Klarna and Revolut Backer GP Bullhound Raises $347 Million Fund

(Bloomberg) -- GP Bullhound, the London-based investment firm that financed some of Europe’s most prominent startups, has closed a fifth fund with 300 million euros ($347 million) to back tech companies. 

It began raising the fund during the pandemic last year with an initial goal of 200 million euros but was met with unusually high demand, said co-founder and Head of Asset Management Per Roman. 

“It obviously created an opportunity to invest at attractive valuations, which is hard to come by in our sector,” he said in an interview.

Founded in 1999, GP Bullhound has backed startups including Sweden’s Klarna Bank AB, the U.K.’s Revolut Ltd. and Spain’s Glovo. The firm offers investment banking services alongside traditional venture capital investments. 

Across its late-stage venture funds, GP Bullhound said it has delivered a net internal rate of return of 38.8% since 2007. Roman said it’s already invested half of the fifth fund and is likely to start raising its next 500 million-euro fund around the second quarter of next year. 

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