Late-stage comeback: Acton Capital Partners in €150M final close of new fund

Great news for European entrepreneurs of the later stage variety: Acton Capital Partners closes on a EUR 150M maiden fund, the so-called Heureka Growth Fund, presumably named after the discovery of gold in California rather than Archimedes running naked through the streets of Syracuse.

The Hubert Burda Media spinout team has closed on two e-commerce investments so far: Glasses-Direct (led by the dynamic duo of Kevin Cornils and Jamie Murray Wells) and (the Munich equivalent of Net-a-Porter).  Both reflect the fund's focus on later-stage initiatives in consumer-oriented businesses.

The team's investment track record was under the media' group's umbrella (as Burda Digital Ventures or BDV) and includes the likes of ciao or abebooks but also etsy, mahalo or the excellent gameduell.  As you can tell from the team profiles the MD's are all senior Burda operating execs, which is a key player in Germany's digital media landscape, in particular through TomorrowFocus.

This is great news and another example of LP's supporting two core elements:

  • clear focus on one segment, consumer innovation in tech (internet and mobile)
  • late stage / acceleration deals

In European markets it's tough to do fundamental, highly scalable product innovation on the consumer side but it makes a ton of sense to build e-commerce champions in categories where local markets exceed €1bn in the larger economies, particularly when you can sell strong local value-add in what is undoubtedly the hardest European market to crack for outsiders, Germany.  Sound positioning.

Jamie and Kevin in Warehouse by glassesdirect. <— Jamie and Kevin wondering what to do with all that money !  I know, buy a supply of discounted designer glasses :-)

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