Fuel Venture Capital unveils new branding, partners with Europe’s IDC Ventures to further expand international footprint
Partnership adds 10 companies — including Boatsetter, Curve, Recargapay — to Fuel VC’s portfolio of exponential technology startups.
MIAMI, FLA. — July 27, 2020 — 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 to cement its role as one of the largest and most active venture capital firms in the Southeastern United States. 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 this 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.
The partnership with IDC Ventures aims to increase the fund’s exposure to Europe to ensure access to deal flow in the region’s burgeoning tech ecosystem. European startups raised more than $110 billion between 2015 and 2019, compared to just $34 billion between 2010 and 2014, and of all VC deals across the continent in 2019, 40 were “mega rounds” (compared to nine mega rounds five years prior in 2014). Almost 150 startups in the region went public or were acquired between 2015 and 2019 — a 49% increase in total exits compared to the period between 2010 and 2014.
IDC Ventures is the Madrid- and Copenhagen-based venture arm of Grupo IDC, a multinational bank that traces its roots as a dominant force in the Latin American economy to 1993. IDC Ventures was founded in 2018, and has made a name for itself for its fundraising prowess and successful investments in startups from all over the globe.
“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.”
About Fuel Venture Capital
Fuel Venture Capital is committed to propelling groundbreaking ideas into world-changing companies and democratizing access to the creative economy to shape the future of society. The firm’s “founder focused, investor driven” approach is led by a core team with more than 60 years of combined experience in investment banking, wealth management, executive leadership and entrepreneurship. The fund boasts a portfolio of more than 20 companies based around the globe across numerous sectors, bringing positive impact to virtually all corners of our modern economy. To learn more about Fuel VC, visit fuelventurecapital.com or follow Fuel VC on social media via Twitter, Instagram, LinkedIn, and Facebook.
Debora Lima, Director of Public Relations