London’s LocalGlobe just closed on two funds totaling $295 million

Seven months ago, TechCrunch’s Steve O’Hear reported that
LocalGlobe had begun the fundraising process for two separate
funds. The London-based seed-stage venture firm was raising yet
another seed-stage venture fund, O’Hear said at the time; he also
noted that LocalGlobe was also expect to raise its first
opportunities fund.

Fast forward and today, the firm, founded by father and son duo
Robin and Saul Klein,
says it has closed both
, having secured $115 million in capital
commitments for its seed fund and $180 million in capital
commitments for the second fund, dubbed “Latitude,” which it
says it will use to support its “winners” at the Series B and
later stages.

As we’d written earlier, it’s no surprise that LocalGlobe
decided to institutionalize some of its later-stage investments.
It’s become a trend in recent years for early-stage firms to
raise separate funds to capture more of the upside when their
portfolio companies begin to break away from the pack, rather than
watch their stakes get hammered down in subsequent funding
rounds.

And LocalGlobe already has a bit of a track record in supporting
its growing portfolio companies, writing follow-on checks to
companies like the property listings startup Zoopla and the money transfer
service TransferWise, for
example. (Others of the outfit’s best-known investments include
the transportation app Citymapper and the SpatialOS
software company Improbable.)

Still, LocalGlobe remains even more active on the pre-seed and
seed-stage front, where it has funded hundreds of startups over the
years. Among the very newest of these is a bet on Yapily, a two-year-old, London-based
maker of an API for connecting enterprises to banks that just
raised $5.4
million
in seed funding co-led by LocalGlobe and HV Holtzbrinck
Ventures.

Another new investment is Soda
Says
, a two-year-old, U.K.-based e-commerce marketplace for
daily tech gadgets, from breast pumps to alarm clocks. It raised

$2.5 million
from investors, including LocalGlobe, late last
month.

Source: FS – All Tech News 2
London’s LocalGlobe just closed on two funds totaling 5 million