A European venture capital house has raised €90 million in the first closing of a fund targeting tech businesses.

KEEN Venture Partners, a new venture capital firm operating from London and Amsterdam, has announced a €90 million ($99.83 million) first close of its inaugural KEEN venture fund. 

The fund will provide early growth capital for technology companies with breakaway momentum across Europe with a particular focus on innovation hubs in the UK, Netherlands, Sweden and Germany, KEEN said in a statement last week.  

Investors in the fund include the European Investment Fund, Dutch Venture Initiative, ING Netherlands and KPN Ventures in addition to several private investors and entrepreneurs. KEEN intends to invest €5 million to €10 million per company, it said.

KEEN invests by taking stakes in companies operating in specific areas of information and communications technology. The company is targeting a final close of the fund in 2017.

“This new fund is the first from KEEN Venture Partners and we are pleased with the exceptional range of high-profile institutional and private investors, demonstrating a high level of confidence in the new fund,” said Robert Verwaayen, general partner of KEEN Venture Partners.

Among other recent developments, KEEN appointed a number of “network partners” or professionals that the company will draw upon for investment advice and to support its portfolio companies. These include Marcus Weldon, chief technology officer of Nokia and president of Bell Labs, and Clare Johnston, founder and CEO of The Up Group.