We spoke with partners , based in Amsterdam, and from New York on the latest fund. The increased fund size for the early-stage venture capital firm signals an intent to move into the growth stages as well, said Kotting.

“The market is coming into maturity in Europe,” Kotting said. The new fund allows Northzone to support “top entrepreneurs all the way through their life cycle.”

Schadeck pointed to Northzone’s deep relationships with founders from seed through Series B. “It was very easy for us to have that conversation about growth,” she said.

“At that point, companies are still figuring out their full senior team, honing product market fit, first step of internationalization,” all areas in which early-stage investors are engaged, said Kotting.

Billion-dollar exits

The 26-year-old firm invests across Europe and the U.S., and is known for its early investments in , and —all billion-dollar exits when the firm exited, where Northzone led their Series A.

Northzone raised its first fund of $8 million in 1997 to invest in the Nordic region. In 2012, the firm established its London office as it had already expanded to investing across Europe. In 2015, the firm hired its first team member in New York, which signaled its intent to invest in the U.S. as talent from Europe moved to the U.S.

Northzone has offices in London, Stockholm, New York, Amsterdam and Berlin.

The firm started raising its fund 10 earlier this year as the tech markets were already pulling back. “If you look at today’s market, obviously inventory in itself is very proven. Our overall track record is much more proven now than it was. The last two funds have already pretty quickly started to prove value, so I think those things coming together gave both the trust to the LPs to come in now,” said Kotting.

Investing in 2022

With the slowdown in the funding markets “we’re now able to take much longer on diligence and timing,” said Schadeck, who found there is less pressure to make quick decisions.

“Most companies have tried to go back to 24-30 months of runway. Most boards have sort of pushed companies to be relatively cash-efficient,” confirmed Kotting.

“There is so much opportunity in the market right now,” he said. “So there’s no doubt we can deploy this money, and hopefully do a good job at it.”

Illustration: Dom Guzman

This fund tops off Australia-specific efforts Salesforce has been making since 2012, when it first started investing in the space. The company has invested in Australia’s , and , and Bugcrowd, to name a few.

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Bugcrowd founder said in that “the establishment of Salesforce Ventures in Australia speaks volumes of the calibre of Australian entrepreneurs, as well as their forward-looking attitude.”

We haven’t written too much about Australian startups, but we’d love to change that (shoot me a note at natasha@crunchbase.com)

Let me give you some background on the startup scene Down Under. About half of Australian startups are actively trying to raise funds, according to . ��So far in 2019, top deals include a mortgage lending startup raising $40 million in a venture round led by ANZ, and , a 3D machine vision systems manufacturer that raised a $32 million Series A.

Salesforce’s bet on Australia’s early-stage tech market makes sense as other groups are already investing into the region. Like government initiative , which says on its website that it will offer $57 million in funding to “help start-ups and small to medium-sized enterprises (SMEs) in regional NSW succeed and create more local jobs in regional communities across the State.”

Part of its efforts are visible in its relatively new startup incubator, the Sydney Startup Hub. Last month it celebrated its first anniversary and shared that its 480 startups raised over $182 million in the past year. ��NSW plans to invest $35 million in the hub over the next 5 years, a.

In short, Salesforce Ventures’ new fund has an audience.

Also notable: the fund is comparatively less than the other international launches Salesforce Ventures has made in the past two years: in December it launched a $100 million fund for Japan and in May it launched a $100 million fund for Canada.

Here’s the vintage, and size of the known Salesforce Ventures Funds:

Update, 3/08/2019: Salesforce reached out to Crunchbase News with a comment explaining the discrepancy in fund sizes between Australia, and previous international venture funds. Here is a statement from Matt Garratt, managing partner at��Salesforce���ձ�Գٳܰ����:

Illustration: