Early-stage investor Project A has announced the closure of a €180m technology investment fund to invest in startups across Europe.
The Berlin-based fund, which has invested in UK tech companies Lostmyname, WorldRemit and ZenMate, will expand its focus to include HealthTech, B2B and vertically integrated consumer brands.
A representative for the fund confirmed it will primarily focus on Germany, UK, Sweden and The Netherlands.
Thies Sander, founding partner of Project A, commented on the fund’s closure: “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.”
Some €140m of the fund will be used to invest in new European startups, while €40m will be destined for follow-on investments in Project A’s portfolio companies.
With the raise led by the European Investment Fund, Project A has increased its assets under management from €80 million to €260 million.
Founded five years ago, the fund is backed by Otto Group and Axel Springer SE as well as renowned German companies and families like ProSiebenSat.1, Jahr, Haniel, Ravensburger and Oetker.
Individual investors also include Rolf Schrömgens,co-founder and CEO of Trivago; Rene Köhler, founder and CEO Internetstores; Holger Hengstler, co-founder dress-for-less; and Brian O’Kelley, founder and CEO of AppNexus.