This is great news for the European startup scene. There is often a great deal of breathless excitement when a start-up raises money but of course it is the people putting up the cash - the people investing in the VCs' funds that are really betting on the future success of a sector.

These often anonymous investors are backing the talent in the VC obviously but more broadly they are backing the sector that is being invested in. So it is the most positive possible statement of belief in the future of European B2B SaaS that a big splurge of smart money has been raised by in this fund.