13. February 2013–
Bucking the trend of struggling VCs in Europe, Berlin-based early-stage VC Point Nine Capital has closed its second investment fund at €40m. Point Nine’s previous investments include Berlin internet companies Lieferheld, Madvertise and Westwing.
Point Nine, founded in 2011, is managed by cofounders Pawel Chudzinski (above right) and Christoph Janz, a prominent angel investor and serial entrepreneur and the founder of DealPilot. Previously, the VC was the investment arm of Berlin company builder Team Europe (disclosure: also an investor in VentureVillage’s parent company), before spinning off to become an independent company.
Coinciding with the funding announcement: Team Europe co-founders Lukaz Gadowski and Kolja Hebenstreit will be leaving Point Nine’s investment committee. Chudzinski said this is a communications move that will help distinguish Point Nine’s independence from the company builder.
Investors in the new fund include Horsley Bridge Partners, RTA Ventures and SAP Ventures, along with a number of internet entrepreneurs from Berlin, Spain and Poland.
SAP Ventures invests in information technology startups, but at a later stage than Point Nine. SAP is now interested in getting involved in early-stage financing and focusing on internet and SaaS companies, Chudzinski told us.
Point Nine will use the new funds to make one new investment per month on average. The VC will announce a new investment in a Berlin startup within the next couple of weeks and also has an investment in a French startup in the pipeline. Other internet startups backed by Point Nine include DaWanda, Brainly, Kreditech, Positionly, ShiftPlanning and Couchsurfing.
The larger fund will allow them to invest up to a million in the first round of financing, with the option of a second round of funding after three months for well-performing companies. Previously, Point Nine capped investments at half a million.
In a press release, Janz said: “Our goal is to back the best early-stage entrepreneurs as they build industry-changing companies in areas like SaaS, eCommerce, marketplaces and mobile. Our tagline has always been ‘The Angel VC’. The new fund allows us to combine our founder-friendly no-nonsense ‘angel investor’ approach with the ability to provide much stronger financial support.”
Point Nine’s announcement comes just one day after new Cologne-based VC, Capnamic Ventures launched – a sign that, despite talk some European VCs are struggling, the German investment industry is moving in the right direction.
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