Seedcamp Closes $320M Fund VII, Splits Capital Between Early-Stage and Growth Bets, Expands U.S. Team

What Happened

Seedcamp, the London-based early-stage venture firm founded in 2007, closed Fund VII at $320 million, according to TechCrunch. This represents almost double the $180 million it raised for Fund VI in 2023.

The capital is not going into a single vehicle. Seedcamp is splitting it: $220 million into Seedcamp VII for early-stage investments, and $100 million into a new fund called Select, focused on growth-stage follow-on checks.

The Strategy

Seedcamp VII will write first checks of roughly $1 million into 100 to 120 startups, targeting companies that are pre-product, pre-revenue, or even pre-traction, per TechCrunch. The Select vehicle will deploy $3 million to $5 million per check, entering at Series B or later.

Co-founder and managing partner Reshma Sohoni told TechCrunch the firm is staying away from capital-intensive sectors like mobility and marketplaces. "We tend to avoid capital-intensive startups because funding working capital isn't a great model on day one," she said.

The firm currently manages more than 550 portfolio companies and $1 billion in assets under management. It counts 12 unicorns in that portfolio, including Revolut, UiPath, Wise, Synthesia, Hopin, Pleo, and Fluidstack.

The U.S. Push

Seedcamp already has offices in New York City and Miami. The firm now plans to expand its U.S. team specifically to help European founders connect with American customers and investors, according to TechCrunch.

Sohoni framed it plainly: "We need to plug founders to nodes that are connective." The firm cited San Francisco and Silicon Valley regaining their position as a center of gravity in recent years as part of the rationale.

The U.S. expansion is a signal that European VCs increasingly view a transatlantic footprint as table stakes, not a bonus, for helping portfolio companies scale.

Who Is Writing the Checks

Limited partners in Fund VII include British Business Bank, HarborVest, Schroders, and Sofina, per TechCrunch. Eighty portfolio company founders also participated as angel investors. This echoes language Seedcamp used when describing its earlier Fund V close, suggesting founder-LP participation has become a structural feature of the firm's fundraising model.

Source Discrepancy

The second source, uktech.news, covers this story but its article is reporting on Fund V, not Fund VII. The article describes a £78 million close with references to the COVID-19 pandemic and Brexit, which dates it to around 2020-2021. The uktech.news headline states "Seedcamp secures $320M to fuel European startup ecosystem," but this is misleading. The $320 million figure belongs to the current Fund VII close. The body of that article is about a much older, much smaller fund. The two should not be conflated, and uktech.news appears to have applied a newer headline to old editorial content.

The Fair Counterpoint

Skeptics of this fundraise have a legitimate question. European venture has had a rough few years. Portfolio markdowns have been widespread, exit windows remain narrow, and several European VC firms have struggled to return capital from funds raised at 2021 valuations. At $320 million, Seedcamp is betting that early-stage entry prices are still attractive and that its network effect among founders justifies the larger check size.

Seedcamp's track record does provide real support for optimism. Getting in early on Revolut, UiPath, and Wise before those companies reached mainstream recognition is genuinely hard to replicate, and it reflects an investment process that identified outliers before the market did.

What Comes Next

The concrete near-term test is whether Seedcamp can hire credibly in San Francisco. Building a West Coast presence is something many European VCs have announced and few have executed well. The firm's ability to source and win competitive early-stage deals in a market where Y Combinator, a16z, and hundreds of well-capitalized seed funds operate will determine whether the U.S. expansion is strategic or symbolic. Sohoni has not publicly named a head of U.S. operations or a specific hiring target, and no timeline for team buildout was disclosed in either source.