Samsung announced a revamp of its former Global Innovation Center earlier this year by launching a new global fund called Samsung Next. Samsung has earmarked $150 million for this fund which will be used by the investment vehicle to back startups. Samsung said that it was particularly going to invest in startups working on virtual reality, artificial intelligence and the Internet of Things.
Samsung Next is the company's first dedicated investment fund. Any and all investments in startups that Samsung previously made came from the company's various business divisions. The new fund simplifies matters and also enables the company to have a focused approach when it comes to investing in startups.
The company has now said that it's going to invest into early-stage startups based in Europe through Samsung Next. The fund has primarily funded startups in South Korea, Silicon Valley, New York and even Tel Aviv but none in Europe. That's going to change now.
It has set up base in Berlin, Germany to seek out investment opportunities. Samsung says that it's going to open additional offices for the fund in Europe within the next year.
“The combination of deep tech talent and cultural diversity makes this market (Europe) very attractive. It also gives us a great opportunity to become the place for European entrepreneurs looking to build and grow their startups and turn them into revolutionary companies,” said Felix Petersen who heads Samsung Next in Europe.
