On Tuesday, Balderton Capital, an European venture capital firm stated, it is launching a $400 million fund to invest in technology start-ups; its total funds under management now totals to $3 billion.

In a statement, Balderton said, the total venture capital funding in European start-ups hit a record high of $27.11 billion (24.6 billion euros) in 2018.

“Europe has the potential to build the next generation of technology giants…we are seeing more and more exceptional founders,” said Bernaud Liautaud, managing partner at Balderton.

Balderton’s current portfolio includes Healx, which uses artificial intelligence to accelerate treatments for rare diseases, and digital account provider Revolut.