Sprints Closes Its Fifth Fund at the EUR 725 Million Hard Cap, Nearly 40% Larger Than Its Last

Sprints, a London growth investor, has closed its fifth fund at its hard cap of EUR 725 million, as reported by Tech Funding News on October 15, 2026 and by Bloomberg two days earlier. The fund is roughly 40% larger than the EUR 525 million predecessor and took about a year to raise.

Co-founder and managing partner Henrik Persson said endowments, foundations, pension funds and family offices supplied the capital. More than half of the new fund is already invested, in new companies and in existing portfolio holdings across marketplaces, financial services and software.

The Portfolio Behind the Fund

Sprints first backed Vinted and Revolut in 2018. It led Vinted's EUR 50 million round that August and joined Revolut's $250 million Series C. Bloomberg describes it as Vinted's largest shareholder, and Dealroom reported that it sold part of both stakes in secondary deals in 2025.

Both companies have since risen in value. Vinted reached EUR 8 billion in April 2026 through a EUR 880 million secondary sale led by EQT. Revolut was reported at $115 billion in a secondary sale that began in July, though Revolut confirmed only that a sale was under way.

The most recent exit is Fin, formerly Intercom. Sprints invested in February 2021, and Salesforce completed its roughly $3.6 billion acquisition of the AI customer service company on September 10.

A Hard Market for Fund Raising

The size of the close stands out against the backdrop. PitchBook counted EUR 12 billion raised across 148 European venture funds in 2025, the weakest year on record, with no fund above EUR 1 billion and only three above EUR 500 million. PitchBook said distributions to investors need to pick up before fundraising recovers. Sprints' exits from Vinted, Revolut and Fin are the kind of returns that can bring investors back.

Not every holding rose. Checkout.com's $12 billion valuation in September 2025 came from an independent assessment for a share buyback, about 70% below its $40 billion round in 2022.

What Sprints Says It Backs

Persson said Sprints has not backed any foundational AI company because most have yet to build a business model. Its AI exposure sits in applications, and it lists Planhat, an agentic customer platform, among its companies. In a July letter to investors, Persson wrote that only about 1% of the roughly 35,000 European startups that have received venture funding became unicorns, and that the firm keeps a concentrated portfolio.

What This Means for Founders

A growth fund of this size writes larger checks and typically backs companies that already have meaningful revenue. If you are building a marketplace, a financial services company or business software in Europe and are raising a growth round after your Series A, a firm with fresh capital and more than half of it already working is worth studying, because it is likely to be selective about new names.

Expect a concentrated investor to ask hard questions about unit economics, retention and how you compare with the strongest company in your category. Prepare a clear account of how your growth has come from customers who stay, and be ready to explain what the capital will change. Think about how a large round affects your cap table and your later dilution.

Browse the fintech investor directory for more active funds, read the baseline mechanics of a limited partner if the term is new, or explore active capital on AngelLinx @ angellinx.ai/register.

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