Fuel Venture Capital Partners With IDC Ventures To Expand International Footprint
Fuel Venture Capital has entered into a co-investing partnership with IDC Ventures to expand its European presence, as the Miami fund, formerly called Rokk3r Fuel, undergoes an overhaul of its brand identity. The partnership grows the Fuel Venture Capital portfolio to a total of 23 companies.
Companies added to the Fuel portfolio through the co-investing partnership with IDC Ventures are: Boatsetter, Curve, Bipi, Brandhouse, Tradeshift, Evrythng, Recargapay, Hastee, CookUnity, and Tomorrow. Prior to its partnership with IDC Ventures, Fuel led numerous fundraising rounds, including two of the largest in Florida last year: PredaSAR ($25M) and Bolt Mobility ($7.5M).
Fuel VC, founded in 2017 by former Merrill Lynch executive Jeff Ransdell, made its first foray into the European startup ecosystem in 2019, when it led the most recent fundraising round of Stockholm-based Soundtrack Your Brand, a leading B2B music streaming platform founded in 2013 by CEO Ola Sars as a joint effort with Spotify.
IDC Ventures is the Madrid- and Copenhagen-based venture arm of Grupo IDC, a multinational bank that traces its roots back to the Latin American economy in 1993. IDC Ventures was founded in 2018.
"We've always been a 'boots on the ground' kind of operation, and it's exciting to be taking that approach in Europe one step further alongside IDC, and to be doing it during a pivotal time in the evolution of Fuel Venture Capital," said Ransdell, Fuel Venture Capital Managing Director. "I'm extremely bullish on Europe, having seen firsthand the region's potential through our investment in Soundtrack Your Brand."
"Forging a co-investing partnership with a like-minded U.S. fund has been a major goal of IDC Ventures since our inception, and I can't imagine a better partner than Fuel, whose diverse portfolio, global LP network and leadership principles are among the best in this space," said IDC Ventures Managing Director Bobby Aitkenhead.
"Under Bobby's leadership, IDC Ventures has seized some of the most attractive deals on the market and shown envious aptitude in leveraging opportunities in emerging markets, like Brazil, where an understanding of culture and customs is paramount," Ransdell said. "I look forward to exploring opportunities across Europe, and beyond, alongside him and the entire IDC Ventures leadership team."
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