Raising Finance

Former Facebook director's VC firm White Star Capital launches $70m fund

3 min read

13 November 2015

Former deputy editor

Transatlantic venture capital firm White Star, which backs early-stage European and American businesses, has launched a $70m fund to provide investments of up to $5m to “create and scale world-class companies”.

White Star boasts offices in London, New York and Montreal, and was launched by former Facebook EMEA director Christian Hernandez Gallardo and M&A banker Eric Martineau-Fortin.

Coinciding with the new pot, co-founder of games business Ludia, Jean-François Marcoux, has joined the duo and its team of former entrepreneurs, which has a focus on “the power of data, the ubiquity of mobile and the value of networks”.

The $70m fund, which was created by investors in 18 markets, will inject between $500,000 and $5m into companies across North America and Western Europe, claiming there’s never been a better to achieve global scale with a tech venture.

However, wasting no time, $25m has already been invested in companies including a robotic locksmith, a predictive analytics business and a financial exchange, which are found in New York, Montreal and Stockholm respectively.

Hernandez Gallardo, said: “The ability to create and scale world-class companies is now a global phenomenon; we founded White Star Capital to partner with ambitious entrepreneurs from established tech hubs like London and New York, and from fast-emerging clusters like Montreal and Berlin.

“We see ourselves as active partners to the entrepreneurs we back and will deploy funding, but also add our experience and global network to allow them to succeed in their ambitions.”

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This particular fund comes one month after Octopus launched a $140m Opportunities fund. Interestingly, the company’s focus is on mature high-growth businesses, rather than its traditional approach of supporting early-stage firms.

Octopus’ head called it an “exciting development” that lets the firm “keep travelling with some of our existing entrepreneurs for longer, while also providing additional funding to find new investment opportunities.”

White Star’s Martineau-Fortin, added: “We are thankful for the support we have received from our Limited Partners in North America and Western Europe, and our peer funds, in evolving White Star Capital from our personal investment vehicle into an established transatlantic VC fund.

“We have built an investment team that can borrow from our combined operational expertise to support our entrepreneurs as they scale globally.”