About This Fund
Backed 3 is the third and largest fund raised by Backed VC, a London-based seed and pre-seed investment firm focused on European deeptech founders building companies with global ambitions. The fund closed at its EUR 86 million (USD 100 million) hard cap on November 13, 2025, coinciding with Backed VC's 100th portfolio investment milestone across its three-fund history. Backed 3 represents the firm's most ambitious vehicle to date, expanding investment capacity and broadening its US presence alongside a deepened European portfolio strategy.
The fund concentrates on three frontier technology themes: AI therapeutics and computational biology, blockchain and banking infrastructure, and manufacturing automation, areas where Backed has identified compounding technological advantage and durable market opportunity. Backed leads pre-seed and seed rounds with check sizes of USD 500,000 to USD 5 million, taking conviction-weighted positions in early teams before commercial traction is established. Portfolio construction is designed to generate a small number of category-defining winners across a European and global portfolio, with Backed 3 scaling the firm's already proven model from its first two vehicles.
Backed 3 attracted close to 50% of commitments from ten institutional funds of funds, including new investors Isomer Capital and Wunderland Capital, with the remainder sourced from over 50 family offices and experienced technology entrepreneurs including founders from Backed's existing portfolio. Backed's first fund achieved top-decile performance, returning 35% of capital to investors in October 2025, providing a strong track record validation ahead of Backed 3's deployment. The fund is based in London and invests primarily across Europe with expanding activity in the United States.