Project A, a venture capital firm based in Berlin, has raised €180 million (£150 million, or $US189 million) to invest in early stage startups in Europe.
The announcement comes as the German capital angles to become a new epicentre of technology on the continent amid uncertainty in London following 2016’s Brexit vote.
There are two parts to this €180 million pot. The larger amount, €140 million (£118 million, $US147 million), is a whole new fund, designed to invest in new European startups. There’s also an extra €40 million (£34 million, $US42 million), for use in additional investment rounds for companies already in Project A’s portfolio. (Project A’s previous, first fund was €80 million (£67 million, £84 million).)
Launched in 2012, Project A’s previous investments include London money transfer company WorldRemit, UK spa-booking service Treatwell, and personalised children’s books company Lost My Name.
In an email, the Berlin VC firm said its focus is on “the digital technology space” and that it offers startups it invests in operational support from 100 “operational experts” — providing them with “hands-on support in the areas of IT, marketing & brand building, business intelligence, sales and recruiting.”
Since Britain’s shock June 2016 vote to leave the European Union, there has been intense uncertainty over what it will mean for the tech sector in London — widely regarded as the heart of the technology industry in Europe. Berlin (among other cities) has tried to aggressively court British tech talent, writing letters to UK startups and even driving trucks with adverts on them around the capital.