Auxxo, a Berlin-based venture capital fund, has announced the first closing of its Auxxo Female Catalyst Fund II at €26 million (US$30.3 million).

This exceeds the €19 million (US$22.1 million) total of its predecessor, Fund I.

The European Investment Fund (EIF) is an anchor investor, joined by Aurum Impact, Cherry Ventures, Speedinvest, and other European business angels, family offices, and founders.

Auxxo invests in early-stage European startups with at least one female founder holding a minimum of 20% of the founder shares.

Founded in 2019 by Bettine Schmitz and Dr. Gesa Miczaika, Auxxo aims to enhance gender diversity in venture capital.

Three investments have already been made from the new fund: Emidat, Resolutiion, and Stanhope.ai.