Target Partners
Target Partners is a Munich-based early-stage venture capital firm founded in 1999, managing approximately €300 million in funds. It invests in German and European technology startups at seed to Series A stages, focusing on enterprise software, infrastructure, and deep-tech categories, with notable exits including Instana (IBM) and TIS (Marlin Equity Partners).
- Company typePrivate
- Founded2008
- HeadquartersMunich, Germany
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Target Partners does
Target Partners is a Munich-based early-stage venture capital firm founded in 1999 (with operational entity Target Partners GmbH established in 2008), managing approximately €300 million in committed capital across its funds. The firm invests in German and European technology startups at the seed and Series A stages, focusing on enterprise software, infrastructure technologies, and "radical tech" categories including B2B SaaS, databases, application performance monitoring, smart home/energy management, indoor spatial intelligence, B2B procurement, hotel technology, superconductor manufacturing, and drone defense.
The firm is led by three Managing Directors (Dr. Berthold von Freyberg, Waldemar Jantz, Kurt Müller) alongside a bench of venture partners (Jan Wolter, Iris Ostermaier, Dominik Tobschall, Jörg Sperling, Wolfram Drescher) and analyst Johannes Landgraf. The team is positioned as "engineers and scientists at heart" with 80+ combined years in VC and 40+ in software development and R&D, and has served on 70+ boards. Notable portfolio companies include Instana (AI-powered APM, acquired by IBM in 2020), TIS (enterprise payments optimization, majority stake acquired by Marlin Equity Partners in 2024), tado° (smart home climate management, $102M+ total raised), ArangoDB (open-source multi-model database), NavVis (digital twin platform), THEVA (high-temperature superconductors, joined Subra group in 2026), Unite/Mercateo (B2B procurement), SuitePad (hotel tablets), Dedrone (drone defense), and Adsquare (audience targeting). Portfolio market capitalization exceeded €1 billion for the first time in 2018.
Target Partners generates revenue through standard VC fund management economics: 2% annual management fees on committed capital plus 20% carried interest on portfolio exits above the hurdle rate. The firm raises capital from institutional Limited Partners and high-net-worth individuals, and deploys capital via direct equity investments, typically leading or co-investing in rounds alongside other institutional VCs (Accel, Intel Capital, Digital+ Partners, Meritech Capital, Amazon Alexa Fund, 83North). Deal flow is sourced through TechBrunch networking events across eight German and European cities, direct outreach to founders, and industry referrals.
Target Partners firmographics
Firmographics- Name
- Target Partners
- Legal name
- Target Partners GmbH
- Website
- https://targetpartners.de
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Target Partners is a Munich-based early-stage venture capital firm founded in 1999, managing approximately €300 million in funds. It invests in German and European technology startups at seed to Series A stages, focusing on enterprise software, infrastructure, and deep-tech categories, with notable exits including Instana (IBM) and TIS (Marlin Equity Partners).
- Ownership category
- akta.pro rank
Target Partners industry classification
Industry- Product category
- Early-Stage Venture Capital
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
Keywords
Where Target Partners is headquartered
LocationHeadquarters
- HQ city
- Munich
- HQ country
- Germany
- HQ region
- Europe
Offices1 record
Markets served
Target Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- VC Fund Management: Target Partners generates revenue through management fees on committed capital and carried interest (carry) on successful portfolio exits. With €300 million under management, the firm earns typical VC management fees of 2% annually plus 20% of profits above the hurdle rate on successful exits.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Target Partners product offering
Product offeringCore offering
Target Partners is a Munich-based venture capital firm that invests seed and Series A equity into early-stage German and European technology startups, with a focus on enterprise software, infrastructure, deep tech, and consumer-facing technology. The firm manages approximately €300 million across its funds and supports portfolio companies through board representation, operational mentorship, and access to its partner network across Europe and the United States.
Product overview
Target Partners is a German venture capital firm that invests in early-stage technology startups, particularly in enterprise tech, software, and deep tech sectors. While Target Partners itself is an investment firm rather than a product company, its portfolio companies develop various technology products including databases (ArangoDB), monitoring solutions (Instana), digital twin platforms (NavVis), and IoT devices (tado°, Senic). The portfolio spans application performance management, database acceleration, smart building technology, and spatial intelligence solutions.
Differentiator
Problem solved
Functional benefit
Products and services
- Early-Stage Venture Capital Investment
- Portfolio Board Representation and Operational Support
- TechBrunch Networking Events
Quantifiable outcome
- Portfolio market cap exceeded €1 billion
- +2 more outcomes
Companies that use Target Partners
Customer profileNamed customers10 records
Segments1 record
Ideal customer profiles2 records
Target Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Target Partners partnerships and signals
Strategic signalScale indicators8 records
Recent moves7 records
Expansion highlights5 records
Target Partners competitors and assessment
Company assessmentDirect peers
- Bayern Kapital: Bavaria's regional venture capital company managing €340M across eleven funds. Geographic peer with deep overlap in Munich-based portfolio companies (e.g., THEVA) and shared regional mandate.
- Creandum: Northern European early-stage VC investing in tech from seed to Series B with comparable fund sizes and sector overlap in enterprise software. Targets a similar founder archetype.
- Earlybird Venture Capital: One of the most established European early-stage VCs, also based in Germany with a strong enterprise software and deep tech focus. Direct peer due to overlapping sector mandates, similar fund size profile, and shared target founder base.
- Speedinvest: Vienna-based early-stage VC with deep sector specialisation (including fintech, deep tech, and industrial tech) and a comparable AUM tier to Target Partners. Closely matched business model and European tech founder focus.
- HV Capital: Munich-based early- and growth-stage investor (formerly Holtzbrinck Ventures) that has long backed German tech founders. Directly comparable in geography, stage focus, and enterprise software orientation.
- Acton Capital: Munich-based growth investor in consumer-facing and B2B tech, comparable geographic focus and European stage profile. Less early-stage than Target Partners but overlaps at Series A.
- Point Nine Capital: Berlin-based seed investor focused on B2B SaaS and enterprise tech across Europe. Direct competitor for early-stage German tech deals with a similar fund size and operator-friendly positioning.
- eCAPITAL Entrepreneurial Partners: German early-stage VC managing €200M+ across funds, focused on software, Industry 4.0, and cleantech. Has co-invested with Target Partners (e.g., THEVA round), making it a direct comparable in German deep tech.
Broad incumbents
- Atomico: London-based global VC founded by Skype's Niklas Zennström, investing across stages in European tech. Operates at substantially larger AUM than Target Partners and competes for the same high-quality European founder pool.
- Index Ventures: Global tier-1 VC with significant European presence and consistent investments in enterprise tech, deep tech, and frontier software. Represents the scale tier above Target Partners for follow-on rounds.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
Target Partners social profiles
Digital presenceTarget Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Target Partners leadership team
Management profileNumber of profiles
Profiles4 records
Target Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Target Partners M&A and investment
M&A and investmentM&A
Investments109 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Target Partners
What does Target Partners do?
Target Partners is a Munich-based venture capital firm that invests seed and Series A equity into early-stage German and European technology startups, with a focus on enterprise software, infrastructure, deep tech, and consumer-facing technology. The firm manages approximately €300 million across its funds and supports portfolio companies through board representation, operational mentorship, and access to its partner network across Europe and the United States.
Is Target Partners a public or private company?
Target Partners is a private company. It is classified as management employee owned and is currently operating.
When was Target Partners founded?
Target Partners was founded in 2008. It employs 11 to 50 people.
Where is Target Partners based?
Target Partners is headquartered in Munich, Germany, in the Europe region.
How does Target Partners make money?
One revenue line is on record: VC Fund Management.
Who are Target Partners's main competitors?
Direct peers on record are Bayern Kapital, Creandum, Earlybird Venture Capital, Speedinvest, HV Capital, Acton Capital, Point Nine Capital and eCAPITAL Entrepreneurial Partners. Broad incumbents are Atomico and Index Ventures.
Does Target Partners have an API?
No public API is recorded for Target Partners.
What industry is Target Partners in?
Target Partners's product category is Early-Stage Venture Capital. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists). Its NAICS code is 523940 and its SIC code is 6282.