Headquartered in Berlin, the international VC firm Target Global announced the successful first close of its new €300 million (approx £271 million) growth fund recently. This brings the company’s total committed capital under management to more than €1 billion (approx £902 million).
Closed €400 million funding
Further, the company hopes to close the fund at €400 million (approx £361 million) in the upcoming months. With this funding, Target Global will focus on investing in companies in the early growth stages with product-market fit and early revenue traction and will make initial investments of €10-20 million (approx £9-18 million) .
Partnership with UBS
As a part of the funding, Target Global has joined forces with UBS Global Wealth Management (“UBS”), the Swiss wealth management firm, which has introduced clients to the fund. In addition to UBS, Target has secured commitments from a range of new LPs across institutional and private investors.
With investing offices in London, Tel Aviv, and Barcelona, the firm focuses on growth and early-stage investments in private and tech-enabled companies, with an emphasis on the marketplace, software (SaaS), and FinTech businesses.
Previously, Target Global made investments in various companies such as DeliveryHero, Auto1, and WeFox in Germany, DocPlanner in Poland, and Rapyd in Israel.
Yaron Valler, Managing General Partner of Target Global said: “We are in the midst of one of the greatest economic shifts in modern times. COVID-19 has accelerated digitisation beyond anything we could have anticipated and the new growth fund is perfectly positioned to capture that trend and support the next generation of European winners.”
“When I started to invest in Berlin over a decade ago, the aspiration was to partner with founders to help them build companies with one billion Euro valuations and be leaders in their market. Today, with the opportunity for tech-enabled businesses to scale even further and even faster, we now aspire to partner with companies with global ambitions and values far beyond the original tech unicorns. I believe there has never been a better time to build such companies in Europe.”
“I am grateful for the support we have received from our existing LP base and from our new partners. The UBS partnership is particularly exciting as it makes high-growth European entrepreneurship accessible to their clients.”
“With many of our new and existing LPs themselves entrepreneurs, we continue to provide successful entrepreneurs with opportunities to invest in the new economy. Their experience is also highly valuable to the companies we back by helping facilitate initiatives such as strategic partnerships and geographic expansion.”