Major international VC Partech is opening a new office in Berlin, making it the firm’s third office after Paris and San Francisco.
Partech International, founded in 1982, has a specific focus on eCommerce, digital media and infrastructure technology. Over the last few decades, the firm has collected over 100 exits – including Business Objects, one of the first European software companies listed on the NASDAQ (in 1994, later acquired by SAP in 2008), Brands4Friends to eBay (2010) and, though this is not the most successful exit on the company’s books, Qype to rival Yelp for $50m last October.
The firm is completing fundraising for its latest fund, which had its first close at €100m in December last year. The fund is expected to close at up to €140m. Of that, the majority – about 80 per cent – is earmarked for investment in Europe.
Partech is able to invest between $250,000 and $10m in each portfolio company.
Who’ll be in Berlin – and what are they looking for?
The new Berlin office – at Gipsstrasse 3 in Mitte, close to other VCs and big-name startups – will house new senior associate Gabriel Matuschka, also the founder of the bi-monthly Berlin Tech Meetup. Partech partner Andreas Schlenker is also listed as part of the Berlin office and is likely to move to the city at some point next year.
“In Europe, we do more consumer web, consumer internet-related things and in the US, it’s more cloud, big data, analytics,” Matuschka said. Looking forward, areas of interest include ad tech and consumer engagement, “not so much the physical delivery of the product, but what consumers do with a product they see – collect, share, wish, engage…”
In a press statement, Partech partner Philippe Collombel said: “We want to grasp more opportunities in one of Europe’s most vibrant and fastest growing technology hubs and in Germany as a whole.”
The move is a good sign for Berlin, which, despite growing interest from big-name VCs such as Index Ventures, Accel, Balderton and Mangrove Capital, is still home to fewer major international firms than rival startup hub London.
Image credit: Flickr user Wolfgang Staudt