Air Street emerges as one of Europe’s largest solo VCs with $232M fund

London-based Air Street Capital has announced the launch of its third fund, securing $232 million to invest in early-stage artificial intelligence startups across Europe and North America. The firm shared the update on Monday, outlining its continued focus on supporting emerging AI companies.

The new fund will deploy investments ranging from $500,000 to $15 million at the early stage, while also reserving capital for select growth-stage opportunities of up to $25 million. Nathan Benaich leads the firm, and with this latest raise, Air Street is now considered one of the largest solo general-partner venture-capital funds in Europe.

Air Street has already built a strong track record in the AI sector, having backed high-profile startups such as Black Forest Labs and ElevenLabs, both of which have achieved unicorn status. The firm has also seen successful exits, including Adept, acquired by Amazon, and Graphcore, sold to SoftBank. With the addition of Fund III, Air Street Capital’s total assets under management have reached approximately $400 million, according to a report by the Financial Times. The firm’s growth has been rapid, with its second fund raising $121 million and its first fund in 2020 totalling just $17 million.

The new fund reflects increasing investor interest in artificial intelligence and positions Air Street to continue supporting innovative companies in one of the fastest-growing sectors in technology.