Index Ventures, the VC firm whose portfolio includes NetVibes, Skype and Joost, is closing a new 400 million euro (£298 million) fund aimed at bigger, later-stage investments. The existing fund, dubbed “IV LP”, has concentrated on seed and early-stage investments since 1996. This new one, which again covers technology and biotech, is a nod to “the maturation of Europe’s start-up industry and the movement of traditional late-stage investors into larger deal sizes”.

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The aim is to hit what Index reckons is a gap in the market, targeting companies that may be fielding acquisition queries and instead offering further investment. This kind of approach may help to grow companies on this continent beyond the point where they need to be bought by well-stocked American suitors.

The new fund expects to make investments of between 20 million euros (£14.9 million) and 50 million euros (£37.2 million) in European-based companies and possibly some US or eastern European companies if they have international expansion plans. Former Yahoo (NSDQ: YHOO) Europe boss Dominique Vidal (pictured), who was replaced by Toby Coppel last April, and Guido Magni, formerly of pharmaceutical firm Roche, will join the team running the fund.