Monaco-based venture capital firm Monte Carlo Capital (MCC) has raised €13 million ($15 million) in the first close of its second fund, Fund II.

The firm aims to raise a total of €26 million ($30 million) to invest in early-stage startups working in DeepTech and other technology-driven sectors.

“Reaching a $15 million first close on Fund II is a strong vote of confidence from our investors, and we have already put that capital to work in five companies. Our approach hasn’t changed: get onto outstanding cap tables early, invest alongside the world’s leading VCs, and keep backing our best companies as they scale through our SPVs. We only invest where we see a credible path to a multi-billion-dollar outcome,” says Ian Sosso, founder and Managing Partner, Monte Carlo Capital.

Monte Carlo Capital (MCC) was founded in 2009 by Ian Sosso. The firm uses a small, flexible fund structure and special investment vehicles called co-investment SPVs. Before launching MCC’s funds, Ian built his experience as an angel investor, leading more than 50 investment groups and investing in startups from their early stages up to Series B.

Ian Sosso is also a board member of the European Business Angels Network (EBAN). In 2019, EBAN named him the Best European Early-Stage Investor in recognition of his work supporting early-stage businesses.

The latest funding announcement comes three years after MCC launched its first fund in 2023. The firm has now announced the first close of its second fund, Fund II, as it continues to support promising startups.

Fund II will mainly invest in Seed-stage startups, while also considering selected opportunities at the pre-Seed and Series A stages. Its main areas of interest include DeepTech, artificial intelligence (AI), SpaceTech, and enterprise software.