Venture capital firm Runa Capital revealed today that it has raised $157 million for its Runa Capital Fund III, oversubscribed by $22 million over its initial goal of $135 million.

Founders of current and previous portfolio companies, including Nginx, Brainly, Ecwid, Final and Rocketbank, invested in the fund.

Founded in 2010, Runa Capital primarily invests in early-stage companies in amounts between $1 million and $10 million, usually Series A. The VC firm invests in cloud infrastructure, open-source software, artificial intelligence and machine intelligence, business to business software as a service startups and companies that seek to revolutionize traditional regulated markets such as finance, education and healthcare. With the new fund, the firm is looking to broaden into “deep tech” and quantum startups.

The VC firm currently has over $420 million in assets under management with over 80 investments in 13 counties. Runa Capital is headquartered in Palo Alto with offices in London, Berlin, Paris and Moscow.

Co-founders Serguei Beloussov and Ilya Zubarev were founders of companies that included Parallels Inc. and cybersecurity firm Acronis International GmbH. Acronis, in which Beloussov is the chief executive officer, became a unicorn following a round in September. Another co-founder of Runa Capital, Dmitry Chikhachev, was previously with the Ritzio Entertainment Group.

“We’ve been around as VCs for 10 years building a truly global and founder-friendly firm, accumulating tremendous experience and a deep understanding of markets and founders’ needs,” Chikhachev said in a statement. “Now, we are excited to see many of our portfolio companies’ founders investing in Runa Capital III, along with tech-savvy LPs from all parts of the world, who supported us in all of our funds from day one.”

Some of the firm’s most successful investments include Nginx Inc., acquired by F5 Networks Inc. for $670 million in March 2019, Capptain, acquired by Microsoft Corp. in 2014 and MariaDB.

Notably, Runa Capital believes that the COVID-19 pandemic may present it with additional investment opportunities, in particular early-stage deals. It noted that some of the largest tech companies, including Uber Technologies Inc., WhatsApp Inc., Google LLC and Salesforce.com Inc., were created during periods of economic uncertainty.

Image: Runa Capital