Target Partners

Target Partners

Target Partners operates from a single office in Munich, with no publicly disclosed founding year. The partnership group includes Kurt Müller, Berthold von Freyberg, Michael Münnix, Waldemar Jantz, and Johannes Landgraf — each listed as a Partner on the firm's website. The firm describes itself as a team of engineers and scientists that has served on more than 70 boards. It invests exclusively at the early stage, with a mandate spanning seed, start-up, and growth financing — a structure closer to a traditional venture firm than a family office, despite its concentrated partnership base. The firm's deployment spans enterprise software, climate technology, digital health, and industrial AI. Confirmed portfolio companies include Instana (APM software acquired by IBM in 2020), tado° (home energy management; closed a €55m round and secured Panasonic investment), ArangoDB (graph database; raised a $10M Series A in 2019), NavVis (digital twin technology; secured €20M from the EIB), Dedrone (airspace security; raised a $30M Series C-1 in 2022), and Treasury Intelligence Solutions (corporate payments; raised $20M in 2020). The geographic footprint concentrates on German-founded companies, with several portfolio companies, such as ArangoDB and NavVis, maintaining a presence in the US to serve global enterprise demand. The firm names six partners and has historically engaged Venture Partners — including Jörg Sperling, Jan Wolter, Wolfram Drescher, and Iris Ostermaier — to extend its sector reach. In January 2018, the firm announced its portfolio companies surpassed €1 billion in combined market capitalization. A network-building initiative called TechBrunch runs periodically across German cities, including Munich, Berlin, Leipzig, and Aachen, serving as a deal-sourcing and community mechanism. In April 2024, one portfolio company, Treasury Intelligence Solutions, signed a binding agreement with Marlin Equity Partners for a majority growth investment, signaling a liquidity event for the firm. The structural differentiator is a pure generalist partnership composed of operators who collectively claim more than 80 years of software development and R&D experience. Unlike fund-of-funds or multi-stage platforms, Target Partners commits its own partnership capital directly into early-stage enterprise-tech companies, maintains multi-year board seats, and has avoided expanding into late-stage growth or credit strategies — producing a concentrated, technical, and highly hands-on investment model that does not rely on outside LPs' capital cycles.