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Venture capital firm Playfair has closed $70m (£56.8m) for its pre-seed fund, doubling its total raised to $140m (£113.6m).

London’s Playfair Capital makes investments of approximately £750,000 in SaaS, AI, health tech and marketplace startups. It says it backs all portfolio companies in follow-on rounds.

Chris Smith, managing partner of Playfair, said: “I’m incredibly proud of everything the team has achieved so far as we look ahead to our 10th anniversary later this year.”

“We’re delighted to be continuing our mission with our third fund, the largest yet for Playfair, which will enable us to double down on our thesis.”

The venture capital firm only invests in up to eight new companies annually in the UK and Europe. To date, Playfair has invested in more than 70 companies from its first two funds.

From its third fund, Playfair has already backed Spotted Zebra, Kuai Commerce and Trezy.

Playfair recently contributed to the airport management platform AeroCloud’s Series A and rubbish sorting robots maker Recycleye’s Series A.

Henrik Wetter Sanchez, partner of Playfair, said: “At Playfair, we see a vision of venture the way it really should be. We believe in execution over ideas, we believe in treating founders as equals, we believe in epitomising the best versions of ourselves, always.”

Yesterday venture capital firm SR One closed £489m for its biotech fund.