Insurer-backed Crane raises $140 million for its second fund

Crane Venture Partners  has raised $140 million in its second fund to back early-stage founders. The fund focuses on open-source, artificial intelligence, data, and developer tools that are used to create digital foundations. Across both funds, Crane now has more than 50 portfolio companies, making the venture capital firm one of the deepest specialists in Europe.

“With a three-part equal focus on financial returns, empowering founders in their personal and professional lives and supporting the digital world of tomorrow, Crane is well-positioned to build upon the success it has realized over the past several years. We look forward to continuing to support its portfolio through leveraging our operating and venture businesses, deep relationships, and presence around the globe.” – Tim Corbett, Chief Investment Officer at MassMutual .

Crane has tightened its investment focus while expanding its geographic reach with its second fund. The first fund included 60% of investments in the UK, 20% in Germany, and 10% in Swiss companies. Its second fund is expected to put 50% of investments in the UK, with the rest being spread across Europe, Israel, and the U.S. Nearly 20 companies are already included in Crane’s second fund, including Encord, Encore, Novu, Nuclia, Qovery, Restack, SeeChange and Veratrak. Anchor LPs include MassMutual, British Patient Capital, a Sovereign Wealth Fund, and Fund of Funds.