Berlin-based early-stage investor Project A has launched its third fund of €180 million, taking assets under management to €440 million.
The VC will use the capital to continue investing in transformational European startups at the seed and Series A stage, with initial rounds funded up to €6.4 million. In order to expand its reach in two of its favourite ecosystems, Project A is setting up presences in London and Stockholm.
Project A’s portfolio companies receive support from 100 functional experts in engineering, marketing, product, design, communications, business intelligence, sales & customer success, organisational building and hiring. Project A can provide support in all critical functions across the entire startup building stack, at all stages of a founding teams’ startup journey.
“We are pleased that our approach as an operational venture capital investor convinces both startups and co-investors,” said Thies Sander, General Partner at Project A. “Over the next few years, the new fund will enable us to continue backing passionate European founders and their teams at Seed and A stages – working both on B2B as well as B2C innovations.”
Having backed category leaders such as WorldRemit, Voi, Sennder, Homeday, Spryker, Uberall, Catawiki, micropsi industries as well as leading digital health start-up Kry in Sweden, Project A will continue to invest in areas such as fintech, digital health, proptech, Industry 4.0, enterprise software, mobility and logistics – areas where they have deep expertise and where European startups are uniquely positioned to build transformational global businesses.
“We have always considered ourselves a pan-European VC having invested in UK, Sweden, France, Italy, Netherlands, Denmark, and Germany,” said Florian Heinemann, General Partner at Project A. “To further expand this positioning, we have added presences in London and Stockholm which lead us to being closer to these key startup hubs.”
“The European digital ecosystem matured enormously within a few years,” said Heinemann. “We see more and more ambitious serial entrepreneurs working on groundbreaking product innovations based on their experience in the established economy combined with their prior expertise. We also see more and more competence-driven acquisitions and strongly believe that they will increase significantly over the next few years.”
Project A sees the continued commitment from existing investors such as Otto Group, Axel Springer, Bitburger, and Oetker, as well as welcoming its first US institutional investors to the new fund such as Top Tier Capital Partners. The firm is also backed by representatives of renowned companies and entrepreneurial families in Germany.