Earlybird Venture Capital has closed its eighth early-stage fund at €360 million, its largest ever and oversubscribed, bringing total assets under management to €2.5 billion. The Berlin-based firm is betting heavily on AI infrastructure, foundation models, and deeptech, arguing that the application layer is too competitive and low-margin compared to infrastructure. Fund VIII introduces a 'perpetual ownership model' ensuring the firm remains entirely partner-owned with no external sale or dilution. Early portfolio investments include Black Forest Labs, SpAItial AI, and photonic chip company Arago. The close is seen as a signal of growing LP confidence in European venture capital independent of government subsidy.
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