Berlin - SMP advised Berlin-based venture capital investor Project A on its repeated investment in Spryker, the e-commerce software specialist company. The Series C financing round with a total volume of 130 million US dollars was led by US investor TCV. In addition to TCV and Project A, London-based existing shareholder One Peak also participated in the round. According to its own statements, Spryker intends to use the capital raised for further expansion and to set up an app store for third-party providers. Project A was again comprehensively legally advised by an SMP team. SMP has already advised the early-stage investor on a large number of investments in Germany and abroad and has launched three generations of funds on its behalf. Benjamin Ullrich and Fabian Euhus acted as joint lead partners for this mandate.
"Spryker's $130 million financing round impressively proves that large-volume financing rounds involving renowned Silicon Valley funds continue to materialize even during the pandemic," said SMP partner Benjamin Ullrich. "We are very happy for our client Project A; Spryker is already the third financing round of a Project A portfolio company with a volume of more than $100 million this month," adds SMP partner Fabian Euhus.
Project A is one of the leading venture capital companies in Europe, with offices in Berlin and London. In addition to $500 M in assets under management, Project A provides its portfolio companies with a wide range of operational support services. This includes more than 100 employees from key areas such as software engineering, business intelligence, marketing, recruiting, and many more. In 2020 Project A was named Germany's best VC by Business Insider magazine. Project A was founded in 2012 and since then has supported more than 60 start-ups in 12 countries. The portfolio includes companies such as Catawiki, WorldRemit, Homeday, Spryker, sennder, KRY, Trade Republic, and Voi.
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since its inception, TCV has invested over $14 billion in leading technology companies, including more than $2 billion in fintech, and has helped guide CEOs through more than 125 IPOs and strategic acquisitions. TCV's investments include Airbnb, AxiomSL, Dollar Shave Club, ExactTarget, Expedia, Facebook, LinkedIn, Netflix, Nubank, Payoneer, Splunk, Spotify, Strava, Toast, Xero, and Zillow. In Europe, TCV has invested over $2 billion in companies including Believe Digital, Brillen.de, FlixMobility, Klarna, Mollie, Perfecto, Redis Labs, RELEX Solutions, Revolut, RMS, Sportradar, The Pracuj Group, and WorldRemit. TCV is headquartered in Menlo Park, California, with offices in New York and London.
One Peak is a leading growth equity firm investing in technology companies in the scale-up phase. The firm provides growth capital to exceptional entrepreneurs with a view to transform innovative and rapidly growing businesses into lasting, category-defining leaders. In addition to Spryker, One Peak's investments include HighQ, Neo4j, DocPlanner, Keepit, Concentra Analytics, Quentic, Coople, DataGuard, Pandadoc, and Brightflag.
Founded in 2014, Spryker enables companies to build transactional business models in B2B, B2C, and Enterprise Marketplaces. It is the most modern platform-as-a-service solution with a headless architecture that is cloud-enabled, enterprise-ready, and loved by developers and business users worldwide. Spryker customers extend their sales reach and grow revenue with a system that allows them to increase operational efficiency, lower total cost of ownership, and expand to new markets and business models faster than ever before. Spryker solutions have empowered 150+ companies to manage transactions in more than 200 countries worldwide. Spryker is trusted by brands such as Toyota, Siemens, Hilti, and Ricoh. Spryker was named the most innovative and visionary of all new vendors in the Gartner Magic Quadrant for Digital Commerce and named a major player in B2B e-Commerce by IDC and is the only commerce platform to provide full B2B, B2C, D2C and Marketplace capabilities out of one stack.
SMP is a boutique law firm for tax and business law which is active in the core fields of Tax, Funds, Corporate, Litigation and Transactions. The attorneys and tax specialists at SMP represent a broad client base, which ranges from emerging technology companies and family-run SMEs to large corporations as well as private equity and venture capital funds. Founded in 2017, SMP has become one of the leading players for venture capital, private equity and fund structuring in Germany. The firm and its partners have been recognized nationally and internationally by JUVE, Best Lawyers, Legal 500, Focus and Chambers and Partners. Today, SMP has more than 50 experienced lawyers and tax specialists in three Offices in Berlin, Hamburg and Cologne.