Seedcamp has raised a new $3 million fund. I’m a huge fan of Seedcamp, even though I’ve given the co-founder Saul Klein a hard time about some of its winners in the past.

It is a combination of Y Combinator, a competition like TechCrunch Disrupt and a super angel, but one that aggressively takes itself on the road every month to find the best startups in emerging markets, particularly Eastern Europe. (It’s not unlike my own obsessive emerging market reporting. Oh wait, it’s completely different. They have actual moneyto invest.)

We caught up with Seedcamp’s other founder Reshma Sohoni to find out more about Seedcamp’s newly enlarged global ambitions. The video is below.

More than money, Seedcamp gives crucial mentorship for these early companies and has a decent track record over the last three years of helping these diamonds-in-the-rough connect with big Western investors like Union Square Ventures and Index Ventures, who is also a backer of Seedcamp.

This is just a first close, and Seedcamp is hoping to raise more money in coming months. This seems a no-brainer investment for a VC firm with too much cash that wants a savvy eye on up-and-coming companies and talent in Eastern Europe. Just throwing money at someone who is crazy enough to kill himself (or, ahem, herself) scouring emerging markets for unknown companies is a lot easier than doing it yourself. (cc:Michael Arrington/AOL)

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Authors: Sarah Lacy

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