The venture builder and ‘talent investor’ had earlier submitted an SEC filing indicating a target fund size of $255-million.
According to the report, EF said that the new fund is one of the largest pre-seed funds it has ever raised. It added that the capital will allow EF to back more than 2,200 individuals or 300 startups over the next three years.
The fund’s first close was led by institutional investors in the US, Europe and Asia, as well as new anchor LP, Trusted Insight. Prominent European entrepreneurs such as Taavet Hinrikus, co-founder of TransferWise; Alex Chesterman, co-founder of Zoopla; and Rob Bishop, co-founder of Magic Pony Technology also joined this round.
EF also announced that its General Partner, Joe White, has relocated to Silicon Valley, where he will focus on growing EF’s investor base in the West Coast.
In an earlier interview with DEALSTREETASIA, Alice Bentinck, co-founder of EF, had shared that the venture builder aims to strengthen its international presence in 2019. Until last year, Entrepreneur First was only operating from London and Singapore. Today it is in six cities: Hong Kong, Bangalore, Singapore, Paris, Berlin and London.
Entrepreneur First has backed 72 startups from Asia, comprising roughly half of all the startups it has invested in. During EF’s pan-Asian Investor Day in Singapore last month, the venture builder said it plans to invest in close to 400 founders in Asia by end-2019. Its most recent fourth cohort of Asian founders comprised 22 deep tech startups from Singapore and Hong Kong.