(Bloomberg) -- New Enterprise Associates, one of the world’s largest venture capital firms, named Philip Chopin as its first Europe-based partner amid a broader expansion into the region. 

It’s the latest in a string of prominent US VC firms to push deeper into Europe, and follows Sequoia Capital and Philippe Laffont’s investment firm Coatue Management in hiring local teams. Bloomberg News previously reported on NEA’s possible hiring in March. 

NEA has struck previous deals in Europe from its US base, but Chopin said in an interview that “the consensus among the firm is it’s just easier if you have a team on the ground.”

Europe’s venture sector has boomed in recent years, deploying more than $100 billion across 2021 in a record year, according to a report compiled by investment firm Atomico. However, there remains a gap when it comes to growth financing that is holding European growth back, according to a separate report from venture capital firm Lakestar.

Chopin joins NEA from 83North, where he worked on investments in companies such as SellerX and HungryPanda. He will be based in NEA’s London office along with two colleagues, and there are plans to grow the team further, he said. 

NEA has invested in more than 36 companies across Europe, with a focus on the UK, Germany, France and Switzerland, the firm said in a statement. Chopin will concentrate on consumer, financial technology and enterprise software deals, it said.

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