Backed LLP is a venture capital fund manager and has a unique investment proposition. The investment team of millennials is targeting investments in companies founded by millennial entrepreneurs who create products and offer services for millennials. Backed LLP currently manages three funds, with Backed 1 LP and Backed 2 LP investing in seed/series A deals whilst the Backed Encore 1 LP fund invests in follow-on rounds in more established companies already invested in via Backed 1 LP and/or Backed 2 LP.
Sienna Capital & Backed
As part of a long-term agreement, Sienna Capital committed EUR 25 million in September 2017 in Backed 1 LP and has further increased this by investing EUR 25 million in each of Backed 2 LP and the new follow-on fund, Backed Encore 1 LP.
As a cornerstone investor in the funds, Sienna Capital was able to negotiate favourable terms for its investment.
The valuation of the investments is based on the latest cost of investment in the portfolio companies or the latest round of investment, whichever is more recent.
Financial year 2019
Backed 1 LP is now almost fully invested. Further, Backed LLP launched Backed 2 LP following the same strategy as Backed 1 LP, and a second fund, Backed Encore 1 LP, which will focus on follow-on investments in later rounds of financing with a particular focus on the current portfolio.
Value of Investment (12/31/2019)
Digital and New technologies Venture Capital
Key Data from GBL Annual Report 2019
Andre De Haes