QuantumLight, the London venture firm founded by Revolut chief executive Nik Storonsky, has closed an oversubscribed $500m second fund — double the size of the $250m debut vehicle it raised in 2025, and closed roughly 15 months later.
QuantumLight was set up in 2023 as a deliberate rejection of the partnership model that governs most venture capital. Rather than a general partner backing a founder on conviction, the firm runs an in-house model called Aleph, which screens companies at scale and produces investment recommendations quantitatively. Human intervention is kept to a minimum.
The structure is closer to a quantitative hedge fund than a Sand Hill Road partnership, and the fundraise suggests limited partners are prepared to underwrite that thesis with materially larger cheques.
Fund II closed on 18 August at $500m, having reportedly gone from initial LP discussions to final close in around six months. The debut fund, which closed in 2025 at $250m, or roughly €223m, was itself raised quickly. Storonsky remains the firm's most conspicuous backer; the wider LP base has not been disclosed.
The firm is led day to day by chief executive Ilya Kondrashov, with Storonsky as co-founder. It targets growth-stage rounds across AI, fintech, software-as-a-service, healthtech and deep tech, and invests globally rather than confining itself to Europe.
The portfolio now runs to 27 companies, of which five have reached unicorn status. Named holdings include Together AI, Function Health, Factory, Robin AI, Ben and the energy supplier Fuse Energy, which was most recently valued at $5bn.
That hit rate is the pitch, but it is also the caveat. QuantumLight is three years old and its track record is short by venture standards, where fund performance is not meaningfully legible until year five or six. The firm's own leadership has acknowledged that the strategy rests on the model continuing to improve.
The doubling of fund size changes the cap-table arithmetic. A $500m growth-stage vehicle can lead rounds rather than follow them, take board-level positions and hold larger stakes through subsequent dilution — options a $250m fund can only exercise sparingly.
It also lands at a moment when UK-linked capital is concentrating. Britain accounted for £12bn of Europe's AI funding in the first half of 2026, with the money clustering in a small number of mega-rounds, while seed-stage funding has tightened.
QuantumLight's second fund adds meaningful late-stage firepower to a London firm at precisely the point in the cycle when growth capital is scarcest — and does so on a model that, if it works, is considerably cheaper to run than a conventional partnership.
Original source: TechFundingNews — https://techfundingnews.com/storonsky-quantumlight-closes-500m-fund-ii-ai-startups/
