Target Global, an international VC firm based in Berlin, announced today the first closing of a new €100 million fund focused on early stage investments. Dubbed ‘Target Global Early Stage Fund I,’ the fund will focus on seed and A rounds, expecting to support up to 20 companies throughout its lifetime.
Focus will be made on Internet startups in the fields of consumer Internet and marketplaces, but also in mobility, Insurtech, RegTech, fintech, software and deep tech, in line with Target Global’s general strategy.
“We will definitely also look at startups dealing with Blockchain and cryptocurrencies,” said Mike Lobanov, General Partner at Target Global (see recent interview).
The new fund will operate from Target Global’s main office in Berlin and invest primarily in Germany and Israel, even though a fraction of its capital will go to investments in other EU countries.
Bridging two global tech hubs
The fund aims to become “the first to connect two of the most important and quickly growing ecosystems in the global tech world, Berlin and Tel Aviv, and will emphasize partnerships between the two locations.”
“Germany in general, and Berlin more specifically, have been able to produce great companies, but if Berlin truly hopes to become a global tech hub it must open itself up to real innovations and groundbreaking technologies. On the other hand, If Israel wants to continue to be the ‘start up nation,’ it has to create sustainable, long-term companies and efficient business processes. We already see some early signs of collaboration taking place, but we believe we can help expand it to other industries,” said Shmuel Chafets, General Partner at Target Global.
Illustrating the internationalization of Russian venture activity, Target Global has grown into an international VC firm with over $500 million in assets under management, with offices in Berlin, Tel Aviv, San Francisco and Moscow. Since 2012, the firm has invested in more than 40 leading companies including Delivery Hero, Blue Apron, Dreamlines, Prosper, Juno, VATBox, Blackmoon, DocPlanner, WeFox, Lemoncat, Auto1 and many others.
