Berlin-based Target Global has closed a new fund, Early Stage Fund II, at €120 million. As the name suggests, the fund will go toward early-stage technology companies, leading or co-leading seed and Series A rounds.
Since the close of its last fund, Early Stage Fund I, Target Global’s focus has widened beyond Germany and Israel to include all of Europe. While the first fund's aim was to establish a channel between Berlin and Tel Aviv, the firm will now find and connect other European tech hubs.
“There has never been a better time for early-stage investments in Europe: we’re seeing excellent founding teams building global category leaders in truly European industries, and that’s a key element of our investment thesis,” said Shmuel Chafets, the firm's general partner.
Those industries include retail, financial services, food, mobility, healthcare, and manufacturing. Target Global is interested in startups who are transforming both B2B and B2C markets through technology such as Software-as-a-Service, marketplace and e-commerce, and artificial intelligence. Portfolio companies thus far include Auto1, Delivery Hero, wefox, TravelPerk and Rapyd.
The new fund brings total assets under management to over €800 million. It also brings on board a new partner, Dr Ricardo Schäfer. The angel investor will lead the firm’s early-stage investments in the London office.