Venture Capital Giant NEA Considering Expansion to London

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(Bloomberg) -- New Enterprise Associates, one of the world’s largest venture capital firms, is considering making its first hire in the U.K., according to people familiar with the matter.

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The U.S. firm is considering appointing a partner in London, the people said, asking for anonymity because the talks are private.

An expansion by NEA in would mark another U.S. investor bolstering their local presence amid a burgeoning European venture sector. Philippe Laffont’s investment firm Coatue Management is expanding in Europe, while Sequoia Capital has also opened a London office recently.

A spokesperson for NEA declined to comment.

NEA has over $20 billion in committed capital across 16 funds to invest since its founding in 1977, according to its website.

The U.S. firm has backed 250 companies that eventually held initial public offerings, according to its website. Portfolio companies include the likes of Robinhood Markets Inc. and Inc.

Dow Jones reported in October that NEA was raising about $7 billion for a pair of funds, one for early-stage startup deals and another for later-stage rounds.

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