Sprints, a London-based venture capital firm known for early investments in Revolut and Vinted, has closed its fifth fund at a €725 million hard cap. The new vehicle, equivalent to about US$810 million, is 40% larger than the firm's previous €525 million fund. Sprints will use the capital to back growth-stage technology companies, primarily in Europe, through a concentrated portfolio of eight to ten companies.
Fund Size and Backing
Sprints V was oversubscribed and attracted more capital than initially targeted, closing at its upper limit. Endowments, foundations, pension funds, and family offices supplied the capital, according to co-founder and managing partner Henrik Persson. Many existing limited partners returned to support the fund, and they were joined by new global institutional investors.
Strategy and Portfolio Approach
The firm has kept the same investment strategy since launching in 2016, focusing on companies with strong customer satisfaction and durable business models. Sprints V will invest across marketplaces, fintech, and software, targeting companies at the growth stage. The fund will hold a concentrated portfolio of eight to ten businesses and provide founders with patient capital and long-term support.
Existing Portfolio and Early Bets
Sprints first backed Vinted and Revolut in 2018, leading Vinted's €50 million round that August and joining Revolut's US$250 million Series C. The firm remains Vinted's largest shareholder and has reported selling parts of both stakes in secondary deals in 2025. Its portfolio also includes Chrono24, Flightradar24, and Checkout.com, among other category-defining technology companies.
Valuation Divergence Across Holdings
Portfolio valuations have moved in different directions. Revolut was reported at US$115 billion in a secondary share sale launched in July, up 53% from US$75 billion in November 2025. Vinted reached €8 billion in April through an €880 million secondary led by EQT, a 60% rise from its 2024 valuation, while Checkout.com's US$12 billion buyback valuation in September 2025 sat about 70% below the US$40 billion it reached in 2022.
The Fin Exit and AI Positioning
Sprints recorded its cleanest exit through Fin, formerly Intercom, in which it invested in February 2021. Salesforce agreed to buy the AI customer service company for about US$3.6 billion on June 15 and completed the acquisition on September 10. Although Sprints has not backed foundational AI companies, it does hold AI exposure in applications such as Fin and Planhat.
European Fundraising Context
The final close stands out against a weak European venture fundraising environment. PitchBook counted €12 billion raised across 148 European venture capital funds in 2025, the weakest year on record, with no close above €1 billion and only three above €500 million. The largest fund, Sofinnova Capital XI at €650 million, is smaller than Sprints V.
Capital Deployment and Outlook
More than half of Sprints V is already invested across new companies and existing portfolio holdings. Persson has written that only about 1% of roughly 35,000 European startups that received venture funding became unicorns, which informs the firm's concentrated quality approach. Sprints also bought a 35% stake in Flightradar24 in September 2025, a deal reported to value the Swedish flight tracker at about US$500 million.
Sprints V gives the firm substantial dry powder to continue backing European growth-stage technology leaders. The larger fund close in a difficult market reflects confidence from global limited partners. The challenge now is to deploy the remaining capital in ways that deliver returns comparable to its Fin exit rather than the weaker outcomes recorded across parts of the European venture market.
Source: Bloomberg