Air Street has become one of the largest single venture capital firms in Europe with a $232 million fund

London-based Air Street Capital has raised a $232 million fund with a focus on backing early-stage AI companies across Europe and North America. The company announced Monday.

Check sizes range from $500,000 to $15 million, with select growth investments up to $25 million. Led by Nathan Benyach, this increase makes Air Street one of them The largest single venture capital funds in Europe. It has already backed notable AI unicorns like Black Forest Labs and ElevenLabs, and has seen exits from companies like Adept (which was sold to Amazon) and Graphcore (which was sold to SoftBank).

The Financial Times reported that the company now has $400 million in assets under management. Its second fund was $121 million, up from $17 million raised for the first fund in 2020.