Investor Profile: Target Partners — Thesis, Cheque Size & How to Apply

Target Partners funding is the route serious German technology founders take when they want an investor who speaks engineering, not just finance. Target Partners is a Munich-based early-stage VC run by engineers and scientists, investing in radical technology for more than two decades — and sticking with founders “when it really counts”. Here is how to get funding from Target Partners, what they look for, and what their record shows.

Thesis

“Always early stage. In it for the long run.” That is Target’s own summary. The partners are engineers and scientists with decades of experience developing software and building companies; collectively they bring more than 80 years in venture capital and have served on more than 70 boards. Their philosophy is explicitly anti-flip: no quick flips or fast bucks — they invest in companies that need time and capital to build genuine technology moats, and stay through the hard parts.

Sectors & stage

Deep tech and enterprise technology: cybersecurity, IoT, industrial tech, B2B software, semiconductors, telecommunications and clean tech. Target invests at seed and Series A, leads rounds, and focuses on German and European tech startups that it helps expand globally — regularly co-investing with international VCs such as Accel, Menlo Ventures and Intel Capital.

Fund size & cheque size

The firm does not publish current fund sizes or standard cheque ranges, so treat directory figures with care — the honest line is not publicly disclosed. What is documented: in 2017 the portfolio raised more than €110 million across 25 financing rounds, and the total market cap of the Target portfolio passed €1 billion for the first time. Individual bets range from sub-million seed rounds to double-digit million growth rounds.

Notable portfolio

Standouts include Dedrone, the anti-drone company Target backed with a €2.7 million round in 2015 (later acquired by Axon), NavVis, the Munich digital-twin company, and tado°, the smart-thermostat maker. The firm also backed Scoreloop, TIS, adsquare, So1, ArangoDB and datapath.io, and has seen more than 20 portfolio exits including Scanbot, CrossEngage and TIS.

Partners

Berthold von Freyberg, partner and co-founder, and Olaf Jacobi, partner, are the public faces of the team. The partnership’s defining trait is technical depth — founders repeatedly describe them as investors who engage on product, market and engineering substance rather than purely financial topics.

Programs & perks

Target runs no public accelerator or fellowship; the “programme” is the partnership itself. Portfolio founders cite hands-on operational involvement, long holding periods and active help with international expansion — including introductions to global co-investors and follow-on capital.

How to get funding from Target Partners

Target Partners publishes no open pitch portal or application form. Founders reach the Munich team through the firm’s website contact channels or through introductions — ideally from a technical peer, since this partnership evaluates teams the way engineers do. A working product or deep technical demo carries more weight than a slide deck.