Through their London based Atomico Ventures firm, the duo will focus on early-stage software and internet companies that have the potential to be “transformative”, Mr Zennström told the Financial Times.
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The goal is to provide outsized returns to investors over the long-term . The fund will achieve this by investing in outstanding management teams, who address large market opportunities that leverage innovative business models and transformational technologies.
“The type of companies we are looking at are consumer-facing and also small business . . . that do not need to build up sales forces around the world to scale and grow… These are the kinds of companies like Skype, Google and Facebook who, if the business model is really working, they can get large revenues without having to go through too many financing rounds.”
Atomico will look for opportunities all over Europe but London will remain its hub.