German growth equity firm Acton Capital Partners has raised over $110 million in the first close of its second venture fund. The target is $200 million and Its LPs include the European Investment Fund, LfA-EIF Facility and Hubert Burda Media. The pool will focus on B2C and B2B businesses in the e-commerce and digital media sectors.
Munich, 15. January 2014. – The Munich-based investor Acton Capital Partners is pleased to announce the first closing of its latest venture capital fund: Heureka Growth Fund II will target internet-based companies, with a focus on Europe, as did its successful predecessor, Heureka I. At first closing, Acton raised capital commitments surpassing the 110 million USD mark, primarily from existing investors. Anchor investors at first closing included the European Investment Fund (EIF) – with commitments from the “ERP-EIF Dachfonds” and the LfA-EIF Facility – and the media group Hubert Burda Media. Over the coming months, Acton is targeting a total fund size of at least 200 million USD.
The new fund will focus on transaction-based, B2C and B2smallB business models in e-commerce, online marketplaces, e-services and digital media – following the same strategy as the previous fund. Acton is specialised in working with late/growth stage companies, which have robust business models, offer strong growth potential and have a clear path towards profitability.
With Heureka II, the Acton team will continue pursuing its investment strategy driven by the fundamental shift of consumer transactions from the offline to the digital world. Since its inception in 1999 the team has overseen total investments of more than 500 million USD in over 55 fast-growing internet companies, with numerous successful exits. Its predecessor fund, Heureka I, currently has stakes in 15 portfolio companies, including Clio, Etsy, KupiVip, Linas Matkasse, MyOptique Group, and mytheresa.com.
“We are thrilled to see such great interest on the part of investors,” commented Jan-Gisbert Schultze, Managing Partner and fundraiser at Acton. “The fact that most investors in the previous fund decided to also commit to the new fund is a strong vote of confidence which we very much appreciate.”
Heureka I portfolio:
leading German online service for hearing aids (invested since 2013)
virtual office services for SME (2011)
leading North American SaaS provider for small and medium sized law firms (2011)
Etsy, New York City:
leading social commerce platform for artisan and vintage products (2013)
Fashion For Home, Berlin:
German online retailer for design furniture (2012)
leading German online retailer for streetfashion (2010)
Russian market leader in online private sales (2012)
Linas Matkasse, Stockholm:
leading food delivery service for recipe bags with fresh ingredients (2011)
leading European recommerce provider for books, CDs, DVDs, games and electronics (2010)
MyOptique Group, London:
leading European online retail group for prescription glasses, sunglasses and contact lenses (2009)
global online retailer for luxury designer fashion (2010)
leading German online tutoring platform (2012)
online translation platform (2011)
leading German online shop for baby products (2011)
Yatego, St. Georgen/Germany:
e-commerce enabling platform for longtail online and offline retailers (2011)
About the European Investment Fund (EIF):
EIF’s central mission is to support Europe’s micro, small and medium-sized businesses by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. EIF’s total net commitments to private equity funds amounted to over EUR 6.9bn at end 2012. With investments in over 430 funds, EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. EIF’s guarantees loan portfolio totalled over EUR 4.7bn in close to 255 operations at end 2012, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.
More information : www.eif.org
About the ERP-EIF Dachfonds:
The ERP-EIF Dachfonds invests in venture capital funds focusing mainly, but not exclusively, on German-based high-tech early stage companies. To date some EUR 820m are committed in 31 funds, which in turn have helped raise another ~EUR 2.6bn from private investors, highlighting EIF’s multiplier effect on the market. EIF’s central mission is to support Europe’s SMEs by helping them to access finance. EIF designs and develops venture and growth capital tools and guarantees instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, entrepreneurship, growth, employment and regional development.
About the LfA-EIF Facility:
The LfA-EIF Facility, is a EUR 100m fund-of-funds (Dachfonds) for investments in venture capital funds to support technology-oriented early and development stage companies in the region of Bavaria, Germany. The facility is currently committed in 14 funds with a volume totalling EUR 68m.