European VC Project A Launches €325 Million Early Stage Fund.

Led by Partners Ben Fischer, Christoph Rosler, Philipp Werner, Thies Sander, Uwe Horstmann, Jack Wang, Malin Posern, Florian Heinemann, Anton Waitz, and CFO Anton Grabovski, Project A has launched a €325 Million Fund V, Early Stage Fund, increasing its total assets under management to €1.2 billion. Since 2012, Project A has built a top-tier track record in early-stage investing, backing multiple European unicorns including Trade Republic, sennder, Zepz, and Quantum Systems. Its operator-led approach has made it one of Europe’s most successful early-stage investors.

Project A backs early-stage founders with hands-on support beyond the capital. With deep sector expertise and a focus on pre-seed and seed, the firm helps startups hit key milestones and secure top-tier follow-on funding. Its Studio also supports idea-stage founders with validation, team building, and early traction.

Project A’s Fund V was significantly oversubscribed and closed in just four months. Backers included a diverse mix of new and returning LPs—from institutional investors and major family offices to strategic partners across Europe and the US—reflecting strong confidence in the firm’s track record and thesis.