Rocket Internet’s aggressive investment in food delivery companies boosted Europe’s first quarter venture capital spending in a big way, according to Dow Jones’ VentureSource’s latest figures.
In Q1 2015, European companies raised $2.82 billion in 345 deals, which is up 41% from Q4 2014. That investment is up 63 percent from the same period a year ago, according to Dow Jones.
Later-stage funding led the way for funding accounting for $1.78 billion. That number largely swelled because of the $546.24 million that Rocket Internet invested in building its food empire. The Berlin-based startup accelerator pumped money into Delivery Hero, Foodpanda, and others during the quarter.
The amount of capital raised by European venture funds fell 35% from last quarter, with the capital raised through IPOs falling to one-fifth the amount raised in Q4 2014.