Octopus Ventures launches a new fund

Octopus Ventures, a London-based venture capital firm, has announced it's launching a new fund. The fund, called Octopus Opportunities, will be $140 million (£92 million) in size and will, according to media reports, provide growth capital to “successful fast-growing later-stage companies across Europe”

Usually investing in early stage start-ups, the VC firm will also use the new fund to keep backing the companies in its portfolio as they develop. It will also provide the much-needed follow-on investments into existing companies within the Octopus portfolio and invest between £250,000 and £25 million.

The company has already made its first investment. Together with Google Ventures, it invested $60 million (£39.5m) into Secret Escapes, the London-based members-only luxury travel site.

Secret Escapes calls itself "the worst-kept secret in luxury travel."

In a statement Alex Macpherson, head of Octopus Ventures, said: “The concept is to build on the relationships we’ve built with our exceptionally talented entrepreneurs, who are building really interesting businesses.”

“It means we have the ability to continue to back them through their growth in order to build substantial global businesses, rather than potentially seeking a sale of that business at an earlier stage,” Financial Times quotes Macpherson saying.

Octopus has had a few successful, but also unsuccessful investments. It took part in Shopa's $11 million (£7.2 million) Series A round in February before the shopping app shut down last month.

It also backed companies like Zoopla and YPlan, and has a couple of fintech companies, such as Currency Fair and Elliptic in its portfolio, as well.