Project A closes third fund on €180m

The vehicle was registered in October last year and held a first close on €106m in March. The VC's previous fund closed on €140m in February 2017 and was 60% deployed by December last year.

Project A has simultaneously announced plans to expand into London and Stockholm.

The fund aims to return 3x capital to its investors and has an investment period of three to four years.

Investors
Existing investors Otto Group, Axel Springer, Bitburger and Oetker have backed the latest vehicle, as well as new investors including US fund-of-funds Top Tier Capital Partners.

Investments
The new fund will be used to make early-stage investments in European startups. It will invest in seed and series-A rounds with initial cheques of up to $7m.

People
Project A – This Sander, Florian Heinemann (general partners).

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