The founders of backpack brand Fond Of have joined 32 corporate investors in High-Tech Gründerfonds' third fund, which has now officially closed.
Germany-based public-private partnership High-Tech Gründerfonds (HTGF) secured €3m ($3.5m) from the co-founders of backpack and fashion label Fond Of on Tuesday to close its third corporate-backed fund at $375m.
Founded in 2005, HTGF backs early-stage startups and typically provides up to $3.5m per portfolio company, though it has the option to supply more capital to particularly promising opportunities. It has backed more than 540 startups to date and celebrated more than 100 exits.
The partnership has been investing from its third fund since achieving an initial $275m close in mid-2017. Its limited partners include 32 corporate backers as well as Fraunhofer Society, development bank KfW and Germany’s Federal Ministry for Economic Affairs and Energy.
The corporates include pharmaceutical firm Boehringer Ingelheim’s corporate venturing subsidiary, Boehringer Ingelheim Venture Fund, pharmaceuticals and chemicals producer Bayer, maritime industry group Wilh and conglomerate Werhahn.
Dräger, EWE, RWE, Evonik, Lanxess, Altana, BASF, Wacker, Büfa, B.…
