Target Partners

Target Partners is a prominent German early-stage venture capital firm based in Munich, Bavaria, Germany, investing in seed-stage and early-stage technology companies, predominantly in the German-speaking markets (Germany, Austria, Switzerland aEUR" the DACH region). The firm was founded in 1999 by Managing Partners Kurt Muller, Michael Munnix, Waldemar Jantz, and Berthold von Freyberg, making Target Partners one of the longest-established dedicated DACH-region early-stage VC firms. The firm invests in enterprise software / SaaS, fintech, cybersecurity, marketplace technology, and adjacent German-speaking-market technology themes. Target Partners has raised multiple institutional funds (Target Partners I in 2000, Fund II in 2006, Fund III in 2015, Fund IV in 2020) with aggregate AUM approaching or exceeding EUR 500-600 million+ across vintages, typically writing initial check sizes in the EUR 1 to 5 million range at seed and Series A stages. Notable portfolio companies have included Smart Reporting, 3D Systems, Retarus, Eleven Therapeutics, TubeMogul (acquired by Adobe), and many other DACH-region technology companies producing multiple exits. The firm operates alongside other Munich-based VCs including DN Capital (covered earlier), Senovo (covered earlier), Astutia (covered earlier), Holtzbrinck Ventures, and Acton Capital Partners.