According to EU-Startups, London-based Onstage has launched its first venture fund called Onstage Fund I with an initial close of €11.3 million (£10 million). The fund will be led by founding partner Joel Hambly and focuses on pre-Seed and Seed stage founders. This move comes after Onstage’s demo days have facilitated over €567 million (£500 million) in follow-on funding since 2020, working with startups like Scan.com and Lawhive. The fund plans to make around 80 investments over the next three years and has already secured notable limited partners including Peter Simon and founders like Alex Chesterman. Onstage is also adding three external investment committee members from top VC firms including Emma Phillips from LocalGlobe and Laura McGinnis from Balderton.
The European early-stage boom
Here’s the thing – Onstage isn’t operating in a vacuum. They’re part of a much bigger trend happening across Europe right now. Italy’s Step Venture just launched a €30 million fund for domestic startups with global ambitions. Denmark’s Delphinus Venture Capital entered with an €80 million vehicle for research-driven companies. And the UK’s EarthScale secured €5.8 million for ClimateTech support. That’s over €115 million in new early-stage capital announced recently.
From stage to checkbook
This is actually a pretty smart evolution for Onstage. Think about it – they’ve spent years building this incredible network through their demo days. Over 2,000 applicants, 330+ VC firms including heavyweights like Sequoia and a16z. They’ve essentially been the ultimate matchmaker between founders and investors. But now they’re putting real money where their mouth is. Instead of just introducing founders to other people’s capital, they’re writing checks themselves. That changes the dynamic completely.
Why this timing matters
So why launch a fund now? The early-stage ecosystem in Europe is getting more sophisticated, but there’s still a gap. Founders need more than just capital – they need the right networks, the right introductions, the right stage to pitch on. Onstage is basically bundling all of that together. And with their track record of helping companies raise serious follow-on funding, they’ve got the credibility to back it up. The question is whether they can transition from being great connectors to being great investors. But with that LP base and investment committee? They’re stacking the deck in their favor.
The bigger picture
Look, what’s really interesting here is how ecosystem players are vertically integrating. We’re seeing this across the board – accelerators launching funds, VC firms building platform teams, and now demo day organizers becoming investors. Everyone wants a piece of the action earlier in the lifecycle. For founders, this could be great news. More capital sources, more support networks. But it also means the landscape is getting more crowded. The real test will be whether Onstage can maintain their neutral convener role while also being an active investor. That’s a tricky balance to strike.
