London’s Air Street Capital has raised a $232 million Fund III with eyes set on backing early-stage AI companies across Europe and North America, the firm announced Monday. 

Check sizes will range from $500,000 to $15 million, with select growth investments reaching up to $25 million. Led by Nathan Benaich, this raise makes Air Street one of Europe’s largest solo VC funds. It’s already backed notable AI unicorns like Black Forest Labs and ElevenLabs, and has seen exits from companies like Adept (sold to Amazon) and Graphcore (sold to SoftBank).

The firm now has $400 million in assets under management, the FT reported. Its Fund II was $121 million, up from the $17 million raised for Fund I back in 2020.