About Project A
Project A is a venture capital firm founded in 2012. It is primarily based out of Berlin, Germany. As of Oct 2026, Project A is an active investor, having invested in 113 companies, with 3 new investments in the last 12 months. It primarily invests in Seed round in Germany based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and High Tech. Most recently it participated in the $***** Seed round of Nettle Overall, Project A portfolio has seen 8 unicorns, 1 IPO and 29 acquisitions including key companies like Navan, ModMed and HomeToGo. A lot of funds co-invest with Project A, with names like Creandum sharing a substantial percentage of its portfolio. Project A has team of 24 people including 12 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 3 more
Portfolio IPOs
Portfolio Unicorns
Project A's List of Top Investments
Project A has a portfolio of 113 companies, including 8 unicorns. Their most notable investments are in Onlineprinters and Treatwell.Their portfolio spans across Germany, United Kingdom, United States and 11 more locations. They have invested in Enterprise Applications, Consumer, High Tech and 32 other sectors, across stages such as Seed, Series A and 3 more. Here is the list of top investments by Project A:
1. Navan
Provider of a platform for business travel and expense management. The platform offers tools for booking trips, managing expenses, and processing payments. It provides features such as travel program management, analytics, and support services. The platform also allows for expense tracking, corporate card integration, and security measures.
Key facts about Navan
- Founded Year: 2015
- Location: Palo Alto (United States)
- Stage: Public
- Total Funding till date: $1.58B
- Employee Count: 3,881 as on Sep 30, 2026
- Investors: Goldman Sachs, Comerica and 23 Others
- Latest Funding Round: Series G, Oct 13, 2025, $*****
- Highlight: Public
2. ModMed
Cloud-based EMR and practice management software for clinics. The company is focused on specialty-specific EHR, practice management, revenue cycle management, patient engagement, and AI-enabled documentation tools.
Key facts about ModMed
- Founded Year: 2010
- Location: Boca Raton (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $329M
- Employee Count: 2,470 as on Sep 30, 2026
- Investors: Summit Partners, Sands Capital and 9 Others
- Latest Funding Round: Series F, May 10, 2017, $*****
- Highlight: Acquired
3. HomeToGo
Online retailer of vacation rentals including houses, condos, and cabins. The company provides a platform for users to search and view potential rental properties. Details include property type, capacity, and amenities. The platform facilitates connections between property owners and individuals seeking short-term accommodations.
Key facts about HomeToGo
- Founded Year: 2014
- Location: Berlin (Germany)
- Annual Revenue: €100M - €500M as on Dec 31, 2022
- Stage: Acquired
- Total Funding till date: $26.7M
- Employee Count: 362 as on Sep 30, 2026
- Investors: Princeville Capital, Princeville Global and 12 Others
- Latest Funding Round: Series C, Dec 05, 2018, $*****
- Highlight: Acquired
Broker-based multi asset trading and investment platform. It is a German online broker and bank offering a range of financial services, including investing, spending, and banking. Its platform allows users to start invest and features a subscription-free card for spending and earning rewards. It allows users to buy, sell & trade stocks, ETFs and cryptos and more through multiple trading platforms. Provides trading tools, economic calendar, market analysis, market news, Islamic account and more to assist brokers. The app is available for Android and iOS platforms.
Key facts about Trade Republic
- Founded Year: 2015
- Location: Berlin (Germany)
- Annual Revenue: €10M - €50M as on Sep 30, 2023
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $1.25B
- Employee Count: 1,776 as on Sep 30, 2026
- Investors: TCV, Founders Growth Equity Fund and 26 Others
- Latest Funding Round: Series C, Jun 03, 2022, $*****
- Highlight: Editors' Pick
5. Voi
App-based platform offering electric kick-scooter rental services. It provides a mobile app that allows users to find and rent electric kick scooters nearby. The users can unlock the kick scooters through a QR code and after riding they can park it at any valid place. The mobile application is available for iOS users.
Key facts about Voi
- Founded Year: 2018
- Location: Stockholm (Sweden)
- Annual Revenue: $100M - $500M as on Dec 31, 2022
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $544M
- Employee Count: 855 as on Sep 30, 2026
- Investors: Kreos Capital, Inbox Capital and 99 Others
- Latest Funding Round: Conventional Debt, Sep 30, 2026, $*****
- Highlight: Editors' Pick
Project A's Year-on-Year Investment Trends
Project A has invested in 113 companies over the last 14 years, with an average of 7 new investments annually in the last 10 years. In 2025, it made 24 investments, while as of Oct 2026, it has made 6 investments in this year. Its most recent first time investment was in Linexa and most recent follow-on round was in Nettle.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 2 | 4 | 6 |
2025 | 13 | 11 | 24 |
2024 | 3 | 9 | 12 |
2023 | 7 | 2 | 9 |
2022 | 13 | 8 | 21 |
2021 | 11 | 9 | 20 |
2020 | 5 | 8 | 13 |
2019 | 7 | 3 | 10 |
2018 | 5 | 7 | 12 |
2017 | 4 | 3 | 7 |
Project A's Investments by Stage
Project A has made 55 investments in Seed stage with an average round size of $4.26M, 27 investments in Series A stage with an average round size of $13.7M, 7 investments in Series B stage with an average round size of $40.1M, 4 investments in Series C stage with an average round size of $106M and 2 investments in PE stage.Stage of entry | No. of Investments |
|---|---|
Seed | 55 |
Series A | 27 |
Series B | 7 |
Series C | 4 |
PE | 2 |
Note: We have considered here, only first round of investments
Project A's Investments by Sector
Project A has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, High Tech, FinTech and Retail. Notably, it has invested in 101 Tech companies, 75 Enterprise (B2B) companies, 61 Software companies and at least 38 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 49 |
Consumer | 24 |
High Tech | 15 |
FinTech | 13 |
Retail | 13 |
Others | 111 |
Note: We have considered here, only first round of investments
Project A's Investments by Geography
Project A has made most investments in Germany (54), followed by United Kingdom where it has made 18 investments.Country | No. of Investments |
|---|---|
Germany | 54 |
United Kingdom | 18 |
Denmark | 4 |
France | 3 |
United States | 3 |
Others | 12 |
Note: We have considered here, only first round of investments
Project A's recent investments
Project A has made 6 investments in 2026 so far. Nettle and STARK are the latest among them.Here are the most recent investments by Project A:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 06, 2026 | United Kingdom | Seed | 3412 | [+3] | |
Jun 23, 2026 | Germany | Series C | 1174 | [+6] | |
Apr 22, 2026 | Germany | Seed | 7586 | [+1] | |
Apr 15, 2026 | Italy | Series D | 8962 | [+2] | |
Feb 11, 2026 | Germany | Series B | 8411 | [+3] |
Unicorns in Project A's Portfolio
Project A has 8 unicorns in its portfolio - STARK, Quantum Systems, Multiverse and others. The most recent unicorn in their portfolio is STARK. It became a unicorn in 2026.Here is a list of unicorns in Project A's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
66 | Developer of AI-enabled, software-defined unmanned systems for defense and military applications | 2024 | Berlin | Series C | lralfsv | ||
78 | AI-powered aerial intelligence and reconnaissance systems | 2015 | Gilching | Series D | fsvwfc{ | ||
71 | Provider of professional apprenticeship programs for data and technology skills | 2016 | London | Series D | vwagflr | ||
79 | App-based platform offering electric kick-scooter rental services | 2018 | Stockholm | Series D | qblpnas | ||
54 | Provider of digital platforms for international money transfers and payments | 2010 | London | Series F | {qledwh |
IPOs and Publicly Listed companies in Project A's Portfolio
1 of Project A's portfolio company became public - Navan. It got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Oct 2025 at marketcap of $5.82BHere are Project A's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 30, 2025 | - | - | 2013 |
Acquired companies in Project A's Portfolio
29 companies from Project A's portfolio have been acquired. The most recent acquisition was Flow AI in Jul 2026 by Aiven for $*****.Here are Project A's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 23, 2026 | Nov 26, 2021 | Seed | 8867 | |
Jun 04, 2025 | 2016 | Series A | 3390 | |
May 23, 2025 | - | - | 9862 | |
Mar 03, 2025 | - | - | 4233 | |
Oct 31, 2024 | Aug 27, 2012 | Series A | 2676 |
Team profile of Project A
Project A has a team of 24 members including 12 Partners, 1 Venture Partner and 5 Principals located in Germany and United Kingdom. Project A's team sits on the board of 4 companies.Here is a list of top team members in Project A:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Berlin | - | ||
Partner | Berlin | |||
Partner | Berlin | - | ||
Partner | Berlin | - | ||
Partner | Berlin | - | ||
Partner | Berlin | - | - | |
Partner | Germany | - | - | |
Partner | Berlin | - | - | |
Partner | - | - | ||
Partner | London | - | - | |
Partner | Berlin | - |
Co-investors of Project A
Over the past 14 years, 618 investors have co-invested in Project A's portfolio companies. This includes funds and angels.
- Invested before Project A: Creandum, Partech Partners and 139 others have invested in rounds before Project A. There are 2 companies where Creandum has invested before Project A and 2 companies where Partech Partners has invested before Project A.
- Top Co-investors of Project A: 232 investors entered a company along with Project A. These include investors like Creandum (4 companies).
- Invested after Project A: A total of 245 investors have invested in Project A's portfolio after their investments. Top Investors include HV Capital (4 companies), TCV (3 companies) and IBB (3 companies).
Recent News related to Project A
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Project A backs Linexa with €2M to make production lines AI-readyTech Funding News•Apr 22, 2026•Linexa, Project A
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Resourcly lands €2.7M to bring idle industrial inventory back to lifeTech Funding News•Oct 07, 2025•Resourcly, Project A, D11Z.Ventures, Fiege Logistics
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Architect AI Raises GBP 3.5M Seed Funding for Agentic Website PlatformStartup Rise EU•Sep 09, 2025•Concept Ventures, The Gates Notes, Ai-Architect, Project A and 2 others
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Riva Money secures €2.5M for faster, cheaper international money transfersSilicon Canals•Aug 12, 2025•Revolut, J P Morgan, Monzo, Riva and 1 other
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Riva Secures $3M for Blockchain-Based Global Money Transfer ToolPYMNTS.com•Aug 12, 2025•Project A, Riva, Revolut, J P Morgan and 1 other
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Unmind Secures $35 Million Funding to Revolutionize Workplace Mental HealthRad AI•Jul 31, 2025•Project A, TELUS Digital, Sapphire Ventures, Unmind and 6 others
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German DefenseTech Project Q secures €7.5 million to expand its IoD capabilitiesEU-Startups•Jul 28, 2025•Project A, Expeditions Fund, Superangel, sitesproject.org and 2 others
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Project A launches €325 million fund to fuel Europe's earliest-stage techProject A•Jun 24, 2025•Project A
