Alexander A. Frolov is a technology investor and entrepreneur who has built his career at the intersection of venture capital, operational co-founding, and the development of international technology companies. As a co-founder of Target Global, he was involved in shaping one of the most active growth-stage platforms in Europe — at a time when the European venture market was still acquiring the scale that is now taken for granted.
Education and Professional Beginnings
Frolov built his professional foundation at two of the United Kingdom’s leading institutions. He earned a degree in Economics from the London School of Economics, then went on to complete an MBA at London Business School. It was in that environment — with its concentration of European and international finance and technology professionals — that he developed his understanding of how capital markets function and how technology companies create lasting value.
That academic background shaped his investment approach: a focus on structural market shifts rather than short-term trends, and a preference for companies with strong product foundations and a clear logic for international scaling.
From Idea to International Platform
Frolov co-founded Target Global at a time when access to growth-stage venture capital in Europe was significantly more limited than in the US market. From the outset, the firm was positioned not as a regional fund but as an international investment platform — focused on technology companies capable of scaling beyond a single market.
Among Frolov’sinvestment decisions at Target Global was backing Revolut when the company had yet to move beyond a niche currency exchange product. Today, Revolut serves tens of millions of customers across Europe and beyond, and was valued at $75 billion in late 2025 — one of the highest valuations achieved by a European technology company.
Other portfolio companies that took shape during Frolov’s active involvement in Target Global’s investment activity include: TravelPerk — the Barcelona-based corporate travel management platform that raised $200 million in early 2025; Rapyd — the global fintech infrastructure provider that closed a $500 million round and subsequently acquired PayU; Auto1 Group, now a constituent of the STOXX Europe 600 index; Fresha — the beauty and wellness marketplace backed by JP Morgan; DocPlanner — the doctor appointment platform operating in more than 13 countries; and Finom — the Dutch SME fintech that announced a €115 million raise in June 2025.
Co-Founding as a Distinct Practice
Alongside his investment activity, Frolov developed a practice that he defined as co-founding initiatives — active involvement in building companies from scratch, rather than simply financing them once a product already exists. This means contributing to the formation of a product vision, assembling a team, and shaping early strategy.
The fullest expression of this approach is Palta — a wellness technology platform built with Frolov’s direct involvement. Palta is structured as a multi-product company in digital health: a shared technology and data infrastructure on which several independent products are developed.
The platform’s flagship is Flo Health — a women’s health application with more than 70 million monthly active users and over 5 million paying subscribers. In July 2024, Flo Health closed a Series C round exceeding $200 million led by General Atlantic, receiving a valuation above one billion dollars. The company’s gross bookings exceeded $200 million in 2024.
Strategic Focus: Fintech, Healthtech, AI
Several consistent investment theses run through Frolov’s work. In fintech, the focus is on the infrastructure layer: companies that enable money movement, compliance management, and cross-border financial services at scale. In healthtech, the conviction is that consumer health products built around clinical credibility and personalization can achieve both mass audiences and durable monetization.
More recent investments reflected Frolov’s interest in applied AI. Voyantis — an Israeli platform for customer lifetime value prediction — raised funding in early 2025. Robovision, a Belgian company developing AI-based computer vision systems for industrial applications, received investment in 2024. Both reflect the thesis that the most defensible AI products are those solving specific operational problems in sectors with a demonstrated willingness to pay for results.
Position in the Market
Frolov’s activity spanned two complementary dimensions: portfolio management and operational co-founding through projects such as Palta. That combination — financial expertise paired with a willingness to be directly involved in building companies — defined his place in the European technology ecosystem.
Over the years Alexander A. Frolov continued to lead strategic projects and co-founding initiatives, maintaining his focus on fintech, healthtech, artificial intelligence, and the international scaling of technology companies.
