It was back during the Pandemic of 2021 that we reported on the launch of Moonfire, at the time a $60 million “Fund I” seed stage “data-driven” VC designed around the new world of remote working and remote pitching.
This recent $115 million fund-raise (“Fund II”) plans to continue what it calls a “data-driven” approach.
Since its launch by former Atomico co-founder Mattias Ljungman, Moonfire says it has built custom AI models and a tech stack to find new up-and-coming startups.
It now claims, in a statement, to review “up to 50,000 companies per week” (although this claim has not been independently verified by TechCrunch).
As such, it claims, for example, to have discovered UK Fintech LiveFlow through its AI engine, leading the Pre-Seed round with Seedcamp.
The fund says it is looking at companies in AI, Web3, and AR/VR, as well as health, work, finance and gaming.
Ljungman says the fund is now mixing its long-distance investment style with in-person meetings: “In-person more is happening. We do that every month. We also have our Pulse event and our Seed event as well. So that we believe in the integration of the remote and also the personal.”
Moonfire said it led 23 deals and co-invested in an additional 27 with VCs such as Sequoia, Accel, Index, General Catalyst and Accel.
Portfolio companies include Humanaans ($15m Series A raised), Lightdash ($7M round led by Accel), and GOALS ($20m Series A round with Seven Seven Six). In addition to its $90M Fund II, the company raised $25M to invest through the Opportunity Fund.
Moonfire Ventures partner Mike Arpaia added: “The power of AI and VC partnerships has always been at the core of Moonfire and, with the launch of Fund II, we see it move to the next level. This bag -th level brings together man and machine like never before, hoping to turn an unhealthy and unjust industry on its head.”
