Backed LLP is a venture capital fund manager and has a unique investment proposition. The investment team of millennials is targeting investments in companies founded by millennial entrepreneurs who create products and offer services for millennials. Backed LLP currently manages three funds, with Backed 1 LP and Backed 2 LP investing in seed/series A deals whilst the Backed Encore 1 LP fund invests in follow-on rounds in more established companies already invested in via Backed 1 LP and/or Backed 2 LP.
As part of a long-term agreement, Sienna Capital committed (i) EUR 25 million in September 2017 into Backed 1 LP; and in 2019 (ii) EUR 25 million into Backed 2 LP and (iii) EUR 25 million into Backed Encore 1 LP. As a cornerstone investor in those funds, Sienna Capital was able to negotiate favourable terms.