"By supporting the most ambitious founders with our hard-won experience, we're determined to build enduring global companies that will have a GDP-level impact and be transformative for economies and society," said Hinrikus in a statement.

The new fund comes after Plural launched in June 2022 with an initial 250 million euros fund, as Europe aims to compete more with the United States and China in the tech sector, and as artificial intelligence becomes increasingly prominent.

Recent investments by Plural, which has staff in London and Tallinn, include the company Robin AI - which handles AI for legal teams - and renewables energy firm Proxima Fusion.

($1 = 0.9186 euros)

(Reporting by Sudip Kar-Gupta; Editing by Toby Chopra)

By Sudip Kar-Gupta