Project A Ventures was launched in Berlin 10 years ago when a handful of ex-Rocket internet players decided they would try their own hand at this startup thing. Since then, they’ve done quite well, investing early in some of the biggest European tech companies, such as Trade Republic, Kry, sendder, WorldRemit, Spryker, and Voi.
The venture capital fund has now closed its fourth fund at $375 million, its largest to date, bringing the company’s total assets to $1 billion.
Project A invests from pre-seed to Series A and focuses on B2C and B2B, including fintech, commerce, business software, data infrastructure, supply chains and climate technology.
Uwe Horstmann, General Partner and Co-Founder of Project A said in a statement: “The closing of our fourth fund is an important milestone in our company history as it marks the 10th anniversary of Project A successfully supporting founders across Europe. .. We continue to expand our operational VC model so that our functional experts directly support our portfolio companies in scaling their business and their technology.”
He says this “operational VC” model includes more than 140 functional experts, who support the portfolio companies.
Project A also announced that it plans to expand its private equity co-investment practice, investing up to $80 million in Private Equity deals, at the “growth” end of the market, after it acquires a portfolio of 11 private equity co-investments. investments.
Regarding the impending economic downturn, I asked Horstmann what the feeling was among Project A’s LP backers: “Of course it varies between investors, but I would say most of our investors expected this at some point. The large institutional investors from the US, for example, have some experience with that too – they’ve been around for a long time. We share the view that we need to prepare our portfolio for a potentially difficult time ahead in terms of financing environment, but it is actually a good time to make new investments: the fundamental positive trend in the European ecosystem is intact and we make investments with at least a period of 6-10 years in mind.”
I also asked what new directions the fund would take: “We continue to pursue two strategies: a) early stage venture (pre-seed to Series A) and b) co-investment in private equity. Both strategies are based on the more than 140 full-time operational expert team we run – which to our knowledge is unique in Europe. While we could have made this fund much larger, we felt this size was the right one for us, as it allows us to build an exciting portfolio across Europe and across different sectors and verticals – all while be able to invest even more per company,” he said.
This post Project A Ventures closes its fourth fund, reaching $375 million, largest to date – TechCrunch was original published at “https://techcrunch.com/2022/06/15/project-a-ventures-closes-its-fourth-fund-hitting-375m-the-largest-to-date/”