Air Street Capital, based in London, has secured $232 million for its third fund, which will focus on investing in early-stage artificial intelligence businesses in Europe and North America, the firm confirmed on Monday. Initial investments will typically fall between $500,000 and $15 million, with certain growth-stage opportunities potentially receiving up to $25 million.

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Under the leadership of Nathan Benaich, this latest fundraise establishes Air Street as one of the largest solo venture capital funds in Europe. The firm's portfolio already includes prominent AI unicorns such as Black Forest Labs and ElevenLabs, and it has achieved successful exits from companies like Adept, which was acquired by Amazon, and Graphcore, purchased by SoftBank.

With this new fund, Air Street Capital now manages $400 million in total assets. The firm's second fund closed at $121 million, a significant increase from its inaugural $17 million fund raised in 2020.