Graphcore and Zapp backer Atomico has unveiled two new European tech investment funds totalling $1.24bn (£950m).

The investment group has launched a $485m fund for seed and Series A rounds as well as the $754m Atomico Growth Fund VI, targeting Series B to pre-IPO.

Through its latest funds, Atomico has already made 21 investments, including autonomous warehouse designer Dexory and flexible benefits platform Ben.

Established in 2006 by Skype co-founder Niklas Zennström, Atomico has in the past backed Cambridge drug discovery company Healx, BNPL firm Klarna and property finance platform LendInvest.

Atomico claims the European tech ecosystem is on the rise and is closing the gap with international rivals.

“European technology is coming of age. Meeting this opportunity requires ambition, hustle and commitment from founders, who need investors with the experience and perspective to see beyond market cycles,” said Zennström.

“Data shows Europe is leading the world at the early stage with a wealth of new start-ups. Our new funds bring them essential firepower to level up and achieve global scale – from Europe.”

Self-described as a pan-European investor, Atomico has offices in London, Paris, Berlin and Stockholm.

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