Germany-based venture capital firm Project A closed a €140m ($148m) early-stage fund yesterday with contributions from several domestic corporates.
Retailer Otto Group, broadcaster ProSiebenSat.1, diversified holding company Franz Haniel & Cie, games and toy maker Ravensburger, food producer Dr Oetker and publishers Axel Springer and Gruner + Jahr are all limited partners in the fund.
European Union financing agency European Investment Fund (EIF) is cornerstone investor in the fund, which also received contributions from assorted private investors.
Founded in 2012 with a €50m commitment from Otto Group, Project A went on to secure €30m from Axel Springer the following year.
The firm now has €260m under management, including a €40m fund that is about to close and which will enable follow-on investments in Project A’s portfolio companies.
The total value of Project A’s assets currently exceeds €2.5bn, with the firm holding shares in startups sized between 10% and 35%. It targets the fintech, human resources, insurance technology, property technology and industry 4.0 sectors.
Project A will expand its focus to include digital health, business-to-business and vertically integrated consumer brands for the new fund. It will supply between €300,000 and €5m per round, up to a total of €10m for each company.
Thies Sander, founding partner of Project A, 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.”
– A version of this article first appeared on our sister site, Global Government Venturing.