Phoenix Court Group (LocalGlobe) Rebrands: Seed to Multi-Stage with $500M Fund

London-based LocalGlobe had built a strong reputation as a pre-seed and seed investor but faced a structural limit: it could not follow its portfolio companies into later stages where larger capital was needed.

Co-founder Saul Klein decided to rebrand the firm as Phoenix Court Group and raise a $500 million fund structured as four complementary vehicles: LocalGlobe (core seed fund), Latitude (Series B/C participation), Solar (pre-IPO and beyond), and Basecamp (emerging seed managers across Europe, Africa, Asia).

The rebrand reflected the firm's roots in Somers Town, London — an area of stark inequality adjacent to major tech offices — and included a commitment of 10% of profits and 2% of carry to the Phoenix Court Works Foundation supporting local health, education, and climate projects.

With the new fund closed, the firm expects 80% of Solar's pipeline to originate from its own seed, Series B/C, and emerging-manager funds, creating a self-reinforcing cycle from inception to exit.

$500M fund with four vehicles covering pre-seed to pre-IPO

Seed-only model prevented compounding ownership in breakout portfolio companies through growth stages.

Later-stage pricing had become significantly more rational after the 2021 peak, creating attractive entry points for follow-on capital.

Separate vehicles with distinct fee structures allow tailored strategies for each stage while maintaining pipeline synergy.

Community ties in Somers Town inspired a broader mission beyond financial returns, formalized through the foundation.

Expanding fund strategy lets VCs compound ownership in winners across the full lifecycle.

The firm closed the $500M fund, deployed capital across all four vehicles, and invested in 23 local community projects through its foundation. Portfolio includes unicorns At-Bay, Hailo, Motorway, TravelPerk, and Zego.