(Bloomberg) Prima Materia, an investment firm by Spotify CEO Daniel Ek, is targeting European tech startups, with up to $1 billion set for allocation.
The bets focus on startups ranging from life sciences, artificial intelligence, and climate.
With about a year since its founding, Prima Materia invested 100 million euros or $113.5 million in German security company Helsing in November.
Ek’s bets are seen as attempts to be at the forefront in Europe’s early-stage innovations as he focuses on making an impact in the tech space.
With a net worth of around $2.6 billion, the investment is close to a third of the Spotify CEO’s wealth which he promised to allocate in September 2020.
The investment happens even as other tech founders in Europe target early-stage firms in the sector. UiPath Inc. and Checkout.com are the other firms targeting innovation firms in tech.
Cambridge Associates head of European private client practice Chris Ivey says tech billionaires are willing to invest more in their own networks.
Spotify is still the largest holding by Ek, with the shares hitting a peak in early last year. The investor also holds stakes in machine learning startup HJN Sverige of Sweden and attempted to acquire London’s Arsenal Football Club in 2021.
SPOT: NYSE closed down -4.37% on Friday.
