We are delighted to provide you with our first edition of “Project A Update” - a newsletter intended to keep you abreast of what’s been going on at Project A. You can either read 📖 all the news about our investments and exits, operational engagement, and latest trends—or watch 📺 the video below and let Project A partner Thies Sander entertain you. Enjoy!
Investments and Exits
We completed 2 exits, realizing exits number 5 & 6 for our first fund. 💪
Contorion: Within only three years the digital retail specialist for industrial supply and tools 🔧 has grown to encompass 130 employees, achieving an annual turnover of €20m in the first half of 2017. As Europe’s biggest producer of industrial tools, Hoffmann SE recognized that an acquisition of Contorion represents a perfect strategic move to expand their digital competence. They came over from Munich to Berlin to see for themselves, and it quickly became obvious that a purchase would be a win-win-win situation (purchase price remains undisclosed). Read more
Minodes: The Berlin-based company offers innovative solutions for tracking customer behaviour and analyzing corresponding data in offline retailing 🛒 . The company was bought by Telefónica NEXT for an amount in the low two-digit million euro range. With this acquisition, Telefònica NEXT expands its own competences by gaining an intelligent data tracking and analysis solution. Read more
We had some new funding rounds, one with a big uplift:
KRY: Why should people have to go to the doctor for every little question? In many cases KRY is more convenient: The Swedish digital health startup offers a video consultation app 📱 that allows patients to talk to doctors 👩⚕️ and therapists at any time from any location. The company closed a €20m Series A round led by our friends from Accel. We invested pro rata to our existing share. Read more
And we are happy to welcome two new companies to our portfolio:
MisterB&B is the world’s largest marketplace connecting like-minded travellers and hosts in the LGBT community 🏳️🌈. We have invested in this Series A round together with the French VC Ventech. Read more
Comtravo is a booking platform for business travel. ✈️ The company’s software translates text requests such as emails into structured queries using artificial intelligence 🤖 and natural language processing technology. We have invested in this Series A round together with the Swedish VC firm Creandum. Read more
As the Operational VC, we invest more than money and support our entrepreneurs in the best possible way. Currently, we are a team of around 100 experts 👫👫👫👫👫, in areas like BI, IT, HR, Product, Marketing, Communications, and Sales among other specialities. In the the last 3 months, we supported 23 of our more than 40 portfolio companies. Two examples:
We supported KRY in building a comprehensive data warehouse 📊. Our BI and marketing experts Andres and Tevfik helped them to analyze the performance of complex marketing channels like TV or Out-of-Home and optimize performance channels by means of AdWords and Facebook.
For Catawiki, our communications team will be filming 📹 at the Nürburgring, where oldtimer races 🏎️ take place. Our experts Danijel and Lukasz will be producing video content about people with a passion for special items.
Trends and Investment Opportunities
We continued to shift our investment focus 🔭 outside of Berlin. About 50% of our latest investments are companies from 🇫🇷 Paris, 🇸🇪 Stockholm, and 🇳🇱 Amsterdam, leading to a more diverse geographical spread for our portfolio.
From a thematic perspective, we are currently screening many companies in the areas of 🏢 PropTech, 🏥 digital health, and machine learning 🤖. Chances are very high that our next investment will be into B2B software.
Want to learn more? In October we will be hosting our annual PortfolioDays with the aim to share insights and knowledge with you. Invitations will be circulated shortly and we hope to see you there.
Thanks for your attention, stay tuned and have a great summer! 🌞