Air Street Capital, founded by Nathan Benaich, has raised $232M for Fund III — making it the largest solo GP venture fund in Europe.
The fund invests in AI-first companies in North America and Europe. The firm will lead early-stage rounds with cheques ranging from $500,000 to $15 million, alongside select growth investments of up to $25 million.
Founded in 2019, Air Street was built on a conviction formed years earlier — that AI would become a fundamental driver of technological progress.
According to Benaich:
“When I started investing in 2013, deep learning was largely confined to research labs. Yet I was convinced… the most important technology companies of our generation will be built AI-first. AI is a force multiplier for technological progress, and everything around us is ultimately a product of intelligence.”
From solo GP to Europe’s largest
With Fund III, Air Street is now the largest solo GP venture firm in Europe — a structure designed to enable faster, high-conviction decision-making.
“This structure enables high-conviction investing with a single decision-maker and significant capital to support the most ambitious teams.”
Over the past decade, the firm has backed companies across multiple domains:
- Software: Synthesia, Black Forest Labs, Poolside
- Science / Biotech: Profluent, Enveda Biosciences
- Physical AI / Infrastructure: Wayve, Sereact, Lambda, Crusoe
- Defence: Delian Alliance Industries
These companies reflect a broader shift:
"AI is no longer just augmenting products — it is enabling entirely new categories. AI is not simply improving the status quo but enabling entirely new kinds of products and companies to be built.”
Air Street has also built a wider AI ecosystem through initiatives like:
- The State of AI Report
- The RAAIS (Research and Applied AI Summit)
- A global AI network of ~3,000 researchers and builders
The firm has also engaged in policy and ecosystem-building efforts, including reforms to university spinout frameworks that the UK government has adopted.
“Our third epoch begins today”
With Fund III, Air Street is positioning itself for what it sees as a defining moment in technology. Benaich shared:
“Fund III launches into what I believe is the most transformational period in technology of our generation. Capabilities that seemed like magic a decade ago are now real, usable, and creating enormous value. Air Street is built for exactly this moment.”
