Target Partners

A German VC firm focused on technology companies across various funding stages, with a track record of making over 100 investments and exiting 21.

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Updated: Jan 22, 2026 ·

About

Target Partners is a German VC firm that was founded in 1999 and is currently based in Munich, Germany. The company provides funding for businesses across a variety of different funding stages, including late-stage VC funding. The company focuses its investments into technology companies. Since the business was founded just over two decades ago, it has managed a total of three investment funds. These funds have allowed Target Partners to make a total of 104 investments. As it stands, the company has exited from 21 of these investments.

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Oct 1, 2025	Nila Elder Care	$2.0M Seed	—	Dig Ventures, eCapital Entrepreneurial Partners, LocalGlobe, Octopus Ventures, OTB Ventures, Charlie Songhurst, Ian Hogarth, Torsten Reil
Sep 1, 2025	enadyne	$8.0M Seed	—	Picus Capital
Sep 1, 2025	Tangany	$12.0M Series A	—	High-Tech Gründerfonds, Nauta Capital
Jun 1, 2025	PhotonPath	$6.0M Series A	—	360 Capital Partners, Berkeley SkyDeck Fund, CDP Venture Capital, EUREKA! Venture, Far Out Ventures, Join Capital
Jan 1, 2025	Apheris	$21.0M Series A	—	Dig Ventures, eCapital Entrepreneurial Partners, LocalGlobe, Octopus Ventures, OTB Ventures, Specialist VC, Trind Ventures, Verve Ventures, Charlie Songhurst, Ian Hogarth, Torsten Reil
Sep 1, 2024	Nosh Biofoods	$3.0M Seed	—	Andreessen Horowitz, Clear Current Capital, Earlybird Venture Capital, Visionaries Club, Victor Jacobsson
May 1, 2024	MAJORITY	$13.0M Series B	—	Airtree Ventures, Andreessen Horowitz, Avenir, Avid Ventures, Bain Capital Ventures, Bessemer Venture Partners, Blackbird Ventures Australia, Bond, Earlybird Venture Capital, ENIAC Ventures, Felicis Ventures, Kairos HQ, Kindred Capital VC, Kipaki Ventures, Lightspeed Venture Partners, North Island Ventures, Outrun Ventures, Primary Venture Partners, Valar Ventures, Visionaries Club, Daniel Pilotti, Greg Kidd, Philippe Teixeira da Mota, Susanna Campbell
Mar 1, 2024	AQUATY	$3.0M Seed	—	Dig Ventures, eCapital Entrepreneurial Partners, LocalGlobe, Octopus Ventures, OTB Ventures, Charlie Songhurst, Ian Hogarth, Torsten Reil
Jan 1, 2024	SEMRON	$8.0M Seed	—	Berkeley SkyDeck Fund, Capnamic Ventures, Cybernetix Ventures, Join Capital, L Catterton Growth, Union Labs, Zacua Ventures, Andrej Henkler, François Nuyts, Michael Wax
Apr 1, 2023	HeatTransformers	$16.0M Series A	—	Energy Impact Partners, Verve Ventures
Apr 1, 2023	Nosh Biofoods	$4.0M Seed	—	Andreessen Horowitz, Earlybird Venture Capital, Visionaries Club, Victor Jacobsson
Feb 1, 2023	Flock	$38.0M Series B	—	Ada Ventures, Afore Capital, Anthemis Group, Ascension Ventures, CapitalX, Matt Ocko, Dig Ventures, Dreamers VC, eCapital Entrepreneurial Partners, Elkstone, GE Ventures, Greycroft, LocalGlobe, No Label Ventures, Northpond Ventures, Octopus Ventures, OTB Ventures, Paradigm, Rajan Anandan, Ribbit Capital, RTP Global, SNR, Social Capital, Streamlined Ventures, Taurus Ventures, Trajectory Ventures, Venture Highway, Village Global, Y Combinator, Ali Moiz, Alison Engel, Arash Ferdowsi, Bhavin Turakhia, Charlie Songhurst, Gokul Rajaram, Ian Hogarth, Ilya Kondrashov, Immad Akhund, Mike Giampapa, Munish Varma, Sahin Boydas, Sumon Sadhu, Torsten Reil, Viral Bajaria, Will Brooks, Will Martin
Nov 1, 2022	SECJUR	$6.0M Seed	—	20VC, 7percent Ventures, Andreessen Horowitz, btov Partners, Cherry Ventures, Cocoa, Earlybird Venture Capital, eCapital Entrepreneurial Partners, Flex Capital, Foundamental, Frontline Ventures, Kima Ventures, KRM Interests LLC, La Famiglia, LocalGlobe, Jonathan Golden, Otherwise Fund, Prototype Capital, Rethink Impact, Sequoia Capital, Social Starts, SV Angel, Visionaries Club, World Fund, Amjad Masad, Charlie Cheever, Charlie Songhurst, Christian Vollmann, Hanno Renner, Jason Lemkin, Julius Köhler, Luc Vincent, Luis Martin Cabiedes, Mario Götze, Mathilde Collin, Matteo Franceschetti, Michael Wax, Oliver Roskopf, Omid Ashtari, Paul Sevinç, Ron Pragides, Saturnin Pugnet, Victor Jacobsson
Nov 1, 2022	Apheris	$9.0M Seed	—	83North, Dig Ventures, eCapital Entrepreneurial Partners, Founder Collective, Founders Fund, General Catalyst, LocalGlobe, Octopus Ventures, Olima Ventures, OTB Ventures, Seedcamp, Shorea Ventures, Visionaries Club, Charlie Songhurst, Fredrik Hjelm, Ian Hogarth, Jan Dzulko, Martin Olczyk, Michael Stoppelman, Torsten Reil
Sep 1, 2022	Verkada	$210.0M Series D	—	Abstract Ventures, Accel, Alumni Ventures, Amino Capital, Andreessen Horowitz, Balderton Capital, Bling Capital, C2 Investment, Catapult Capital, Coelius Capital, Kevin Ding, Jenny Fielding, Scott Hartley, Felicis Ventures, First Round Capital, Flexcap, Flex Capital, Force Over Mass Capital, Founders Fund, Goat Capital, Greenoaks Capital, Helium-3 Ventures, Jigsaw VC, Kleiner Perkins, Menlo Ventures, Meritech Capital Partners, Msd Capital, Next47, Primitive Ventures, Quiet Capital, Saga, Summit Partners, Systemiq Capital, Tribe Capital, Uncork Capital, UpHonest Capital, Vibe Capital, Y Combinator, Elad Gil, Errol Damelin, Ilya Golubovich, Immad Akhund, Kirill Makharinsky, Matt Bellamy, Michael Staton, Roger Dickey, Samvit Ramadurgam, Sohail Prasad, Sue Xu
Sep 1, 2022	hakuna	$4.0M Seed	—	Bennett Siegel, Accel, Acton Capital Partners, BITKRAFT Ventures, Capnamic Ventures, Cavalry Ventures, Daffy, Earlybird Venture Capital, Jenny Fielding, Scott Hartley, Insight Partners, Iris Capital, La Famiglia, Left Lane Capital, Meritech Capital Partners, Pareto Holdings, rocketship.vc, Shaan's All Access Fund, Howard Lindzon, Suli, Team Ignite Ventures, Tiger Global Management, Twelve Below, Visionaries Club, Ali Moiz, Alvin Tse, Chris Schagen, Jan Deepen, Jeremy Cai, Kunal Shah, Manik Gupta, Mato Peric, Oliver Roskopf, Philipp Herkelmann, Shamir Karkal, Stefan Jeschonnek, Zachary Hargreaves
Apr 1, 2022	Tangany	$8.0M Seed	—	High-Tech Gründerfonds, Nauta Capital
Mar 1, 2022	Tacto	$6.0M Seed	—	Blossom Capital, Cherry Ventures, Creandum, Dig Ventures, eCapital Entrepreneurial Partners, foobar.vc, Frontline Ventures, FTX Ventures, General Catalyst, Jonathan Becker, Index Ventures, Kleiner Perkins, La Famiglia, LocalGlobe, Octopus Ventures, OTB Ventures, Picus Capital, Point Nine Capital, Rooks Nest Ventures, RTP Global, Seedcamp, Visionaries Club, Andreas Burike, Andrew Robb, Charlie Songhurst, Chris Murphy, Christian Reber, Dylan Field, Giovanni Gardelli, Hanno Renner, Ian Hogarth, Job Van Der Voort, Julius Göllner, Michael Wax, Tao Tao, Tushar Ahluwalia
Mar 1, 2022	Lune Climate	$4.0M Seed	—	50 Partners, Andreessen Horowitz, Blossom Capital, btov Partners, Connect Ventures, Crane Venture Partners, Earlybird Venture Capital, Lunar Ventures, Pareto Holdings, Point Nine Capital, Sequoia Capital, Visionaries Club, Chris Murphy, Hugues De Braucourt, Luca Ascani, Philippe Teixeira da Mota, Roxanne Varza, Thomas Rebaud, Victor Jacobsson
Feb 1, 2022	Climedo	$6.0M Seed	—	—
Dec 1, 2021	NavVis	$28.0M Venture Round	—	Don Dodge
Oct 1, 2021	ArangoDB	$28.0M Series B	—	eCapital Entrepreneurial Partners, Iris Capital
Jul 1, 2021	Flock	$17.0M Series A	—	Afore Capital, Anthemis Group, Ascension Ventures, CapitalX, Matt Ocko, Dig Ventures, Dreamers VC, eCapital Entrepreneurial Partners, Elkstone, GE Ventures, Greycroft, LocalGlobe, No Label Ventures, Northpond Ventures, Octopus Ventures, OTB Ventures, Paradigm, Rajan Anandan, Ribbit Capital, RTP Global, SNR, Social Capital, Streamlined Ventures, Taurus Ventures, Trajectory Ventures, Venture Highway, Village Global, Y Combinator, Ali Moiz, Alison Engel, Arash Ferdowsi, Charlie Songhurst, Gokul Rajaram, Ian Hogarth, Ilya Kondrashov, Immad Akhund, Mike Giampapa, Munish Varma, Sahin Boydas, Sumon Sadhu, Torsten Reil, Viral Bajaria
May 1, 2021	QuiX	$3.0M Seed	—	Dig Ventures, eCapital Entrepreneurial Partners, Entrepreneur First, LocalGlobe, MMC Ventures, Octopus Ventures, OTB Ventures, Passion Capital, Project A Ventures, TrueSight Ventures, Ben Holmes, Charlie Songhurst, Chris Schagen, Errol Damelin, Felix Jahn, Ian Hogarth, Phillip Chambers, Rupert Loman, Torsten Reil
Mar 1, 2021	German Autolabs	$1.0M Series A	—	—

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at Target Partners.

Berthold von Freyberg

Leadership Team

Key people at Target Partners.

Berthold von Freyberg

Deep Dive

High-Level Overview

Target Partners is a Munich-based German venture capital firm that focuses on early-stage technology companies, primarily in the German-speaking region (Germany, Austria, Switzerland). With about €300 million under management, it has made over 100 investments and achieved 21 exits, marking it as one of Germany’s leading tech-focused VCs[1][3][4]. Their mission centers on investing in "radical tech" with global potential, supporting startups not only financially but also through business development, international expansion, and strategic partnerships. Key sectors include software, SaaS, AI, IoT, fintech, digital health, and industrial tech, reflecting a broad but tech-centric investment philosophy[1][3]. Target Partners aims to accelerate innovation and scale promising startups by leveraging a strong network of entrepreneurs, managers, and international investors, thereby significantly impacting the European startup ecosystem.

Origin Story

Founded in 1999 in Munich, Target Partners was established by a group of engineers and scientists with decades of experience in software development and company building. This technical and operational background informs their investment approach, emphasizing deep understanding of technology and product development[2][5]. Over time, the firm has evolved from a local early-stage investor to a key player with a pan-European footprint, maintaining a strong focus on early-stage radical technology companies. The founding partners’ engineering roots and long-term VC experience (over 80 years combined) have shaped a hands-on, founder-friendly approach that supports startups through multiple growth phases[2].

Core Differentiators

Unique Investment Model: Focus on early-stage radical technology with a hands-on approach, combining financial investment with operational support in business development, international expansion, and strategic partnerships[1][2].
Network Strength: Access to a broad network of European and US entrepreneurs, top managers, and venture capitalists who personally invest in their funds, creating a strong alignment of interests and opening doors for portfolio companies[1].
Track Record: Over 100 investments and 21 successful exits, with portfolio companies collectively reaching a market cap exceeding €1 billion, demonstrating consistent value creation[2][4].
Operating Support: Beyond capital, Target Partners actively supports startups in closing OEM and distribution contracts, acquisition decisions, and scaling internationally, leveraging their engineering and operational expertise[1][2].

Role in the Broader Tech Landscape

Target Partners rides the wave of digital transformation and radical technological innovation across Europe, particularly in deep tech, SaaS, AI, and industrial IoT. The timing is favorable as European startups increasingly gain global relevance, supported by growing venture capital availability and government initiatives. Target Partners’ engineering-driven approach and strong network help bridge the gap between innovative technology development and market adoption, influencing the broader ecosystem by nurturing companies that contribute to Europe’s competitiveness in global tech markets[2][3]. Their role extends beyond capital provision to ecosystem building, fostering cross-border collaboration and scaling of tech ventures.

Quick Take & Future Outlook

Looking ahead, Target Partners is well-positioned to capitalize on emerging trends such as AI, digital twins, and cloud infrastructure, as evidenced by recent portfolio companies like NavVis and TIS securing significant funding rounds[2]. Their continued focus on radical tech and international expansion suggests they will deepen their influence in shaping Europe’s tech landscape. As the startup ecosystem matures, Target Partners’ blend of technical expertise, operational support, and global network will likely drive further successful exits and innovation leadership. The firm’s commitment to engineering-driven venture capital will remain a key differentiator, enabling them to identify and scale transformative technologies destined for global impact.

High-Level Overview

Origin Story

Core Differentiators

Unique Investment Model: Focus on early-stage radical technology with a hands-on approach, combining financial investment with operational support in business development, international expansion, and strategic partnerships[1][2].
Network Strength: Access to a broad network of European and US entrepreneurs, top managers, and venture capitalists who personally invest in their funds, creating a strong alignment of interests and opening doors for portfolio companies[1].
Track Record: Over 100 investments and 21 successful exits, with portfolio companies collectively reaching a market cap exceeding €1 billion, demonstrating consistent value creation[2][4].
Operating Support: Beyond capital, Target Partners actively supports startups in closing OEM and distribution contracts, acquisition decisions, and scaling internationally, leveraging their engineering and operational expertise[1][2].

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