Target Global
Target Global is a leading European technology investment firm with over €3 billion in assets under management. With offices in London, Berlin, Tel Aviv, and Abu Dhabi, its portfolio includes some of Europe’s most celebrated tech companies, including Revolut, Auto1, Copper, Delivery Hero, Docplanner, Rapyd, and Flo Health.
Target Global was founded in 2015 by Shmuel Chafets and Yaron Valler, two seasoned technology investors with previous experience leading the investment arm of Hasso Plattner Ventures, led by the founder and chairman of SAP and a key early investor in European tech unicorns like Delivery Hero, iZettle, and Omio. Upon leaving Hasso Plattner Ventures to launch Target Global, they bought out part of their former employer’s portfolio, which later became Target Global Growth Fund I.
Chafets and Valler began their 15-year professional relationship at Giza Venture Capital, a pioneering force in Israel’s investment ecosystem.
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Target Global today
Today, Target Global is recognized as a leading technology investment firm that has helped hundreds of entrepreneurs build innovative companies from the ground up.
Target Global is noted within the European technology industry for a diverse team that includes two female partners. Its diversity of perspectives and lived experiences enables the Target Global team to spot opportunities that others miss, including some of the first billion-euro “unicorns” to emerge from Germany’s nascent tech economy during the 2010s.
Target Global continues to look for new opportunities as Europe’s tech industry matures. Notable recent investments include Robovision, an AI-enabled computer vision platform based in Belgium; Saleor, an open-source, “headless” e-commerce platform based in Poland; and Finom, a digital international business banking solution based in Holland.
Target Global funds
Target Global has raised six investment funds to date, including:
- Early Stage Fund I, which closed in August 2017 with a €120m commitment and completed investments in December 2019
- Early Stage Fund II, which closed in January 2020 with a €120m hard cap and made its first investment that same month
- Early Stage Fund III, which made its first close at €160m, in excess of its fundraising target, and its first investment in February 2022
- Growth Fund I, which has a total fund size of €230m, has been investing in portfolio companies since December 2013 when it was part of the Hasso Plattner Ventures portfolio, and restructured as a continuation vehicle in December 2022
- Growth Fund II, which closed in October 2021 with a €525m hard cap and made its first investment the following February
Target Global’s diversified fund investments have created a number of co-investment opportunities. To date, the firm has deployed over €1 billion of capital across more than 55 co-investments with partners including General Catalyst, LocalGlobe, Valar, Highland Europe, MMC Ventures, and many others.
Target Global is privileged to have the confidence of some of the world’s most seasoned investors. Notable backers include FERI, UBS, Allianz X, Mubadala, Hermes GPE, and many others.
Notable portfolio companies and achievements
Target Global’s portfolio includes more than 140 companies at various stages of development, from pre-seed to pre-IPO. Notable current portfolio companies include Auto1, TravelPerk, wefox, Zego, Copper, Delivery Hero, Rapyd, Revolut, Docplanner, Flo Health, and Kuda. A common thread linking most Target Global investments is total addressable market potential, with many portfolio companies capable of targeting trillion-dollar global markets.
To date, Target Global has backed 15 unicorn companies valued at €1 billion or more. The firm has at least 21 successful exits and 7 successful IPOs. Chafets, Valler, and the rest of the Target Global team — many of whom come from founder or operator backgrounds — continue to seek out exceptional opportunities to build the firm’s portfolio and help scale the next generation of European tech titans.
