Octopus Ventures holds first close of First Cheque II, targeting more than £20M

Octopus Ventures has held the first close of First Cheque II, its second dedicated pre-seed fund. The fund is targeting more than twice the £10 million of First Cheque I. The size of the first close was not disclosed.

As part of the first close, the fund has acquired the fund and portfolio built by Onstage, the early-stage platform founded in 2020 by Taos Edmondson and Hector Mason. It starts with six companies, including Serova Bio, and Edmondson stays on as a Venture Partner at Octopus Ventures.

Kirsten Connell and Tilly Fleming lead the fund. First Cheque I backed more than 80 companies, including OLIX, now valued at more than $3 billion, and AI biology company Prima Mente. The second fund will again back more than 80 founders across the UK and Europe, focusing on AI infrastructure, robotics, health and biology, digital security, industrial operating systems and energy.

Congrats to Kirsten Connell, Tilly Fleming, Erin Platts and the Octopus Ventures team.