Analysis
London-based growth investor Sprints closed its fifth fund at a €725 million hard cap, about 40% larger than its roughly €525 million predecessor, after about a year of fundraising. Co-founder and managing partner Henrik Persson says more than half the capital is already deployed. Source
Inside Sprints' Concentrated Bets
The close comes shortly after one of the fund's cleanest exits: Salesforce agreed in June 2026 to buy portfolio company Fin, formerly Intercom, for about $3.6 billion, completing the deal on September 10. Sprints first invested in Fin back in February 2021.
“- Flightradar24 -- Sprints bought a 35% stake last September, valuing the flight-tracking company at around $500 million.”
The rest of the portfolio shows a wide spread of outcomes:
- Revolut -- backed in 2018 as part of a $250 million Series C; a secondary sale last July valued it at roughly $115 billion, up 53% from a November 2025 mark.
- Vinted -- Sprints led a €50 million round in 2018 and remains the biggest shareholder; the marketplace reached an €8 billion valuation in an April secondary led by EQT.
- Flightradar24 -- Sprints bought a 35% stake last September, valuing the flight-tracking company at around $500 million.
- Checkout.com -- a September 2025 buyback valued the payments company at $12 billion, about 70% below its 2022 round, the one mark in the portfolio moving the wrong way.
Sprints runs a concentrated portfolio across marketplaces, financial services and software, and funds endowments, foundations, pension funds and family offices back it. Persson has said the firm deliberately avoids backing foundation-model AI developers directly, arguing most haven't yet built a real business model; its AI exposure instead runs through application-layer bets like agentic customer platform Planhat.
That positioning sets Sprints apart from the wave of growth capital chasing OpenAI- and Anthropic-adjacent infrastructure deals this year. It also means the fund's returns hinge less on any single foundation-model outcome and more on whether application-layer AI companies can out-execute incumbents the way Revolut and Vinted did in fintech and marketplaces. Dealroom has reported Sprints already sold part of its Revolut and Vinted stakes through secondaries in 2025, meaning some of the fund's best marks were partially monetized before this new vehicle even closed -- a detail that matters for LPs sizing up how much upside is actually left to capture.