VC firm Index Ventures, headquartered in both London and San Francisco, has announced $2bn in new funds to back new entrepreneurs.
The firm said its limited investor base is comprised of research organisations, universities, medical institutes and pension funds.
While the majority of the new funds were raised prior to the worsening pandemic, it said during 鈥渃hoppy waters鈥� it is seeing the emergence of a new generation of business leaders 鈥渨ho, by doing the right thing not only for their business, but for the people it touches, will inspire the long-term loyalty of colleagues, customers and others they work with.鈥�
The leading firm has previously backed well known tech firms including Deliveroo, Revolut, and Transferwise, alongside European tech hits iZettle and Adyen.
More recently it backed London childminding platform Tiney and Europe鈥檚 largest digital healthcare provider KRY.
The new cash is split into two funds, the $800m early-stage fund 鈥業ndex Ventures X鈥� and $1.2bn later stage fund 鈥業ndex Growth V鈥�.
The firm wrote in a blog post that 鈥渋nnovation is often born out of adversity鈥� and it believed the next generation of entrepreneurs and founders will be 鈥渃ritical to the world鈥檚 social and economic recovery鈥�.
It said the new funds will 鈥渇ocus on those that are fundamentally transforming the way we live and work, as well as those providing the enterprise infrastructure and AI to underpin these changes in society and the economy鈥�.