About Target Partners
Target Partners is a venture capital firm founded in 1999. It is primarily based out of Munich, Germany. As of Jan 2023, Target Partners has invested in 44 companies. It primarily invests in Series A round in Germany based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Enterprise Infrastructure. Most recently it participated in the $***** Series D round of tado° Overall, Target Partners portfolio has seen 21 acquisitions including key companies like Adjust, TIS and Dedrone. A lot of funds co-invest with Target Partners, with names like BayBG sharing a substantial percentage of its portfolio. Target Partners has team of 7 people.Key Metrics
Target Partners' List of Top Investments
Target Partners has a portfolio of 44 companies. Their most notable investments are in NavVis and Swarm64.Their portfolio spans across Germany, United States and Denmark. They have invested in Enterprise Applications, High Tech, Enterprise Infrastructure and 19 other sectors, across stages such as Series A, Seed and 4 more. Here is the list of top investments by Target Partners:1. Adjust
Cloud-based mobile marketing software solution provider. It provides an open-source SDK that enables app developers to track and analyze things like user acquisition, feature releases, and user lifetime cohorts. Also enables the tracking of interactions in the app in real-time to see how users engage over their full lifetime. Clients include some of the world's largest brands such as Baidu, Deutsche Telekom, Universal Music, Spotify, and Viacom.
Key facts about Adjust
- Founded Year: 2012
- Location: Berlin (Germany)
- Stage: Acquired
- Total Funding till date: $256M
- Employee Count: 473 as on Sep 30, 2026
- Investors: TriplePoint Capital, Highland Europe and 15 Others
- Latest Funding Round: Series F, Jun 12, 2019, $*****
- Highlight: Acquired
2. TIS
Payment optimization and management solutions for enterprises. It provides a cloud-based solution to enterprises to streamline payments by accelerating international connectivity across banks, systems, and providers. It also offers solutions such as bank account management, corporate payment platform, and more.
Key facts about TIS
- Founded Year: 2010
- Location: Walldorf (Germany)
- Stage: Acquired
- Total Funding till date: $39.4M
- Employee Count: 272 as on Aug 31, 2026
- Investors: Kreos Capital, Vintage Investment Partners and 7 Others
- Latest Funding Round: Conventional Debt, Jun 07, 2022, $*****
- Highlight: Acquired
3. tado°
Provider of smart thermostats and energy solutions for home heating. The company offers smart radiator thermostats, smart thermostats for boilers and underfloor heating, and heat pump optimizers. It provides an application to manage energy consumption, set schedules, and control heating systems remotely. The company also offers dynamic tariff integration for heat pumps and electric cars.
Key facts about tado°
- Founded Year: 2011
- Location: Munich (Germany)
- Annual Revenue: €10M - €50M as on Dec 31, 2024
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $245M
- Employee Count: 161 as on Sep 30, 2026
- Investors: European Investment Bank, Panasonic and 29 Others
- Latest Funding Round: Series E, Mar 18, 2025, $*****
- Highlight: Editors' Pick
4. Adsquare
Adsquare is a provider of privacy first location based advertising platform. It is a mobile audience targeting platform that enables mobile ad networks and publishers to optimize the effectiveness of ads. It uses huge amounts of location data from multiple sources and creates dynamic local audience profiles for mobile targeting and location analytics. The real-time data solution handles location and user data in a privacy-friendly way and enables brands and agencies to better reach their target audiences as well as understand their behavior and intent.
Key facts about Adsquare
- Founded Year: 2012
- Location: Hennigsdorf (Germany)
- Stage: Series A
- Total Funding till date: $5.7M
- Employee Count: 148 as on Sep 30, 2026
- Investors: Bmp Ventures, Target Partners and 2 Others
- Latest Funding Round: Series A, Oct 28, 2014, $*****
5. ArangoDB
A distributed free and open source database with a multi data model for documents, graphs, and key values. Arango enables developers to build high performance applications on top of ArangoDB using a convenient SQL like query language named AQL. Arango contributes to the project by providing architects, developers, etc. For its enterprise users, ArangoDB GmbH offers subscriptions, support as part of development, training and consulting.
Key facts about ArangoDB
- Founded Year: 2014
- Location: Cologne (Germany)
- Stage: Series B
- Total Funding till date: $58.6M
- Employee Count: 113 as on Mar 31, 2026
- Investors: IRIS, Bow Capital and 3 Others
- Latest Funding Round: Series B, Oct 07, 2021, $*****
- Highlight: Editors' Pick
Target Partners' Year-on-Year Investment Trends
Target Partners has invested in 44 companies over the last 25 years, with an average of 1 new investment annually in the last 10 years. Its most recent first time investment was in DroneDJ and most recent follow-on round was in tado°.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 1 | 1 |
2022 | 1 | 1 | 2 |
2021 | 0 | 3 | 3 |
2020 | 1 | 1 | 2 |
2019 | 1 | 2 | 3 |
2018 | 0 | 3 | 3 |
2017 | 1 | 5 | 6 |
Target Partners' Investments by Stage
Target Partners is primarily an Early Stage Investor investor majorly investing in Series A (22) rounds where average round size is $85.1M, Seed (13) rounds where average round size is $15.6M and Series B (3) rounds where average round size is $17M.Stage of entry | No. of Investments |
|---|---|
Series A | 22 |
Seed | 13 |
Series B | 3 |
Series C | 1 |
Series D | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Target Partners' Investments by Sector
Target Partners has a diverse portfolio, with companies operating in the Enterprise Applications, Enterprise Infrastructure, High Tech, Consumer and Internet of Things - Industry Applications. Notably, it has invested in 36 Tech companies, 35 Enterprise (B2B) companies, 31 Software companies and at least 19 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 27 |
Enterprise Infrastructure | 10 |
High Tech | 10 |
Consumer | 6 |
Internet of Things - Industry Applications | 5 |
Others | 44 |
Note: We have considered here, only first round of investments
Target Partners' Investments by Geography
Target Partners has made most investments in Germany (36), followed by United States where it has made 5 investments.Country | No. of Investments |
|---|---|
Germany | 36 |
United States | 5 |
Denmark | 1 |
Note: We have considered here, only first round of investments
Target Partners' recent investments
Target Partners has not made any investment in 2026 so far.Here are the most recent investments by Target Partners:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 26, 2023 | Germany | Series D | 6647 | [+5] | |
Jul 13, 2022 | United States | Series C | 1672 | [+3] | |
Jul 13, 2022 | United States | Series C | 8820 | [+3] | |
Dec 17, 2021 | United States | Series C | 6538 | [+6] | |
Dec 07, 2021 | Germany | Series C | 6791 | [+4] |
Acquired companies in Target Partners' Portfolio
21 companies from Target Partners' portfolio have been acquired. The most recent acquisition was Scanbot in Jul 2025 by Apryse for $*****.Here are Target Partners' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 10, 2025 | Jun 2012 | Seed | 2953 | |
May 06, 2024 | Apr 28, 2015 | Seed | 1722 | |
Mar 26, 2024 | May 18, 2011 | Series A | 1192 | |
Jan 08, 2024 | Sep 24, 2020 | Series A | 2885 | |
Sep 22, 2021 | - | - | 1763 |
Team profile of Target Partners
Target Partners has a team of 7 members including 3 Venture Partners and 1 Principal located in Germany. Target Partners' team does not sit on the board of any company as of now.Here is a list of all team members in Target Partners:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Venture Partner | Munich | - | - | |
Venture Partner | Germany | - | - | |
Venture Partner | Berlin | - | - | |
Principal | Germany | - | - |
Co-investors of Target Partners
Over the past 25 years, 156 investors have co-invested in Target Partners's portfolio companies. This includes funds and angels.
- Invested before Target Partners: IBB Ventures, Earlybird and 41 others have invested in rounds before Target Partners. There are 2 companies where IBB Ventures has invested before Target Partners and 2 companies where Earlybird has invested before Target Partners.
- Top Co-investors of Target Partners: 37 investors entered a company along with Target Partners. These include investors like BayBG (2 companies).
- Invested after Target Partners: A total of 76 investors have invested in Target Partners's portfolio after their investments. Top Investors include IRIS (2 companies), Bayern Kapital (2 companies) and European Investment Bank (2 companies).
Recent News related to Target Partners
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Two months after a €43 million round, smart thermostat maker tado° tacks on another €12 millionTech.eu•Apr 04, 2023•tado°, S2G Ventures, Trill impact, Bayern Kapital and 4 others
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Dedrone Closes $30M Series C-1 Financing RoundSDM Magazine•Jul 14, 2022•Dedrone, Aqton, Menlo Ventures, Felicis Ventures and 3 others
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Dedrone Secures $30.5 Million Series C InvestmentUAS Vision•Dec 22, 2021•Dedrone, Aqton, Menlo Ventures, Felicis Ventures and 8 others
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NavVis adds fresh funding to fulfill its mission to digitize commercial buildings and assetsPR Newswire•Dec 07, 2021•NavVis, BayBG, MIG Capital, Target Partners and 4 others
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ArangoDB Raises $27.8M in Series B FundingFinSMEs•Oct 07, 2021•ArangoDB, New Forge, Target Partners, Bow Capital and 2 others
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Berlin-based hotel startup SuitePad closes 7-digit round of funding to accelerate global expansionTechStartups.com•Mar 04, 2020•SuitePad, Riverside Acceleration Capital, Target Partners, IBB Beteiligungsgesellschaft and 1 other
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corrux raises $3.1 million seed funding led by Target Partners to bring AI to industrial equipmentVCA Online•Feb 11, 2019•corrux, Target Partners, Josef Brunner, Sean Dalton
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NavVis Raises $35.5M to Accelerate Global Expansion and Meet Rising Enterprise Demand for Digital Twin TechnologyPR Newswire•Dec 10, 2018•NavVis, Digital+ Partners, Kozo Keikaku Engineering, Target Partners and 2 others
