New fundOct 13, 2026, 18:24 UTC

Revolut backer Sprints closes €725M fifth fund

What's the deal? Sprints, the venture firm that backed Revolut early, has closed its fifth fund at €725 million ($810 million). The firm is already deploying the cash across new companies and its existing portfolio of marketplace, financial, and software startups.

Who's in? The fund's backers include endowments, foundations, pension funds, and family offices, co-founder and managing partner Henrik Persson said. It took about a year to raise the full amount, and Sprints has already deployed more than half.

The track record: Beyond Revolut, Europe's most valuable startup, Sprints is the biggest shareholder in second-hand app Vinted and has backed flight tracker Flightradar24 and payments firm Checkout.com. It first invested in Vinted and Revolut in 2018, then sold some of that equity in secondary deals last year.

Why now? Venture capital has faced a liquidity shortage in recent years, with startups staying private longer and exits slowing. Sprints saw a return this year when its portfolio company Fin, an AI customer service agent firm, was acquired by Salesforce for $3.6 billion.

What's missing? The firm has not backed any foundational AI companies, despite European startups in the sector drawing record valuations. Many of them have yet to build a business model, Persson said.

"There's nothing wrong with investing at high multiples, but you'd hope to convert the popularity to business fundamentals during your ownership — so when the market turns there's a solid, well-performing company," he said.

The signal: As Europe grapples with a shortage of growth capital, Sprints is adding firepower to keep backing the region's standout companies — on fundamentals rather than hype.