Germany-based venture capital firm Cherry Ventures closed a €150m ($170m) second fund yesterday, drawing capital from limited partners including media company ProSiebenSat.1 and family holding group Franz Haniel & Cie.
Cherry Ventures has so far invested in 27 companies, securing exits from Quandoo, a restaurant booking platform bought by human resources firm Recruit for $220m in March 2015, and erotic toys and lingerie seller Amorelie, which was acquired by ProSiebenSat.1 the same month.
The fund will target early-stage European companies in the consumer technology and business-to-consumer sectors, and will likely lean toward startups situated in proximity to Cherry’s Berlin headquarters. It will invest between €700,000 and €1.5m at a time, TechCrunch understands.
Cherry Ventures II’s LPs also featured institutional funds including European Investment Fund and undisclosed internet entrepreneurs.
Daniel Glasner, founding partner of Cherry Ventures, said: “We are very pleased with the trust our investors have put in us. We are convinced that the coming years will see a number of new technology startups in Europe and Berlin with the potential to become global leaders.
“Cherry Ventures II enables us to invest in and support the entrepreneurs who are founding the market leaders of tomorrow from a very early stage.”