More cash for European VC as Project A raises €180m

There’s more VC money up for grabs in Berlin with early-stage investor Project A Ventures raising a fresh €180m.

The capital is split into €140m for the firm’s second VC fund and a separate €40m vehicle dedicated to making follow-up investments in its portfolio companies.

Project A’s fintech investments include remittance player WorldRemit and wealth management platform LIQID.

The new fund brings Project A’s total assets under management from €80m to €260m.

The company says the fund’s LPs are a mix of players from Germany’s digital industry as well as old economy firms.

The fund’s largest single backer is the publicly funded European Investment Fund (EiF) with existing backers Otto Group and Axel Springer also contributing alongside other German companies and individuals.

Project A founding partner Thies Sander said: “We are pleased to have such a diverse range of investors in our new fund.

“The last five years have proven our operational model is really valued and impactful, and we are looking forward to further expanding our portfolio this year.”

The firm aims make investments ranging between €300,000 and €5m and plans to focus on B2B technology and vertically integrated consumer brands, as well as digital health.

Having completed more than 40 investments since launching in 2012 Project A says it’s portfolio is now worth a total of €2.5bn with the firm holding between 10% and 35% of shares in startups.

The news follows an announcement by London-based VC Atomico last week, in which the Klarna and LendInvest-backer unveiled a new $765m fund targeted at Series A rounds and upwards.

Copyright © 2017 FINTECH GLOBAL