Target Global launches €100M fund focused on early stage startups in Europe and Israel


Target Global — an international VC firm based in Berlin — has announced today the first closing of a new €100 million fund.

Focused on early stage startups, the firm’s Early Stage Fund I will invest in both seed and A rounds. It is expected to invest in up to 20 companies throughout the life of the fund.

Run out of Target Global’s main office in Berlin, the fund will concentrate on investing in startups located in Germany and Israel. While the lion’s share will go to early stage startups in those two regions — which are personified by the fast-growing and important startup hubs in Berlin and Tel Aviv — it will also allocate some capital for investments across the EU.

“Both cities are dynamic tech hubs and each brings a unique skill-set to the table,” Shmuel Chafets, general partner at Target Global, said. “Target Global’s ES Fund will Continue reading "Target Global launches €100M fund focused on early stage startups in Europe and Israel"

Saying No 100 Times A Day

Given my role in the world, I say no a lot.

I get hundreds of unsolicited emails a day, often asking me to get together, invest, or look at something. Lots of VCs and execs who I know simply ignore and don’t respond to these emails. I’ve always tried to at least respond to them unless they are clearly a mass email.

A long time ago I learned how to quickly identify what I don’t want to spend time on, which I wrote about in 2009 in my post titled Saying No In Less Than 60 Seconds. As time has passed, I’ve tuned this filter more, as the volume of requests has gone up.

It’s not a burden to receive the requests. It used to be a burden to say no, but it isn’t anymore. I’ve spent a lot of time thinking about why, how it used to affect me,

Continue reading "Saying No 100 Times A Day"

A sneak peek into Point Nine’s investment thesis

Over the last couple of weeks and months we spent some time putting our investment thesis on paper. The purpose of this exercise was to challenge and discuss our implicit assumptions and to get everyone on our team aligned on what kind of investments we seek.

One of the things that being very clear about our investment focus helps with is getting to “no” faster. If that sounds pessimistic, remember that we see thousands of potential investments every year but can only do 10-15 of them. Just like it’s crucial for sales teams to have clear qualification and disqualification criteria, it’s important for us to focus our time on “higher probability deals”. That means we’ll have to be able to quickly pass on a large number of deals that are likely not a good fit for us. Our “filter” is of course not perfect, so we’ll inevitably pass on lots Continue reading "A sneak peek into Point Nine’s investment thesis"

A sneak peek into Point Nine’s investment thesis

Over the last couple of weeks and months we spent some time putting our investment thesis on paper. The purpose of this exercise was to challenge and discuss our implicit assumptions and to get everyone on our team aligned on what kind of investments we seek.

One of the things that being very clear about our investment focus helps with is getting to “no” faster. If that sounds pessimistic, remember that we see thousands of potential investments every year but can only do 10-15 of them. Just like it’s crucial for sales teams to have clear qualification and disqualification criteria, it’s important for us to focus our time on “higher probability deals”. That means we’ll have to be able to quickly pass on a large number of deals that are likely not a good fit for us. Our “filter” is of course not perfect, so we’ll inevitably pass on lots Continue reading "A sneak peek into Point Nine’s investment thesis"

Local tech ecosystems: Stop comparing yourselves to Silicon Valley


From Silicon Alley to Silicon Beach, existing tech hubs and emerging ones long to be seen like the Valley: the self-proclaimed epicenter of all things tech. But why is that? When did living in San Francisco become a necessary prerequisite for being a startup founder or employee? As a New Yorker, I’m a bit biased to the Big Apple — the hustle and bustle of the city and the intrinsic drive that people have here opposite of our laid-back counterparts in the Bay. There are hundreds of tech companies that make up our local ecosystem, yet we still seem to come second to San Francisco. A big blow to the empire state, but an even bigger blow to cities on the horizon. Emerging hubs like Miami, Raleigh/Durham, Dallas, Nashville, Cincinnati, Detroit and others deserve the same effort, education, and access that we pour into the Bay. Tomorrow’s next tech leaders and talent Continue reading "Local tech ecosystems: Stop comparing yourselves to Silicon Valley"

Local tech ecosystems: Stop comparing yourselves to Silicon Valley


From Silicon Alley to Silicon Beach, existing tech hubs and emerging ones long to be seen like the Valley: the self-proclaimed epicenter of all things tech. But why is that? When did living in San Francisco become a necessary prerequisite for being a startup founder or employee?

As a New Yorker, I’m a bit biased to the Big Apple — the hustle and bustle of the city and the intrinsic drive that people have here opposite of our laid-back counterparts in the Bay. There are hundreds of tech companies that make up our local ecosystem, yet we still seem to come second to San Francisco. A big blow to the empire state, but an even bigger blow to cities on the horizon.

Emerging hubs like Miami, Raleigh/Durham, Dallas, Nashville, Cincinnati, Detroit and others deserve the same effort, education, and access that we pour into the Bay. Tomorrow’s next tech leaders and talent Continue reading "Local tech ecosystems: Stop comparing yourselves to Silicon Valley"

We Lead or We Participate

Over the years, I’ve been in many multi-party negotiations. I don’t know the maximum number of participants in a single negotiation, but I’m sure it’s greater than ten active negotiating parties in a transaction. I don’t mean the number of entities participating in the transaction, but the actual number of active negotiating entities. The best way to figure this out is to count the number of different law firms involved in the transaction. We shifted our behavior some years ago. Often, we lead deals. When we lead, we negotiate the terms. We work collaboratively with any other co-investors, but we’ll take the lead. But, if we don’t lead, we follow. This can be tricky, as our instincts (or ego) can often get in the way since we are used to leading deals. Or, the lawyers can get confused about what our real goals and intentions are in the negotiation. We always have
Continue reading "We Lead or We Participate"