Target Global heads for Growth II final close

Harriet Matthews
19 March 2021

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Target Global is anticipating a final close for Target Global Growth II in summer 2021, a source close to the situation told Unquote.

The fund was launched in January 2020 and held a first close in December 2020 on €300m, as reported. It has a target of €400m and a hard-cap of €600m.

LPs in Target Global Growth II include Feri Group and UBS Wealth Management, as reported.

The vehicle invests in startups with valuations of around €50-200m, targeting series-B and -C rounds. The fund makes initial equity investments of €10-30m. It will target a range of technology-based sectors, including software-as-a-service and financial technology, as well as technology-backed consumer, automotive and industrials businesses.

Target Global invests in businesses based in Europe, Israel and the US. The firm is headquartered in Berlin and has additional offices in London, Barcelona, Moscow and Tel Aviv.

The fund made its first investment in March 2021, backing a €30m series-B round for Netherlands-based online supermarket Crisp, alongside Keen Venture Partners.

The VC's previous investments include food delivery platform Delivery Hero, as well as car sales marketplace Auto1, which listed in Frankfurt in February 2021, as reported.

Target Global aims to provide both early-stage and later-stage capital for startups via its two strategies. Early Stage Fund II held its final close in February 2020 on €120m.