HTGF holds first close for third fund on €245m

The fund has a target of €300m and will begin making early-stage investments in Q4 2017.

HTGF oversees a total of €820m across three funds. HTGF II was launched in October 2011. It held its first close on €288.5m shortly afterwards and its final close on €301.5m in January 2013. The German government was the cornerstone investor in this fund, providing €220m.

Investors
Like its previous funds, HTGF III is a public-private partnership. Public investors include the Federal Ministry for Economic Affairs and Energy, KfW and Fraunhofer-Gesellschaft. Private-sector investors include Altana, BASF, B Braun, Robert Bosch, Bufa, CEWE, Deutsche Post DHL, Drillisch, Evonik, Haniel, Hettich, Knauf, Körber, Lanxess, Media + More Venture Beteiligungs, Phoenix Contact, Postbank, Qiagen, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik and Wacker.

HTGF said it has increased the number of non-public investors in the fund to 26 from six in its first fund and 18 in its second fund.

Investments
The fund will make initial investments of up to €3m in startups up to the three years of age. It will focus on hardware-related engineering, life sciences, the chemicals industry, material science, software, media and the internet.

People
High-Tech Gründerfonds – Michael Brandkamp, Alex von Frankenberg (managing directors).

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