Berlin-based venture capital firm Target Global announced today it has launched a new fund to target startups working to disrupt transportation.
The fund has raised $100 million, but will continue to raise money with the intention of passing $300 million. The fund will be evergreen, rather than having a fixed endpoint, because the partners say it’s critical to be able to take a long-term investment view when it comes to mobility startups rather than having to worry about returning money to investors by a certain deadline.
“We saw a lot of disruption happening in this space, and we decided to double down on the segment,” said Alex Frolov, general partner at Target Global.
Target Global is a family of different funds that in total have $600 million in assets under management. The company has already invested in some mobility startups through those funds, including Auto1, Delivery Hero, and GoEuro.
Frolov explained that while a growing number of VCs are starting to target transportation and mobility, many of them have ties to traditional vehicle manufacturers. He believes Target will stand out by remaining independent while still being able to partner with a wide range of industry players.
The investments will focus on the widest possible range of the transportation ecosystem being disrupted. As car ownership declines and vehicles become more of a service, Frolov believes the changes are going to be immense. But Target will also look at areas like freight and logistics, along with other industries that are affected by the mobility revolution.
For the moment, the new fund will concentrate on…