Early Deliveroo investor Hoxton Ventures is set to lose one of its founding partners

European enterprise capital agency Hoxton Ventures, a backer of among the U.Okay.’s best-known tech unicorns, is about to lose one in all its founding companions.

Rob Kniaz, who co-founded Hoxton in 2013 with Hussein Kanji, is in talks with institutional funding corporations about establishing a brand new enterprise capital fund specializing in deep tech investing, sources accustomed to the matter advised CNBC.

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Kniaz’s departure is just not imminent and he’ll proceed managing the $215 million fund the agency raised final 12 months as he prepares to ultimately exit to deal with his new VC agency, in keeping with the 2 sources, who most popular to stay nameless as the data has not but been made public.

The timeline on Kniaz’s departure stays unclear at this stage, the sources added.

Hoxton declined to remark when contacted by CNBC.

Kanji and Kniaz, two Americans who moved to the U.Okay. to spend money on European startups, have backed among the nation’s most notable unicorns. They embrace Amazon-backed meals supply app Deliveroo and cybersecurity agency Darktrace.

News of Kniaz’s plan to exit the agency arrives at a tumultuous time for the tech business. Last 12 months was a troublesome one for growth-stage startups, whose valuations declined in response to rising rates of interest and softer shopper spending. Layoffs have additionally plagued the business.

Some of Hoxton’s portfolio firms have seen their public market values sink as buyers re-examined their publicity to tech.

Deliveroo has fallen 68% because it debuted in April 2021. Darktrace, which floated shortly after Deliveroo, is down 21% under its IPO value and is the topic of a short-seller assault over alleged flaws in its accounting. Telehealth agency Babylon Health has misplaced 95% of its market worth since going public through mixture with a particular goal acquisition firm.

Nonetheless, Hoxton generated a hundredfold return on its early bets on Deliveroo and grew the worth of its Darktrace place practically fiftyfold since first investing within the firm, in keeping with one of many sources.

It did nevertheless lose cash on its Babylon Health deal, the supply added.

The transfer raises questions concerning the agency’s future success. Hoxton has backed a complete of 68 firms to this point, in keeping with Dealroom knowledge. Its investments are managed by three companions, together with Kanji, Kniaz, and Charles Seely. Rob Ludwig serves as its chief working officer.

However, in keeping with one supply, Hoxton is not closing the door on growth — the agency plans to nominate some new companions this 12 months.

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