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ISSUE – Dec. 01 | Eric Schmidt is backing a new $111 million European venture capital fund

Eric Schmidt, the former CEO of Google, is one of several tech executives backing a new early-stage European venture capital fund. The tech billionaire — who has a net worth of $20 billion, according to the Bloomberg Billionaire Index — has invested an undisclosed amount into a $111 million fund that was announced Monday by London-headquartered VC firm Firstminute Capital. Firstminute was founded in 2017 by Lastminute.com co-founder Brent Hoberman and former Goldman Sachs analyst Spencer Crawley. It launched with a $60 million fund I (that grew to become $100 million) and this second fund brings total assets under management up to $211 million. RIT Capital Partners is the second fund’s main investor, but Chinese tech giant Tencent, venture firm Atomico, and private equity firm Vitruvian have also invested. [ CNBC ]

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