Octopus Ventures closes First Cheque II pre-seed fund
Octopus Ventures, the corporate venture capital firm of Octopus Group, has closed its second dedicated pre-seed fund, First Cheque II (FC II).
The firm has announced plans to raise a fund twice the size of its £10 million First Cheque I fund, another pre-seed fund.
First Cheque I and II invest in UK and European startups focusing on AI, biotech and healthcare, deeptech, fintech, robotics, and technologies reshaping the physical world. FC II aims to build a diversified portfolio of more than 80 ambitious founders.
Kirsten Connell was part of the original Seedcamp investment team, while Tilly Fleming is an alumna of Venrex and a member of Forbes’ 30 Under 30.
According to the firm, First Cheque I is already a top-quartile global performer and one of Europe’s leading pre-seed funds, despite being only four years into its lifecycle.
Octopus Ventures reported strong valuation growth across its portfolio. These include OLIX, which was backed by First Cheque I from day one and is now valued at more than $3 billion, and AI biology company Prima Mente, which received investment from Nvidia.
As part of its first close, FC II has acquired the fund and portfolio created by OnStage, an early-stage investment platform founded in 2020 by Taos Edmondson, Partner at dmg ventures, and Hector Mason, General Partner at Episode 1 Ventures. The acquisition means FC II begins investing with six portfolio companies, including Serova Bio, which uses AI to develop personalised cancer vaccines.
Taos will remain a Venture Partner at Octopus Ventures, as the firm continues to invest actively across stages while growing both organically and inorganically.
Kirsten Connell, Partner at Octopus Ventures and FC II manager, said: “First Cheque I reinforced our belief that exceptional entrepreneurs can come from anywhere, but finding them requires focus. These founders need partners who understand how quickly decisions must be made at this stage, but who can also open doors to the talent, expertise and future investment they will need. First Cheque II will allow us to continue backing these ambitious leaders before their potential is obvious to the rest of the market.
“Our focus is straightforward: find Europe’s most promising entrepreneurs, move quickly when we believe in them, and help them build the foundations of transformative businesses. We are incredibly grateful to the investors who have backed us again, as well as those joining us for the first time.”
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