Target Global
UnclaimedAt a Glance
- Check Size
- $1M – $25M
- Stage
- Seed, Series A, Series B+
- AUM
- €3B+
- Sectors
- Enterprise, Fintech, Consumer +2
- Founded
- 2012
- HQ
- Berlin, Germany
About Target Global
Target Global is a venture capital firm based in Berlin, Germany, founded in 2012 and focused on European and Israeli tech companies, known for its global perspective and its strong network of entrepreneurs and operators. It backs teams building transformative technology companies with global market potential, investing at Seed, Series A and Series B+ across Enterprise, Fintech, Consumer, AI and Marketplace. Assets under management have been recorded at $1B and, in the firm's own materials, at more than EUR 3 billion. Notable portfolio companies include Auto1, Delivery Hero, Ryte, Vimcar, Grover, Rewe Digital, SilverTours and CarGurus, along with Revolut, Rapyd, Flink, Cazoo and Copper.
The firm was started by Alex Frolov, Mike Lobanov, Yaron Valler and Shmuel Chafets, and runs investing teams in Berlin, London, Tel Aviv and Barcelona out of eight offices. Its early-stage franchise rests on three Cayman-domiciled funds, the first two of which sold roughly $96 million and $129 million; alongside them it operates one of Europe's larger deal-by-deal programs, a series LLC with more than twenty vehicles used to concentrate into winners outside fund constraints.
What sets Target Global apart is the mobility it offers companies across markets: Israeli teams routed into German and U.K. distribution, German companies into pan-European scale. The track record it reports, 11 unicorns, 17 exits and seven IPOs, is weighted toward marketplaces and fintech, the two categories where that cross-border routing matters most.
Investment Thesis
“Backing exceptional entrepreneurs building transformative technology companies with global market potential.”
Leadership Team
Yaron Valler is a co-founder, general partner and the firm's chief investment officer, and opened the Berlin office alongside co-founder and general partner Shmuel Chafets. Mike Lobanov, co-founder and general partner, is named as an executive officer on the Early Stage Fund I, II and III Form D filings, as is Alexander Frolov, the fourth co-founder.
Other officers listed across those filings include Toni Pinkerton, Eduardo da Silva, Pedro Barros and Aldo Barnard. Dror Bar-Ziv and Julia Ruthven are named on Target Global BSP LP through Blue Sparrow Funds GP LLC. The partnership operates from eight offices with investing teams in Berlin, London, Tel Aviv and Barcelona, a structure built to move companies between European and Israeli markets rather than run a single-country franchise.
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
Target Global was founded in 2012 by Alex Frolov, Mike Lobanov, Yaron Valler and Shmuel Chafets, and has grown into a pan-European firm with reported assets of more than EUR 3 billion.
SEC filings map the early-stage line. Target Global Early Stage Fund I L.P., a Cayman partnership formed in 2016, filed a Form D in August 2018 showing a $127.49 million offering with $95.65 million sold and a first sale on August 8, 2017. Early Stage Fund II LP filed in January 2020 with a $134.75 million offering and $128.65 million sold. Early Stage Fund III LP filed in February 2022 on an indefinite offering with a first sale on January 19, 2022. Alongside the blind pools the firm runs an unusually large deal-by-deal program, Target Global Selected Opportunities, LLC, a series LLC with more than twenty element-named and Vintage I through V series on file, plus Target Global BSP LP, which disclosed $77.72 million sold in July 2021. The firm reports 11 unicorns, 17 exits and seven realized IPOs since inception.
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Frequently Asked Questions
What stage does Target Global invest at?
Target Global primarily invests at the Seed, Series A, Series B+ stages. This means they focus on companies that are building their initial product and finding product-market fit.
Where is Target Global located?
Target Global is headquartered in Berlin, Germany. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Target Global focus on?
Target Global focuses on investments in Enterprise, Fintech, Consumer, AI, Marketplace. Their portfolio reflects deep expertise and networks within these sectors.
What is Target Global's typical check size?
Target Global's typical investment check size ranges from $1M to $25M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Target Global have under management?
Target Global manages approximately €3B+ in assets under management (AUM) across their funds.
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