Unilever-Backed Venture Firm Cathay Raising 1 Billion-Euro Fund

Cathay Innovation, a venture capital group backed by consumer conglomerate Unilever Plc and energy giant TotalEnergies SE, is raising 1 billion euros ($1 billion) to back tech startups.

The venture arm of investment firm Cathay Capital Group, is putting together its third fund, which will focus on sectors including digital health and financial technology companies, co-founder Denis Barrier said in an interview.

The group is going up against an environment that’s slashed tech valuations as rising interest rates and inflation fears sparked a market-wide collapse. Klarna Bank AB closed a funding round that shrank its valuation to ...