Project A targets Q1 final close for third fund

Barbara Pianese (Mergermarket); Oscar Geen
07 December 2018

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Berlin-based VC firm Project A is targeting a final close on €180-200m in early 2019 for Project A Ventures III.

The new vehicle was registered in Berlin as Project A Ventures III GMBH & Co KG in October. It is aiming to return 3x to its investors.

The investment period will last for three to four years and the holding period between four and seven years.

Project A Ventures II held a final close on €140m in February 2017 and is almost 60% deployed.

The VC firm raised €80m in 2012 for its first fund and last year it raised an additional €40m vehicle for further investment in the first fund's portfolio companies.

Investors
Project A expects to raise from existing LPs, and other LPs from Europe and the rest of the world.

Investments
The fund will invest between €500,000-5m for each investment, while reserving up to €12m for follow-on financing per company.

Potential targets would be digitally enabled startups, with a double-digit growth per month, strong unit economics and a potential to build a competitive position in their sector.

It will also co-invest 20-25% of the capital alongside PE funds. So far it has made four of these investments: auto parts retailer kfzteile24, alongside EQT; Onlineprinters, with Bregal Unternehmerkapital; Lampenwelt, with 3i; and Trendtours Touristik, also with Bregal Unternehmerkapital.

People
Project A – Ben Fischer (general partner).