Samsung's venture capital arm announced Wednesday it is expanding into Europe to invest in the continent's start-up scene.
Samsung NEXT will use a $150 million global fund raised in January to target early stage start-ups in Europe for investment or acquisition, focusing on tech companies working on artificial intelligence, the internet of things, augmented reality and virtual reality. This comes as venture capital in the continent reaches a multi-year high.
The investment arm was founded in 2013 to discover, build and scale new enterprises by providing them with investment capital, expertise and other resources. Since launch, it has invested in more than 60 companies and made 15 acquisitions, and is now expanding into Europe starting with a headquarters in Berlin and plans to open other locations throughout the continent within the next year.