London venture capital firm Eight Roads Ventures has launched a new $375m European fund to invest in fast-growing technology companies.

Targeting scale-ups in Europe and Israel, the ERVE III fund will support tech businesses across enterprise, consumer, FinTech and healthcare IT sectors – although the firm plans to remain sector agnostic.

The fund will look to back between 15 and 20 businesses, with an average investment size of between $10m and $30m.

"We find ambitious entrepreneurs across the continent but there is a real lack of credible scale-up advice and business-building experience to help them beat the odds," said Davor Hebel, managing partner and head of Eight Roads Ventures Europe.

"We will continue to support our entrepreneurs with our global platform and value-add team of operators as they take their companies from 50 to 500 employees and beyond.

"We are confident that with the right help the European ecosystem can systematically create $10bn+ global tech businesses."

Since launching its first standalone European fund in 2010, the firm has backed over 20 companies including AppsFlyer, Compte Nickel, InnoGames, Made.com, Neo4j, Treatwell and Wallapop.

It has this week participated in an investment round in online furniture Made.com to support its European expansion.

Eight Roads is the investment arm of Fidelity International Limited (FIL). It has offices in China, Japan, India, the UK and the US.