Singapore and Berlin-based Gharage Ventures officially launched its €40 million Fund I this week.
In a LinkedIn post, the VC fund outlined plans to invest in early-stage technology companies in the travel and retail sectors, specifically startups that are “building technologies across automation, AI-driven workflows, data infrastructure, travel-tech services, as well as logistics and supply chain innovation.”
The VC fund has teams in Berlin, Hamburg and Singapore and works to connect founders with operators, brands, airports and technology partners.
Gharage Ventures intends to invest globally, from seed to Series A, and back roughly 30 startups with the Fund I.
“Our mission is to drive technological resilience in travel retail and the broader travel ecosystem, one of the largest yet least digitized global industries,” the company wrote.
“We are proud to launch this next chapter, anchored by Gebr. Heinemann and alongside further strategic partners across the travel and retail ecosystem.”
The LinkedIn page for Gharage, a firm launched by Gebr. Heinemann in 2020, says it is “offline” and that it has evolved into an independent VC fund. Lennard Niemann, managing partner of Gharage Ventures also confirmed in a post that “Gharage as it used to be comes to an end.”
“But the brand and startup ecosystem continues under Gharage Ventures, an independent [€40 million] venture capital fund investing in the future of travel and trade, with a clear focus on driving technological resilience in one of the least disrupted global industries: travel retail,” Niemann added.
Luggage storage startup Bounce, online travel agency GoZayaan and identity technology company Neoke, a PhocusWire Hot 25 Travel Startup for 2023, are listed on Gharage Ventures’ current portfolio page.
Bounce made headlines last month when it acquired European rival Nannybag for an undisclosed amount.