Project A Ventures receives €30m from Springer

Axel Springer is now the second largest investor in Project A, while global e-commerce company Otto Group, which initially backed the VC with €50m, is still the leading limited partner.

Axel Springer is an active investor in technology start-ups, with Austrian mobile application Runtastic being its latest acquisition.

The firm invested in Project A in order to make up for its internal investment gap between early- and later-stage deals, especially in the performance marketing sector.

Axel Springer operates Axel Springer Venture, the publishing company's venture capital arm, which invests in start-up companies in the technology sector.

Founded in 2012 by Uwe Horstmann and Christian Weiss, former managers of Rocket Internet, Project A has backed 15 start-up companies in the online technology sector so far.

In February, Project A teamed up with Avonmore Developments to back London-based Glow Digital Media, a provider of Facebook ad technology solutions, with $1.3m.

In September this year, Project A sold online tyre shop Tirendo to strategic buyer Delticom for €50m after a holding period of just one year.

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