Target Global is a pan-European investment firm headquartered in Berlin that has spent over a decade connecting the continent's key startup ecosystems. Led by general partners Shmuel Chafets and Yaron Valler, alongside partners including Alex Frolov and London-based Dr Ricardo Schäfer, the firm operates from offices in Berlin, London, Tel Aviv and Barcelona, deliberately linking the distinctive strengths of each tech hub.
The thesis: trillion-euro industries, transformed
Target Global's investment thesis centres on startups disrupting what it calls "truly European" industries — retail, financial services, food, mobility, healthcare and manufacturing — through software-as-a-service, online marketplaces, e-commerce and artificial intelligence. Its funds invest across the full arc, from seed and Series A through growth and pre-IPO rounds.
Funds and size
The firm runs a family of specialised vehicles. Its Early Stage Fund II closed at €120 million to lead or co-lead seed and Series A rounds across Europe and Israel. An earlier growth fund reached a first close at €300 million and targeted a final close at €400 million, backing fintech, SaaS and wellness companies. A dedicated mobility fund launched with $100 million — structured as an evergreen vehicle for long-term bets on transportation disruption. Total assets under management have been reported between roughly €800 million and over €1 billion as the firm's fund family has grown, but Target Global does not publish a single consolidated AUM figure on its website.
Notable portfolio
Target Global has been an early backer of some of Europe's defining technology companies. Standout names include:
- Delivery Hero — the Berlin food-delivery giant
- Auto1 — Europe's largest digital automotive platform
- wefox — the insurtech unicorn
- Rapyd — the Israeli payments company the firm backed early
- TravelPerk — the Barcelona business-travel platform
- Plentific — the SaaS marketplace for building maintenance
Initial cheques from its growth fund have typically landed in the €10–20 million range.
How the firm operates
Target Global's differentiator is geographic: rather than treating Europe as one market, it plants partners in each major hub and uses those bases to offer founders insights, financing routes and exit opportunities across the network. It does not run an accelerator or formal perks programme — its value-add is capital, co-investment and cross-market connectivity.
Why it matters for founders
If you're building in fintech, mobility, marketplaces or SaaS and want a lead investor with genuine reach across Berlin, London and Tel Aviv, Target Global's hub model is worth a conversation — but expect a thesis fit with the large, "truly European" industries it hunts.