Following nearly two decades focused on Europe, early-stage investor Seedcamp announced on Monday it raised $320 million for its newest fund, planning to expand its footprint in the United States.

Fund VII marks the firm’s largest raise yet, twice the $180 million collected for Fund VI in 2023. Seedcamp is dividing the capital to emphasize growth-stage deals: $220 million goes to Seedcamp VII for early-stage investments, while the remaining $100 million supports follow-on growth investments through a new vehicle called Select.

Seedcamp already maintains offices in New York City and Miami, yet the firm now aims to enlarge its American team to better link European portfolio firms with US customers and investors, particularly as San Francisco and Silicon Valley reclaim influence.

“We need to plug founders to nodes that are connective,” Reshma Sohoni, Seedcamp’s co-founder and managing partner, told TechCrunch.

Sohoni noted the firm will stick to its approach of backing startups early, even before product, revenue, or traction. The firm draws on its broad network of portfolio companies and LPs to source deals.

That strategy has produced strong results. Seedcamp backed early winners such as Fluidstack, Hopin, Pleo, Revolut, Synthesia, UiPath, and Wise. It now holds 12 unicorns among more than 550 companies and manages $1 billion in assets.

Seedcamp VII plans to write roughly $1 million initial checks into 100 to 120 startups and continue supporting them later, according to Sohoni. The growth fund will deploy $3 million to $5 million per check in Series B rounds and beyond.

Sohoni said limited partners in Fund VII include British Business Bank, HarborVest, Schroders, and Sofina, plus 80 founders from its portfolio who joined as angel investors.

Seedcamp will keep investing across sectors, Sohoni added, though it will steer clear of capital-heavy areas such as mobility or marketplaces.

“We tend to avoid capital-intensive startups because funding working capital isn’t a great model on day one […] We’re definitely a commercial-driven investor,” said Sohoni.