Iris Capital, a European venture capital firm, has launched IrisNext, a new $278 million fund focusing on digital transformation opportunities, the company said in a statement on Thursday.

IrisNext will invest in start-ups from seed to growth stage, from $1.1 million up to $33 million, giving Iris Capital the leverage to accelerate and sustain the growth of ambitious European companies at various stages.

Careem is one of Iris Capital’s most high profile investments in the United Arab Emirates.

IrisNext is the firm’s second generation multi-corporate vehicle, and combines strategic corporates, financial investors, individuals and institutions under a fully independent management.

According to the statement, IrisNext will be focused on industries including: The internet of Things, Cybersecurity, 5G networks, Artificial Intelligence, Big Data, Cloud Computing and Software Design.

IrisNext will be mainly invested in Europe, with a focus on France and Germany. The fund will also include an investment strategy outside of Europe, primarily focusing on the US, where Iris Capital can bring added value to start-up companies through its network of corporate backers and strong European anchorage.

Erkan Kilicaslan and Erik de la Rivière, Managing Partners at Iris Capital, said in a statement: “With this new fund we look forward to fuelling many more ambitious and innovative success stories, IrisNext attracted some of Europe’s leading corporates as investors in the fund, which is a testimony to our model, our track record and legacy in the venture capital industry.

“The several success stories from our portfolio, with companies such as Talend, Adjust, Netatmo or Scality, as well as Iris Capital’s global experience and performance were key in the closing of IrisNext´s first round,” they added.