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Samsung to back European tech startups with $150m fund

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Samsung Next, the $150m (£117m)  tech investment fund owned by the South Korean giant, is looking to invest in early-stage startups across Europe.

The fund, which launched in January, will target startups operating across AI, IoT, AR and VR.

Samsung Next is also to open a European HQ in Berlin, adding to existing offices in Korea, Silicon Valley, San Francisco, New York and Tel Aviv.

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The firm is also planning to open new offices throughout the rest of the year. 

Felix Petersen, managing director of Samsung Next in Europe, commented on the news: “Samsung is a world leader in making powerful interfaces that connect anyone with anything, anywhere.

“I’m excited to lead our expansion into Europe. The combination of deep tech talent and cultural diversity makes this market very attractive.

“It also gives us a great opportunity to become the place for European entrepreneurs looking to build and grow their startups and turn them into revolutionary companies,” he said.

The fund has invested in over 60 companies and completed 15 acquisitions since it was first established four years ago.

The news comes after a report showed that UK VC investment had risen in Q2 2017, when compared to Q1, despite the amount of deals declining somewhat.

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