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HV Capital

Europe, Bayern, Germany, Munich

Description

HV Capital, formerly known as Holtzbrinck Ventures, stands as one of Europe's most established and financially robust venture capital firms, with a history spanning over two decades since its inception in 2000. Headquartered in Munich, Germany, the firm has consistently focused on identifying and nurturing promising internet and technology companies across the continent. Their investment philosophy centers on providing long-term support to founders, helping them scale their ventures from early stages through to significant growth.

The firm's investment strategy is notably broad, encompassing a wide range of stages from Seed to Series D rounds. HV Capital primarily targets companies within the internet and technology sectors, demonstrating a strong track record across various sub-segments including e-commerce, SaaS, fintech, and mobility. Geographically, their reach extends beyond their German roots to include key European markets such as the UK, France, and the Nordics. This expansive approach is underpinned by substantial capital; HV Capital manages funds exceeding €2.8 billion, making it a significant player in the European venture ecosystem.

HV Capital's commitment to the European startup scene is further evidenced by its latest fund, Fund IX, which closed at a substantial €710 million. This fund continues the firm's tradition of investing across the growth spectrum, with initial investment sizes ranging from €500,000 for early-stage opportunities up to €50 million for later-stage growth rounds. Over its operational history, HV Capital has invested in more than 225 companies, contributing to the success stories of prominent European tech giants such as Zalando, Delivery Hero, FlixBus, and SumUp, underscoring their impact on the digital economy.

Investor Profile

HV Capital has backed more than 472 startups, with 29 new investments in the last 12 months alone. The firm has led 146 rounds, about 31% of its total and boasts 90 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Series A, Seed, Series B rounds (top funding stages).
  • Majority of deals are located in Germany, United States, United Kingdom.
  • Strong thematic focus on E-Commerce, Software, Internet.
  • Led 16 rounds in the past year.
  • Typical check size: $540K – $54M.

Stage Focus

  • Series A (28%)
  • Seed (24%)
  • Series B (16%)
  • Series Unknown (14%)
  • Series C (10%)
  • Series D (3%)
  • Series E (2%)
  • Pre Seed (1%)
  • Private Equity (1%)
  • Post Ipo Equity (1%)

Country Focus

  • Germany (75%)
  • United States (6%)
  • United Kingdom (6%)
  • Brazil (2%)
  • The Netherlands (2%)
  • Switzerland (1%)
  • Spain (1%)
  • Canada (1%)
  • Singapore (1%)
  • Russian Federation (1%)

Industry Focus

  • E-commerce
  • Software
  • Internet
  • Information Technology
  • Financial Services
  • Fintech
  • Artificial Intelligence (Ai)
  • Saas
  • Health Care
  • Marketplace
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does HV Capital frequently co-invest with?

Rocket Internet
Europe, Berlin, Germany, Berlin
Co-Investments: 36
TEV Ventures
Europe, Nordrhein-Westfalen, Germany, Essen
Co-Investments: 22
RTP Global
Europe, England, United Kingdom, London
Co-Investments: 24
Headline
North America, California, United States, San Francisco
Co-Investments: 17
b2venture
Europe, Berlin, Germany, Berlin
Co-Investments: 17
Vorwerk Ventures
Europe, Berlin, Germany, Berlin
Co-Investments: 17
F
Europe, Bayern, Germany, Munich
Co-Investments: 14
Picus Capital
Europe, Bayern, Germany, Munich
Co-Investments: 20
Global Founders Capital
Europe, Berlin, Germany, Berlin
Co-Investments: 19
Lakestar
Europe, Zurich, Switzerland, Zürich
Co-Investments: 14

Which angels does HV Capital often collaborate with?

US
Europe, Berlin, Germany, Berlin
Shared Deals: 2
MH
Europe, Berlin, Germany, Berlin
Shared Deals: 2
CH
Europe, Nordrhein-Westfalen, Germany, Gütersloh
Shared Deals: 4
DN
Europe, Berlin, Germany, Berlin
Shared Deals: 3
MG
Europe, Grad Sofiya, Bulgaria, German
Shared Deals: 5
JK
Europe, Berlin, Germany, Berlin
Shared Deals: 2
CM
Europe, Berlin, Germany, Berlin
Shared Deals: 3
NS
Europe, Berlin, Germany, Berlin
Shared Deals: 3
OJ
Europe, England, United Kingdom, London
Shared Deals: 3
HH
Europe, Hamburg, Germany, Hamburg
Shared Deals: 3

What are some of recent deals done by HV Capital?

Tzafon

San Francisco, California, United States

Tzafon's vision is to broaden the lightcone of awareness by pushing the boundaries of machine intelligence.

Artificial Intelligence (AI)Machine LearningSaaS
Pre SeedJul 30, 2025
Amount Raised: $5,500,000
ARX Robotics

München, Bayern, Germany

ARX Robotics is a defense startup that develops autonomous unmanned ground systems for military and civilian applications.

Autonomous VehiclesDronesManufacturingRobotics
Series AJul 29, 2025
Amount Raised: $12,737,260
Sdui

Koblenz, Rheinland-Pfalz, Germany

Sdui provides solutions for mobile communication and organization in education.

AppsEducationInformation and Communications Technology (ICT)Mobile AppsSoftwareWeb Apps
Series CJul 15, 2025
Amount Raised: $70,100,419
CarOnSale

Berlin, Berlin, Germany

Operator of B2B auction platform intended to digitize the lease-return and trade-in of cars.

AutomotiveCustomer ServiceWholesale
Series CJul 7, 2025
Amount Raised: $82,353,426
Nabla

Paris, Ile-de-France, France

Nabla is a healthcare tech company providing AI tools that generate real-time clinical notes to support clinicians.

Artificial Intelligence (AI)Electronic Health Record (EHR)Health CareMachine Learning
Series CJun 17, 2025
Amount Raised: $70,000,000
Payrails

Berlin, Berlin, Germany

Payrails is a payment software company that helps enterprises to take control of their payment operations and optimize performance.

Enterprise SoftwareFinancial ServicesFinTechMobile PaymentsPayments
Series AJun 12, 2025
Amount Raised: $32,000,000
Flank

Berlin, Berlin, Germany

AI Workforce for Enterprise Governance

Artificial Intelligence (AI)Information TechnologyLegalSoftware
Series AJun 5, 2025
Amount Raised: $10,000,000
Scalable Capital

Munich, Bayern, Germany

Scalable Capital is on its way to becoming Europe’s leading digital investment platform.

Asset ManagementFinancial ServicesFinTech
Series EJun 3, 2025
Amount Raised: $177,127,877
Flip

Stuttgart, Baden-Wurttemberg, Germany

Flip is the employee app that connects all employees from firstline to desktop and enables the distribution of top-down information.

AppsMobile AppsSoftware
Series AMay 21, 2025
Amount Raised: $28,000,000
Quantum Systems

Gilching, Bayern, Germany

Quantum Systems builds AI-powered eVTOL drones for defense, security, and surveying, specializing in aerial intelligence solutions.

AerospaceArtificial Intelligence (AI)DronesGovernmentManufacturingMapping Services
Series CMay 6, 2025
Amount Raised: $181,077,411