The Fabric, a pioneer in co-creating US-based cloud and IoT infrastructure companies, and EVO Venture Partners together announced a joint collaboration to build venture-backed startups in Europe. Through this strategic partnership, EVO Venture Partners has invested capital into The Fabric, and through its European-based data centers, it will provide incubation and product trials for companies that they co-create together.
Prabakar Sundarrajan, Chief Strategist of The Fabric, said: “We are expanding our footprint into Europe with this strategic investment and partnership. EVO Venture Partners brings tremendous expertise in developing IT companies as well as valuable data center resources on the ground in Europe that will enable us to work collaboratively with our portfolio of co-created companies in markets there. We look forward to exploring how our partnership will evolve over time as we expand our reach into the cloud market in Europe."
Dennis Bruin, Managing Partner of EVO Venture Partners, said: "Over the past several years, we've gained significant traction in developing innovative IT companies that serve the European market. We're looking forward to expanding our reach through our strategic partnership with The Fabric to entrepreneurs and cloud companies in Silicon Valley and the US market as well as provide support for its co-created companies in Europe."
Today’s news shortly follows the recent closing of $20 million in funding for Fabric 3, the third pool of capital raised through The Fabric for investing in early stage cloud infrastructure companies that it co-created with entrepreneurs. The Fabric fills a specific need in the startup and investment spectrum by offering deep technical and entrepreneurial expertise with a collaborative approach, which accelerates values and lowers risk in the co-created companies. The Fabric has delivered gross return of 7X in less than 5 years on Fabric 1 to its investors. With Fabric 3, the plan is to co-create several new cloud and infrastructure companies over the next few years, continuing to provide high value for both entrepreneurs and investors.