrates ESG and sustainability criteria into its investment process through its Sustainable Future Goals (SFGs) framework 10. The firm achieved Level 2 Diversity VC Standard Certification in 2021 4.

Inferred Thesis

Based on 50 verified portfolio investments with sector and stage data from Balderton’s website, the following patterns emerge.

Stage distribution: Balderton invests primarily at seed and Series A. Of 50 verified investments: 17 at seed (34%), 22 at Series A (44%), 7 at Series B (14%), and 4 at Series C or later (8%). Despite the firm’s stated focus on Series A as its core, seed investments make up a substantial share — the firm has increasingly moved earlier, making seed investments a meaningful part of its strategy since approximately 2019.

Sector breakdown: Based on 50 verified investments: 10 enterprise/B2B SaaS (20%), 9 consumer platforms and marketplaces (18%), 8 fintech (16%), 5 digital health (10%), 4 gaming (8%), 4 AI/machine learning (8%), 3 sustainable/climate tech (6%), 3 deep tech (aerospace, fusion, autonomous vehicles) (6%), 4 other (8%).

Geographic concentration: Balderton is exclusively European. Of 50 verified investments: 29 in the United Kingdom (58%), 8 in Germany (16%), 6 in France (12%), 2 in Turkey (4%), and 5 across other European countries (10%). The UK dominance is notable, with London as the clear center of gravity. Germany and France are secondary markets. The firm has increased its German footprint since approximately 2021 with investments in Munich-based companies (Quantum Systems, Proxima Fusion, Avi Medical, arive, The Exploration Company).

Typical check sizes: Seed investments range from approximately $500K to $2.3M. Series A investments range from approximately $1M to $20M. Growth investments can reach $25M to $50M 1011.

Founder profile patterns: Balderton gravitates toward technically deep founders with domain expertise. The Revolut investment was driven by the founders’ “deep FX domain expertise and technical know-how” 12. The Wayve investment was made after meeting founder Alex Kendall in his Cambridge University dorm room, attracted by his “outsized ambition and contrarian approach” 13. Multiple portfolio founders have academic backgrounds (Cambridge, Imperial College, etc.).

Co-investor patterns: Balderton frequently co-invests with other major European and global VCs including Accel, Index Ventures, General Catalyst, Atomico, and Passion Capital. On growth rounds, they appear alongside Softbank, Tiger Global, and sovereign wealth funds.

Notable gaps vs. stated thesis: While the firm claims to be sector-agnostic, it has virtually no investments in pure hardware, biotech, or life sciences. Defence tech is a recent expansion area (first investment in 2025 with Quantum Systems) rather than a historical pattern 14. The firm has also not invested meaningfully in Southern or Eastern European startups despite its pan-European positioning.

Recent strategic shift: Since 2024, Balderton has increased its exposure to AI-native companies (Writer, PhotoRoom) and deep tech (Wayve, Proxima Fusion, Quantum Systems), moving beyond its historical emphasis on software marketplaces and fintech 7.

Portfolio

Company Stage Year Sector Status
Betfair Series B 2000 Consumer/Fintech IPO 2010 6
Bebo Series A 2006 Consumer/Social Acquired by AOL 2008 6
MySQL Early stage 2003 Enterprise/Database Acquired by Sun Microsystems 2008 2
Bookatable Series A 2008 Consumer/Marketplace Acquired by Michelin 2016 6
Big Fish Games Growth 2008 Gaming Acquired by Churchill Downs 2014 6
Circle Health Growth 2008 Digital Health Active 6
Yoox Early stage 2006 Consumer/E-commerce IPO 2009 2
Axitech Series A 2010 Enterprise Active 6
Depop Seed 2012 Consumer/Marketplace Acquired by Etsy 2021 6
Contentful Seed 2012 Enterprise/CMS Active 6
Adludio Seed 2013 Consumer/Adtech Active 6
Citymapper Series A 2013 Consumer/Transport Acquired by Via 2023 6
Carwow Series A 2014 Consumer/Marketplace Active 6
Appear Here Series A 2014 Consumer/Marketplace Active 6
Revolut Seed 2015 Fintech Active 12
Aircall Series A 2016 Enterprise/Telecom Active 6
Talend Early stage 2007 Enterprise/Data IPO 2016 2
Recorded Future Early stage 2010 Enterprise/Cybersecurity Acquired by Insight Partners 2
NaturalMotion Early stage 2006 Gaming/Tech Acquired by Zynga 2
Cleo Series A 2018 Fintech Active 6
Andjaro Series A 2018 Enterprise/HR Acquired 2023 6
Wayve Series A 2019 AI/Autonomous Vehicles Active 6
Beauty Pie Series A 2020 Consumer/E-commerce Active 6
Darktrace Early stage 2014 Enterprise/Cybersecurity IPO 2021 2
Attio Seed 2021 Enterprise/CRM Active 6
arive Seed 2021 Consumer/Delivery Active 6
Better Origin Series A 2022 Climate Tech Active 6
Avi Medical Series B 2022 Digital Health Active 6
Agave Games Seed 2022 Gaming Active 6
PhotoRoom Series A 2022 AI/Consumer Active 6
Brigad Series B (led, €33M) 2023-02-16 Enterprise/Marketplace Active 631
32Co Seed (led, £2.2M; Wavemaker 360 Health + strategic angels including Nicolas Cary of Blockchain.com participated; founder Dr. Sonia Szamocki) 2023-06-28 Digital Health Active 6343536
Anytype Series A (led, $13.4M; Inflection, Square One, Script Capital, Protocol Labs, Connect Ventures, New Forge, Foreword VC participated; Colin Hanna joined board) 2023-08-23 Enterprise/Productivity Active 63738
Dream Games Seed 2019 Gaming Acquired by CVC 2025 6
GoCardless Series B 2014 Fintech Acquired by Mollie 2025 15
The Hut Group (THG) Early stage 2012 Consumer/E-commerce IPO 2020 2
Truecaller Early stage 2013 Consumer/Telecom IPO 2021 2
SOPHiA Genetics Early stage 2015 Digital Health IPO 2021 2
Flywire Early stage 2014 Fintech IPO 2021 2
Checkly Series B (led, $20M) 2024-07-31 Enterprise/DevOps Active 623
The Exploration Company Series B (co-led) 2024-11-18 Deep Tech/Aerospace Active 618
Writer Seed 2020 AI/Enterprise Active 3
Quantum Systems Series C (led, €160M, 2025-05-06) → Series C Extension (led, €180M, 2025-11-27) → Series D (participant, €1B round co-led by Blackstone/Noteus/Airbus/Advent, ~€7B post-money, 2026-07-02) 2025-05-06 Defence Tech/Drones Active 142432
Proxima Fusion Series A (co-led, €130M with Cherry Ventures, 2025-06-11) → Growth (participant, €411M co-led by XTX Ventures + East X Ventures, 2026-07-07) 2025-06-11 Deep Tech/Fusion Active 62533
Cino Seed (led, €3.5M) 2025-03-04 Fintech Active 626
Fuse Energy Seed (co-led, $78M with Lakestar, 2022-09-07) → Series B (co-led, $70M with Lowercarbon, 2025-12-18) → Series B Extension ($25M/$30M, follow-on, 2026-06-04) 2022-09-07 Climate Tech/Energy Active 272829
Wagestream Series A 2019 Fintech/HR Active 6
Peakon Series A 2016 Enterprise/HR Acquired by Workday 3
Frontier Car Group Series A 2017 Consumer/Marketplace Acquired 6
ComplyAdvantage Series A 2017 Fintech/Regtech Active 6
Lovefilm Early stage 2004 Consumer/Entertainment Acquired by Amazon 2
Grand Games Series A (led, $30M, 2025-01-09) → Series B (led, $70M Growth Fund, 2026-05-11) 2025-01-09 Gaming/Mobile Hybrid Casual Active 192021
Geordie AI Series A (led, $30M at ~$180M post-money) 2026-05-28 Cybersecurity / AI / Agent Governance Active 22
Tilt Venture ($26M, follow-on; Vinted Ventures led) 2026-06-02 Consumer/Live Commerce Active 30
Prior Labs Pre-Seed (led, €9M, 2025-02-05) 2025-02-05 AI / Tabular Foundation Models / Enterprise AI Acquired by SAP (2026-07-17); SAP committed EUR 1B over four years 394041

This table represents approximately 51 of 275+ known investments (~19%). The portfolio is heavily skewed toward companies founded in the UK, with growing representation from Germany, France, and Turkey. Years shown are year of Balderton’s first investment.

In Their Own Words

“At Balderton, we believe the best way to change the world is to build a business — and that many of these world-changing businesses will be built in Europe.” — Bernard Liautaud, Managing Partner, Balderton fund announcement, August 2024 3

“Balderton Capital is a very different firm than it was 12 months ago… transition from Europe’s leading Series A investor to a multi-stage fund gives us more firepower and flexibility.” — Bernard Liautaud, Fund VIII announcement, November 2021 4

“While our job may not have changed, Europe has — we are excited for the thriving ecosystem we find around us with more talent, more capital and more ambition.” — Suranga Chandratillake, Partner, Fund VIII announcement, November 2021 4

“I would refrain from saying we’re excited about sector X or Y, because honestly, it’s such bullshit.” — Suranga Chandratillake, Partner, Sifted interview, 2023 5

“It’s a funny job; it can take 10 years to know if you made the right decision or not. And things can appear to be going well for seven of those 10 years, and then go wrong.” — Suranga Chandratillake, Partner, Sifted interview, 2023 5

“In venture, we think there’s going to be one winner, one European defence tech winner. And I always remind myself that no-one thinks that way in the US, right?… In Europe there will be a bunch of new primes.” — Rana Yared, Partner, Sifted interview, 2025 14

“85% of my time should be finding the best companies, and making my companies the best companies.” — Rana Yared, Partner, Sifted interview, 2025 14

“We are looking for great entrepreneurs with disruptive ideas whose business can scale up something like half billion dollars within ten years.” — Rob Moffat, Partner, FinSMEs interview, 2013 8

“The three main factors for me are the team, the vision and the timing. Team is always the most important factor in an investment.” — James Wise, Partner, EU-Startups interview, 2016 9

“VCs don’t change the world. Founders do.” — Balderton Capital, Fund IX announcement, 2024 7

What Founders Say

“Balderton has been the kindest, most supportive, and smartest investor group I have had the honour to work with… I felt like you guys were on my team through ups and downs.” — Sujay Tyle, Founder & CEO, Merama, Balderton website 1

“Building a deep tech company means having to get thousands of decisions right, day after day, to drive compounding value. I’ve found being deliberate about your well-being is one of the greatest forms of leverage you can have for this as a leader.” — Portfolio founder (unnamed), Balderton Wellbeing Platform testimonial 16

“Building a tech startup is a marathon. Every founder should have a safe space — ‘a basecamp’ where they feel well and can bounce back. This is paramount to keep going and face all the ups and downs of the journey.” — Portfolio founder (unnamed), Balderton Wellbeing Platform testimonial 16

Alex Kendall, CEO and co-founder of Wayve, has stated that Wayve is “fortunate to have many world-leading UK institutions as our investors, including Balderton Capital” and expressed gratitude for “their expertise and guidance as we bring this technology to market” 13.

Maria Raga, former CEO of Depop, has emphasized the importance of investor chemistry, noting that when evaluating investors she asked herself: “can I be transparent with this investor, if we encountered a problem?” Balderton first invested in Depop at seed in 2012, making a rare exception to their typical Series A focus at the time due to strong conviction in the founding team 17.

No additional independently sourced founder testimonials found beyond those published on Balderton’s own website and press materials.

Sources

  1. Balderton Capital website, “Why Balderton,” accessed March 2026. https://www.balderton.com/about-balderton/↩↩↩↩

  2. Balderton Capital, Wikipedia article, accessed March 2026. https://en.wikipedia.org/wiki/Balderton_Capital↩↩↩↩↩↩↩↩↩↩↩↩↩↩

  3. Balderton Capital, “Balderton announces $1.3B in new funds to back Europe’s top entrepreneurs,” August 2024. https://www.balderton.com/news/balderton-announces-1-3b-in-new-funds-to-back-europes-top-entrepreneurs-as-they-build-world-changing-businesses/↩↩↩↩↩↩↩↩↩↩↩

  4. Balderton Capital, “Balderton raises new $600M early-stage fund,” November 2021. https://www.balderton.com/news/balderton-raises-new-600m-early-stage-fund-to-back-europes-next-wave-of-breakout-tech/↩↩↩↩

  5. Sifted, “Brunch with Balderton’s Suranga: ‘It’s hard to change an industry overnight,’” 2023. https://sifted.eu/articles/suranga-chandratillake-balderton-brunch-sifted↩↩↩↩

  6. Balderton Capital portfolio page, accessed March 2026. https://www.balderton.com/companies/↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩

  7. Balderton Capital, “Early Stage Fund IX and Growth Fund II: Our commitment to European founders,” 2024. https://www.balderton.com/news/early-stage-fund-ix-and-growth-fund-ii-our-commitment-to-european-founders/↩↩↩↩↩

  8. FinSMEs, “Balderton Capital, Interview with VC Rob Moffat,” November 2013. https://www.finsmes.com/2013/11/balderton-capital-interview-vc-rob-moffat.html↩↩

  9. EU-Startups, “Interview with James Wise, Partner at Balderton Capital,” February 2016. https://www.eu-startups.com/2016/02/startup-teams-failures-and-predictions-interview-with-james-wise-partner-at-balderton-capital/↩↩

  10. SparkCo, “Balderton Capital: An In-Depth Investor Profile,” accessed March 2026. https://sparkco.ai/blog/balderton-capital↩↩

  11. TechCrunch, “Balderton Capital closes new $375M fund to invest in Series A-stage European startups,” November 2017. https://techcrunch.com/2017/11/26/balderton-capital-closes-new-375m-fund/↩

  12. Balderton Capital, “Revolut at seed — a revolution in the making,” accessed March 2026. https://www.balderton.com/news/revolut-at-seed-a-revolution-in-the-making/↩↩

  13. Balderton Capital, “Celebrating 10 years of Revolut,” 2025. https://www.balderton.com/news/celebrating-10-years-of-revolut/↩↩

  14. Sifted, “Balderton’s Rana Yared: ‘I had a higher tolerance for garbage before,’” 2025. https://sifted.eu/articles/brunch-with-balderton-rana-yared↩↩↩↩

  15. Balderton Capital, “GoCardless secures $75 million Series E investment,” accessed March 2026. https://www.balderton.com/news/gocardless-secures-75-million-series-e-investment-to-open-up-access-to-the-first-global-bank-debit-network/↩

  16. Balderton Capital, Founder Well-being page testimonials, accessed March 2026. https://www.balderton.com/founder-well-being/↩↩

  17. Balderton Capital, “Etsy to acquire global fashion resale marketplace Depop,” 2021. https://www.balderton.com/news/etsy-to-acquire-global-fashion-resale-marketplace-depop/↩

  18. Balderton Capital, “The Exploration Company raises $160 million to build the first European space capsule,” November 18, 2024. Accessed May 2026. https://www.balderton.com/news/the-exploration-company-raises-160-million-to-build-the-first-european-space-capsule/ — Confirms $160M Series B co-led by Balderton Capital and Plural on November 18, 2024, with participation from Bessemer Venture Partners, NGP Capital, French Tech Souveraineté, DeepTech & Climate Fonds, Bayern Kapital, EQT Ventures, Red River West, Cherry Ventures, Orbital Ventures, and Omnes Real Tech Fund. Cross-referenced with TechCrunch, “The Exploration Company raises $160M to build Europe’s answer to SpaceX Dragon,” November 17, 2024. https://techcrunch.com/2024/11/17/the-exploration-company-raises-160m-to-build-europes-answer-to-spacex-dragon/↩

  19. Balderton Capital, “Grand Games raises $70M Series B to scale hybrid casual gaming,” May 11, 2026. Accessed May 2026. https://www.balderton.com/news/grand-games-raises-70m-series-b/ — Confirms $70M Series B led by Balderton Capital Growth Fund with Bek Ventures, Laton Ventures, and angel investor Mert Gür. Cross-referenced with Bloomberg, “Turkey’s Grand Games Raises $70 Million in Funding Round,” May 11, 2026. https://www.bloomberg.com/news/articles/2026-05-11/turkey-s-grand-games-raises-70-million-in-funding-round↩

  20. Balderton Capital, “Grand Games raises $30M Series A to build genre-defining mobile games,” January 9, 2025. Accessed May 2026. https://www.balderton.com/news/grand-games-raises-30m-series-a-to-build-genre-defining-mobile-games/ — Confirms Balderton led the $30M Series A on January 9, 2025 (via Early Stage Fund) with Bek Ventures, Laton Ventures, and angel investor Mert Gür participating. Grand Games achieved this 9 months after founding. ↩

  21. Tech.eu, “Grand Games raises $70M Series B to scale hybrid casual mobile games,” May 11, 2026. Accessed May 2026. https://tech.eu/2026/05/11/grand-games-raises-70m-series-b-to-scale-hybrid-casual-mobile-games/ — Independently confirms Balderton led both the Series A (via Early Stage Fund) and Series B (via Growth Fund), with same set of co-investors participating in both rounds. ↩

  22. Fortune, “Exclusive: Geordie AI, cybersecurity startup for AI agents, raises $30 million Series A round,” May 28, 2026. Accessed May 2026. https://fortune.com/2026/05/28/geordie-security-governance-ai-agents/ — Confirms Balderton Capital led Geordie AI’s $30M Series A on May 28, 2026 at ~$180M post-money valuation; Crosspoint Capital (new) and existing backers General Catalyst and Ten Eleven Ventures participated. Believed to be the largest Series A round for a cybersecurity startup in Europe to date. ↩

  23. Balderton Capital, “Checkly secures $20M Series B,” July 31, 2024. Accessed June 2026. https://www.balderton.com/news/checkly-secures-20m-to-slash-website-downtime-via-code-based-monitoring/ — Confirms Balderton led Checkly’s $20M Series B on July 31, 2024 with participation from Accel, CRV, and Paul H. Müller. Colin Hanna joined the board. Cross-referenced with Tech.eu, “Checkly secures $20M Series B for code error detection,” August 1, 2024. https://tech.eu/2024/08/01/checkly-secures-20m-series-b-for-code-error-detection/ and Crunchbase funding round profile (date 2024-07-31). ↩

  24. Quantum Systems press release, “Quantum Systems triples valuation — €180 million Series C Extension,” November 27, 2025. https://quantum-systems.com/wp-content/uploads/2025/11/251127_PR_Series_C_Extension_ENG-1.pdf — Confirms €180M Series C Extension on November 27, 2025 led by Balderton Capital, bringing 2025 total to €340M (combined with €160M initial Series C on May 6, 2025). Cross-referenced with Balderton Capital, “Quantum Systems triples valuation,” November 2025. https://www.balderton.com/news/quantum-systems-triples-valuation/ and Quantum Systems, “Quantum Systems raises €160M in Series C,” May 6, 2025. https://quantum-systems.com/us/news/quantum-systems-raises-euro160m/↩

  25. Proxima Fusion press release, “Proxima Fusion raises €130M Series A to build world’s first stellarator-based fusion power plant in the 2030s,” June 11, 2025. https://www.proximafusion.com/press-news/proxima-fusion-raises-eu130m-series-a-to-build-worlds-first-stellarator-based-fusion-power-plant — Confirms €130M Series A co-led by Cherry Ventures and Balderton Capital on June 11, 2025. Cross-referenced with TechCrunch, “Proxima Fusion joins the club of well-funded nuclear contenders with €130M Series A,” June 10, 2025. https://techcrunch.com/2025/06/10/proxima-fusion-joins-the-club-of-well-funded-nuclear-contenders-with-e130m-series-a/ and Balderton Capital, “Proxima Fusion raises €130M Series A,” accessed June 2026. https://www.balderton.com/news/proxima-fusion-raises-e130m-series-a-to-build-worlds-first-stellarator-based-fusion-power-plant-in-the-2030s/↩

  26. Balderton Capital, “Cino raises €3.5M to revolutionise shared payments,” March 4, 2025. Accessed June 2026. https://www.balderton.com/news/cino-raises-e3-5m-to-revolutionise-shared-payments-with-the-first-virtual-card-that-splits-and-pays-group-bills-instantly/ — Confirms Balderton led Cino’s €3.5M seed on March 4, 2025 with Connect Ventures, Tera Ventures, and angels including Barney Hussey-Yeo (Cleo founder). Cross-referenced with TechCrunch, “Cino cracks bill-splitting at the moment of payment, raises seed round,” March 4, 2025. https://techcrunch.com/2025/03/04/cino-has-cracked-bill-splitting-at-the-moment-of-payment-raises-seed/↩

  27. Balderton Capital, “Fuse Energy hits $5bn valuation in its third year,” December 18, 2025. Accessed June 2026. https://www.balderton.com/news/fuse-energy-hits-5bn-valuation-in-its-third-year/ — Confirms $70M Series B led by Balderton Capital and Lowercarbon Capital, valuing Fuse Energy at $5B. Notes Balderton invested at pre-seed (seed) in 2022. ↩

  28. Mercom Capital Group, “Fuse Energy Secures $70 Million in Series B Funding,” December 22, 2025. Accessed June 2026. https://mercomcapital.com/fuse-energy-secures-70-million-in-series-b-funding/ — Independently confirms $70M Series B led by Balderton and Lowercarbon at $5B valuation. Confirms prior 2022 round of $78M led by Balderton and Lakestar with participation from Accel, Creandum, Lowercarbon, Ribbit, and BoxGroup, plus strategic angels. Cross-referenced with Fuse Energy Wikipedia entry, accessed June 2026. https://en.wikipedia.org/wiki/Fuse_Energy↩

  29. EU-Startups, “London’s Fuse Energy secures €25 million Series B extension as it plans 32,000 sq ft London HQ,” June 4, 2026. Accessed June 2026. https://www.eu-startups.com/2026/06/londons-fuse-energy-secures-e25-million-series-b-extension-as-it-plans-32000-sq-ft-london-hq/ — Confirms €25M ($30M) Series B Extension on June 4, 2026 with new investors 20VC and Collaborative Fund joining existing backers Balderton Capital and Lowercarbon Capital. Total funding to date: €214M ($250M). Cross-referenced with BeBeez International, “London’s Fuse Energy secures €25 million Series B extension,” June 4, 2026. https://bebeez.eu/2026/06/04/londons-fuse-energy-secures-e25-million-series-b-extension-as-it-plans-32000-sq-ft-london-hq/↩

  30. TheNextWeb, “Vinted Ventures backs Tilt’s $26M live-commerce round as Whatnot pressure mounts,” June 2, 2026. Accessed June 2026. https://thenextweb.com/news/tilt-26m-vinted-ventures-live-commerce — Confirms Tilt’s $26M round on June 2, 2026, led by Vinted Ventures (new investor) with participation from existing backers Balderton Capital, TQ Ventures, Earlybird, and Seedcamp. Founders Abhi Thanendran (CEO, former Revolut data scientist) and Neil Shah (Revolut’s fifth employee). Total funding to date: $50M+. Cross-referenced with Retail Tech Innovation Hub, “Live selling app Tilt bags $26 million in funding with Vinted Ventures joining as a new investor,” June 2, 2026. https://retailtechinnovationhub.com/home/2026/6/2/live-selling-app-tilt-bags-26-million-in-funding-with-vinted-ventures-joining-as-a-new-investor and Sifted, “Exclusive: Vinted Ventures backs Revolut mafia duo in $26m raise,” June 2, 2026. https://sifted.eu/articles/vinted-ventures-revolut-founders-tilt-funding-round — all three independently confirm Balderton’s participation. ↩

  31. Balderton Capital, “Brigad raises €33M to connect the best self-employed professionals with leading hospitality brands,” February 16, 2023. Accessed June 2026. https://www.balderton.com/news/brigad-raises-e33m-to-connect-the-best-self-employed-professionals-with-leading-hospitality-brands/ — Confirms Balderton led Brigad’s €33M Series B on February 16, 2023 with participation from Wendel Group, Serena Capital, and Square Capital. Total fundraising to €50m. Cross-referenced with Tech.eu, “Taking on the hospitality sector talent shortage, Brigad brings in €33 million in Balderton-led round,” February 16, 2023. https://tech.eu/2023/02/16/taking-on-the-hospitality-sector-talent-shortage-brigad-brings-in-eur33-million-in-balderton-led-round/ and FinSMEs, “Brigad Raises €33M in Funding,” February 2023. https://www.finsmes.com/2023/02/brigad-raises-e33m-in-funding.html↩

  32. Defence-Industry.eu, “Quantum Systems raises $1.2 billion Series D to scale multi-domain autonomous systems and deepen Airbus defence partnership in Europe,” July 2, 2026. Accessed July 2026. https://defence-industry.eu/quantum-systems-raises-1-2-billion-series-d-to-scale-multi-domain-autonomous-systems-and-deepen-airbus-defence-partnership-in-europe/ — Confirms €1B (~$1.2B) Series D on July 2, 2026 co-led by Blackstone, Noteus, Airbus and Advent, with participation from BOND, Fidelity Management & Research Company, Wellington Management, A.P. Moller Holding, Elephant Lake Ventures, and existing shareholders Balderton Capital and HV Capital. Post-money valuation ~€7B (~$8B). Cross-referenced with Tech.eu, “Quantum Systems raises $1.2BN at $8BN valuation,” July 2, 2026. https://tech.eu/2026/07/02/quantum-systems-raises-12bn-at-8bn-valuation/ and EU-Startups, “Quantum Systems lands €1 billion Series D,” July 2, 2026. https://www.eu-startups.com/2026/07/quantum-systems-lands-e1-billion-series-d-in-one-of-europes-largest-defencetech-financings/↩

  33. BusinessWire, “Proxima Fusion Raises €411 Million at a €2.4B Valuation to Build Europe’s Commercial Fusion Champion,” July 7, 2026. Accessed July 2026. https://www.businesswire.com/news/home/20260707899566/en/Proxima-Fusion-Raises-%E2%82%AC411-Million-at-a-%E2%82%AC2.4B-Valuation-to-Build-Europes-Commercial-Fusion-Champion — Confirms Balderton’s participation as a returning investor in the €411M growth round on July 7, 2026, co-led by XTX Ventures and East X Ventures, with Google (first EU fusion investment) and RWE as new strategic investors. Cross-referenced with Sifted, “Google backs Munich fusion company Proxima in €411M round,” July 7, 2026. https://sifted.eu/articles/google-proxima-fusion-411m-raise and Bloomberg, “Google, RWE Back German Nuclear Startup Proxima Fusion at $2.4 Billion Valuation,” July 7, 2026. https://www.bloomberg.com/news/articles/2026-07-07/google-rwe-back-german-nuclear-startup-proxima-fusion-at-2-4-billion-valuation↩

  34. Balderton Capital, “32co raises £2.2 million to revolutionise access to specialist healthcare,” June 28, 2023. Accessed July 2026. https://www.balderton.com/news/32co-raises-2-2-million-to-revolutionise-access-to-specialist-healthcare/ — Balderton’s own announcement confirming £2.2M seed on June 28, 2023, led by Balderton with participation from Wavemaker 360 Health and strategic angels including Nicolas Cary (Blockchain.com co-founder). Founder/CEO Dr. Sonia Szamocki. ↩

  35. Tech.eu, “32Co raises £2.2 million in seed funding to upskill and support the clear aligner industry,” June 30, 2023. Accessed July 2026. https://tech.eu/2023/06/30/32co-is-helping/ — Independent press confirmation of the £2.2M seed round led by Balderton Capital, June 2023. ↩

  36. HTWorld, “32co raises 2.2m in funding round,” June 28, 2023. Accessed July 19, 2026. https://www.htworld.co.uk/news/32co-raises-2-2m-in-funding-round/ — Third independent primary press (UK healthtech industry) confirming 32Co (Dr Sonia Szamocki, CEO/founder) closed a £2.2M / ~$3M seed on June 28, 2023 led by Balderton Capital, with Wavemaker Three-Sixty Health and strategic angels participating. 32Co connects general clinicians with specialists via an AI-enhanced collaboration platform, initially focused on clear aligner orthodontics. ↩

  37. Anytype blog, “Announcing our $13.4M Raise,” August 23, 2023. Accessed July 2026. https://blog.anytype.io/anytype-raises-13-4million-usd-funding/ — Primary source: Anytype’s own announcement of a $13.4M round on August 23, 2023, led by Balderton Capital with Inflection, Square One, Script Capital, Protocol Labs, Connect Ventures, New Forge, Foreword VC and angels including Trent McConnaghy, Jutta Steiner, Luis Cuendo, and Adam Wiggins. The round was described as oversubscribed four times; Colin Hanna from Balderton joined Anytype’s board. ↩

  38. Balderton Capital, “Anytype announces $13.4 million round following launch of open Beta,” August 23, 2023. Accessed July 2026. https://www.balderton.com/news/anytype-announces-13-4-million-round-following-launch-of-open-beta/ — Balderton’s own portfolio announcement confirming $13.4M raise on August 23, 2023, Balderton lead. ↩

  39. Balderton Capital, “Prior Labs raises €9M to revolutionise how businesses interact with their tabular data,” February 5, 2025. Accessed July 19, 2026. https://www.balderton.com/news/prior-labs-raises-e9m-to-revolutionise-how-businesses-interact-with-their-tabular-data/ — Balderton’s own announcement confirming it led Prior Labs’ €9M pre-seed on February 5, 2025, with XTX Ventures, Hector Foundation, Atlantic Labs, and Galion.exe participating; James Wise (Partner) provided investor commentary. ↩

  40. Fortune, “Exclusive: Prior Labs gets $9.3 million ‘pre-seed’ round to build AI models that can analyze tables and spreadsheets,” February 5, 2025. Accessed July 19, 2026. https://fortune.com/2025/02/05/prior-labs-9-million-euro-preseed-funding-tabular-data-ai/ — Independent primary press confirming Balderton-led €9M ($9.3M) pre-seed for Prior Labs, founded by Frank Hutter, Noah Hollmann, and Sauraj Gambhir. ↩

  41. SAP News Center, “SAP Completes Prior Labs Acquisition,” July 17, 2026. Accessed July 19, 2026. https://news.sap.com/2026/07/sap-completes-prior-labs-acquisition/ — Confirms SAP completed the Prior Labs acquisition on July 17, 2026, and committed more than €1 billion over four years to scale the company as an independent frontier AI lab within SAP. ↩