- Highland Europe has wrapped up its sixth fund, raising $1.25 billion.
- The new fund comes after three big exits: Nexthink was sold to Vista Equity Partners for $3 billion, Huel was acquired by Danone for €1 billion, and Bending Spoons went public on Nasdaq with an $18 billion valuation.
- Based in London and Geneva, the firm has raised $4.3 billion since 2012, invested in more than 80 companies, and seen 30 exits.
Unlike many venture firms that focus on unrealised gains, Highland Europe turned three of its biggest investments into more than $1.1 billion in cash within a year. The firm used this money to help close its new fund.
The growth-stage investor, based in London and Geneva, has closed its sixth fund at $1.25 billion. This comes after several major exits: Nexthink’s $3 billion sale to Vista Equity Partners, Danone’s roughly $1.1 billion purchase of Huel, EGYM’s $7.5 billion merger with Playlist, and Bending Spoons‘ Nasdaq debut at over $18 billion, a 67% jump from eight months before.
A decade of steady growth and success
Since its founding in 2012, Highland has raised $4.3 billion through six funds, supported over 80 companies, and achieved 30 exits. Its portfolio companies bring in more than $6 billion in revenue and employ over 15,000 people.
Alongside Nexthink, Huel, and Bending Spoons, the portfolio includes companies such as Nothing, 9fin, Nabla, Camunda, Zwift, and n8n. Highland led a $60 million round for n8n, a Berlin automation platform, in 2025. After a strategic investment from SAP, n8n is now valued at $5.2 billion.
The investment in n8n shows Highland’s strategy of backing companies at the growth stage, when they already have steady revenue and a strong community, rather than investing in the earliest and riskiest rounds. Highland used the same approach with Nexthink, Huel, and Bending Spoons before their exits.
“We are deeply grateful to our Limited Partners for their long-standing trust and commitment to Fund VI. Their support enables us to continue backing Europe’s most ambitious founders at a uniquely transformational moment, as AI reshapes every industry,” says Sam Brooks, partner at Highland Europe.
Two partners promoted as the fund closes
The closing of Fund VI comes alongside two internal promotions to partner. Helena Richardson, who joined Highland in 2016, has supported consumer companies such as Ffern, ME+EM, Modulr, and Huel. Jacob Bernstein, who joined in 2017, focuses on enterprise companies like Unframe, Zero Networks, Oritain, and Descartes Underwriting.
“We founded Highland Europe in 2012 as an enduring, equal partnership. Helena and Jacob have each spent the past decade helping build the firm, and their promotions reflect the exceptional investors, leaders, and partners they have become,” Brooks says.
Both are now part of a 36-person team, which includes 20 investment professionals. Highland runs as an equal partnership rather than a traditional hierarchy. Brooks says this model helps keep senior investor turnover low.
Recent investments demonstrate the direction of the new capital: a $70 million Series B for legal AI platform Wordsmith, a $50 million Series B for enterprise AI delivery platform Unframe, and a $105 million Series D for precision agriculture company Ecorobotix.
What the fund size signals
Closing a $1.25 billion fund is impressive, but the real story is the ratio. Highland made almost the same amount in exit liquidity in one year as it raised for the new fund. This means the firm is putting its proven returns to work, rather than relying solely on new investor commitments.
This fund closing comes at an important moment. Bending Spoons’ Nasdaq listing is a test case for whether Europe’s top tech companies need to go public in the US to reach the highest valuations, as happened with Revolut and Klarna.
For now, Highland plans to continue supporting European founders rather than following companies as they exit abroad. It remains to be seen if this strategy will continue if more portfolio companies decide to list in the US.
