LocalGlobe is a London-based venture capital firm specializing in seed-stage investments in technology-enabled businesses. Founded in April 2015 by Robin Klein and his son Saul Klein, the firm focuses on early-stage startups, including those in the artificial intelligence sector. LocalGlobe has raised several funds, starting with LocalGlobe 7, a £45 million fund raised by October 2015, followed by LocalGlobe 8, a £70 million fund in March 2017.
The firm operates as a seed investor, providing capital and support to companies at their earliest stages. LocalGlobe's approach emphasizes backing founders with technology-driven ideas, often in areas like Artificial intelligence, Machine learning, and other digital services. The firm is part of a broader ecosystem that includes The Accelerator Group, co-founded by Robin Klein, which has a history of investing in early-stage internet and e-commerce ventures.
Founding and Background
LocalGlobe was established in April 2015 by Robin Klein, a British entrepreneur and investor with a career spanning decades, and his son Saul Klein. Robin Klein had previously been a venture partner at Index Ventures from 2010 to 2015, where he ran Index Seed in partnership with The Accelerator Group. The founding of LocalGlobe marked a continuation of the Klein family's focus on early-stage investing, building on Robin's experience with companies like Lastminute.com, LoveFilm, and TweetDeck.
Robin Klein's background includes a bachelor's degree in electrical engineering with a specialization in cybernetics and a Master of Science degree from the University of the Witwatersrand in Johannesburg, obtained in 1969. He moved to the United Kingdom in 1976 and later held roles at Innovations Group PLC and Arcadia before turning to investing full-time.
Investment Strategy and Focus
LocalGlobe targets seed-stage investments in technology-enabled businesses, with a particular interest in sectors such as Generative AI, Large language model development, and other emerging technologies. The firm's strategy involves identifying startups with high growth potential and providing not only capital but also strategic guidance. LocalGlobe's portfolio includes companies working on Neural network applications and Deep learning tools, reflecting a broader trend in venture capital toward AI-focused investments.
The firm's funds, such as LocalGlobe 7 and LocalGlobe 8, are designed to support a diverse range of startups, from consumer internet services to enterprise software. LocalGlobe often collaborates with other investors and accelerators, including Seedcamp, which Robin Klein helped launch in 2007.
Key People and Leadership
Robin Klein serves as a co-founder and key figure at LocalGlobe, bringing decades of experience as an early-stage investor. He has been involved in numerous successful exits, including Agent Provocateur, acquired by 3i for £60 million, and SlideShare, acquired by LinkedIn for $119 million. Saul Klein, his son, co-founded LocalGlobe and has been instrumental in its operations, also known for starting the OpenCoffee Club in 2007 to foster networking among entrepreneurs and investors.
Robin Klein has held board positions at companies like moo.com, MyBuilder, and Wonga, and has been a board member at Farfetch, Zoopla, and other firms. His investment portfolio includes TransferWise, where he was an investor and board observer, and Moneysupermarket.com, where he served as a non-executive director.
Impact and Ecosystem
LocalGlobe is part of a vibrant London-based startup ecosystem, contributing to the growth of technology companies in the region. The firm's focus on seed-stage investments helps bridge the gap between idea and scale, particularly for AI startups. LocalGlobe's connections to The Accelerator Group and Index Ventures provide a network of resources for portfolio companies.
The firm's investments have included companies in sectors like e-commerce, digital media, and AI, aligning with broader industry trends. LocalGlobe's approach has been influential in supporting early-stage innovation, with a track record that includes backing companies that later achieved significant acquisitions or growth.
Philanthropy and Broader Involvement
Robin Klein, through his work with LocalGlobe, has also been involved in philanthropic activities. He served as chairman of Great Ormond Street Hospital Promotions Ltd, the funding arm for Great Ormond Street Hospital, and was a trustee of the Jewish Community Centre for London, which developed the JW3 community centre. These efforts reflect a commitment to social impact beyond the venture capital sphere.
LocalGlobe itself engages with the broader tech community, supporting initiatives that promote entrepreneurship and innovation. The firm's role in the AI investment landscape is part of a larger movement where venture capital firms are increasingly backing Artificial intelligence and Machine learning startups, contributing to advancements in fields like Transformer (architecture) models and Generative AI.