German VC firm Project A has raised a fifth fund of €325m to back European startups at pre-seed and seed.
The new fund — its largest to date — will focus on defence tech, fintech, AI and supply chain software.
The firm plans to make 15-20 investments per year, writing initial cheques ranging from €1m and €8m. It declined to share what percentage of the fund is saved for follow-on investments.
Founded in Berlin in 2012, Project A is one of Europe’s oldest homegrown VCs with €1.2bn under management. It’s backed 130 startups, primarily in software, including neobroker Trade Republic digital freight-forwarder sender and cross-border payments platform Zepz.
However in 2022, Project A began focusing on defence tech — one of the first German VCs to openly do so — backing companies like Quantum Systems, a newly minted unicorn, and Arx Robotics, a battlefield robotics startup.
Project A last raised a fund of $375m in June 2022.
It says its fifth fund was raised in just four months from LPs including pension funds, family offices and corporates across the US and Europe.
The firm is also announcing the promotion of Jack Wang — a former principal who joined the firm in April 2021 — to partner in Project A’s growing London office.
“Our conviction in the transformative power of European entrepreneurship is stronger than ever,” said Malin Posern, partner at Project A in a statement. “Europe is poised to cultivate the next generation of globally significant companies, and this new fund underscores our deep commitment to being a pivotal partner for these ambitious founders.”
Read the orginal article: https://sifted.eu/articles/project-a-raises-fifth-fund/
