German late-stage technology investment firm Acton closes fresh $200 million fund (exclusive)
Acton Capital Partners, a Munich-based venture capital firm that specialises in late-stage investments in online marketplaces, e-commerce, digital media and SaaS companies, has successfully closed its ‘Heureka II Growth Fund’.
The investment firm has raised $200 million for its new fund, with the European Investment Fund, Hubert Burda Media as anchor investors and a couple of new backers, including the KfW Banking Group and UniCredit Bank. Acton Capital Partners actually invested on behalf of the global media company Hubert Burda Media from 1999 until 2007, but was spun off to act as a independent VC firm with Hubert Burda as an LP in 2008.
Acton mainly invests in Germany but also looks at dealflow on a global level: on average, 60% of its investments were allocated in Germany (e.g. HomeToGo, Windeln.de and Sofatutor), but the firm has also invested in Europe with a focus on Scandinavia (eg. Linas Matkasse, Tictail), UK (MyOptique, iwoca), France (Menlook) and opportunistically in Canada (Abebooks, Clio) and in the US (Etsy).
The Heureka II Growth Fund is a growth-equity fund, which is great news for Europe as there’s a well-documented funding gap in the later stages of tech companies. It’s also a bigger fund than the first Heureka fund, which closed at €150 million back in 2009, and invested in 15 companies over its lifespan.
“We are very happy that both our recurring and new investors share our confidence and believe in the sustainable potential of digitization,” comments Jan-Gisbert Schultze, MD at Acton Capital Partners. “Our investments in rapidly growing companies with transaction-based business models rest on experienced judgement and reason. The Heureka I exits of mytheresa.com, Audibene, Linas Matkasse as well as Etsy’s and windeln.de’s IPOs are witness to this successful approach,” he added.