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InReach Ventures’ much-reported “$60 million fund” was its first official fund’s €53 million first close, announced on February 11, 2019—not a current fund size or a confirmed final lifetime fundraising total. The European venture firm built its proprietary platform, DIG, to help find and assess startups across the continent; the company says human partners, not an algorithm, make investment decisions.
What does the $60 million figure mean?
On February 11, 2019, InReach announced the first close of its first official fund at €53 million, reported at the time as approximately $60 million. TechCrunch said the close exceeded the original €50 million target. “First close” matters: it does not establish the fund’s final closing amount. VentureBeat described the new fund as a transition from the firm’s earlier, non-institutional investment structure. VentureBeat’s February 2019 report and TechCrunch’s account identify co-founders Roberto Bonanzinga, Ben Smith, and John Mesrie; the firm was founded in 2015.
The announcement described the fund as backing early-stage European technology businesses. TechCrunch reported the fund’s focus then included consumer internet, software as a service (SaaS), and marketplaces, with typical first cheques of €500,000 to €2 million. Those are historical terms reported in 2019, not a guarantee of the firm’s present investment criteria.
How did InReach use AI to find startups?
InReach’s platform, DIG, was designed to make startup sourcing systematic across Europe, including outside the best-known venture hubs and before a company was actively raising money. In 2019, Bonanzinga described it as three connected layers:
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- Data: Aggregate and enrich company information, including data gathered directly by the firm.
- Intelligence: Apply machine-learning algorithms to the data to identify and assess potential opportunities.
- Workflow: Help the investment team organize and process the resulting deal flow.
VentureBeat reported Bonanzinga’s 2019 statement that InReach analyzed around 2,500 startups per month. That is a figure attributed to the co-founder at the time, not a current operating metric. VentureBeat also reported that the firm had invested around €3 million in developing DIG by the fund announcement.
InReach’s current DIG page describes the system as its operating system, tracking millions of companies across Europe using hundreds of sources. The firm says its proprietary data layer supports AI agents that score companies, triage signals, draft outreach, and surface relevant context. These scale and capability descriptions are claims published by InReach, not independently audited figures. The firm also says DIG is built for and used only by InReach.
Does AI pick the startups, or do people?
InReach presents DIG as a way to improve the reach and efficiency of sourcing and analysis, not as an autonomous investment decision-maker. In 2019, Bonanzinga said software could make the process more informed and scalable, while judgment about founders and other less quantifiable factors remained important. His contemporaneous TechCrunch description of the firm’s geographic approach was: “We are geographically agnostic and will invest in companies anywhere in Europe, from Helsinki to Barcelona, from Warsaw to Rome.”
The firm’s current founder-facing materials put the distinction plainly: “The partners make the calls.” InReach says prospective investments receive a workshop-driven review covering people, product, technology, go-to-market, competitive positioning, and risks. The platform can help identify and prepare opportunities for consideration; the published account assigns the investment call to people.
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InReach’s stated focus has changed since the 2019 fund announcement. The earlier description highlighted consumer internet, SaaS, and marketplaces; its current public thesis emphasizes European teams building consumer and business AI applications with global ambitions. These statements describe the firm’s priorities at different times, rather than one unchanged mandate. See the 2019 TechCrunch report and InReach’s current founder materials.
Stage and traction
InReach currently describes itself as a pre-seed and seed investor. Its published criteria say it invests before product-market fit when a company has a working minimum viable product (MVP) and early user engagement. The firm says revenue is not required in every case.
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Cheque size and role
InReach’s current founder-facing page lists typical initial cheques of €500,000 to €2 million and says the firm leads or co-leads rounds. These are the firm’s published criteria and may change; they should not be confused with a promise that any applicant will receive a particular investment.
Geography
The firm’s current public thesis is European, with global ambitions for portfolio companies. Its 2019 co-founder described the investment scope as geographically agnostic within Europe. The materials do not establish a narrower current country list.
What has InReach said about its later fund?
In a May 20, 2025 update, co-founder Roberto Bonanzinga said Fund II had launched and that the firm was preparing a second closing. He also said the majority of InReach’s investments had been sourced through DIG. The update does not state Fund II’s final size or confirm whether the planned second close later took place, so neither should be inferred from the 2019 $60 million headline. InReach’s company updates
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