Overview
Nathan Benaich's Air Street Capital has closed a $232M Fund III, making it the largest solo GP venture capital firm in Europe. The fund will lead early-stage rounds with cheques of $500K to $15M, and make select growth investments of up to $25M, targeting AI-first companies across North America and Europe. The firm's focus areas remain AI-first software, developer tools and infrastructure, techbio and science, and defence and security - sectors where AI is not merely improving existing products but enabling entirely new categories of companies. Portfolio highlights underline the thesis: Synthesia now generates over $150M in ARR, Black Forest Labs' FLUX models are the most widely used open visual intelligence models among developers, and Profluent created the first AI-designed CRISPR system, published in Nature.
