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§ Venture Capital · Munich and Berlin, Germany
Venture capital firm investing in and supporting digital companies across Europe from seed stage through growth phases with long-term partnerships.
HV Capital is a venture capital firm based in Munich, Germany, that invests in market-leading digital companies across Europe, supporting startups from seed stage through growth phases with long-term partnerships and operational involvement. The firm manages over €2.8 billion in assets under management, deploying equity investments across stages from seed to growth, sourced from top-tier institutional investors worldwide. It has backed approximately 250 companies in sectors including consumer internet, fintech, and B2B SaaS, with its portfolio creating more than 100,000 jobs. Key investments include prominent European companies such as Zalando, HelloFresh, Delivery Hero, SumUp, and FlixBus. HV Capital was originally founded in 2000 as Holtzbrinck Ventures by a team including Christoph Jung and Lars Langusch. Its business model centers on raises funds from top-tier institutional investors worldwide to deploy as equity investments in startups across stages, became independent in 2010 after starting as Holtzbrinck Ventures.
Key people at HV Capital.
HV Capital is Germany’s leading all-stage venture capital firm, with over €2.8 billion in assets under management and more than two decades of pioneering European venture investing. Its mission is to back exceptional founders building market-leading digital companies, supporting them from the earliest stages through every phase of growth. HV Capital’s investment philosophy centers on long-term partnership, deep operational involvement, and multi-stage capital deployment—enabling startups to scale sustainably and achieve category-defining success. The firm targets key sectors including fintech, B2B/SaaS, mobility, consumer marketplaces, healthtech, climate tech, and AI, making it one of the most active and influential investors in Europe’s startup ecosystem. HV Capital’s impact is evident in its portfolio of over 225 companies, many of which have become household names across the continent.
Founded in 2000 as Holtzbrinck Ventures, HV Capital began as the venture arm of the Holtzbrinck publishing group before becoming an independent firm. Early on, it established a reputation for spotting and nurturing Germany’s first wave of tech unicorns, including Zalando, Delivery Hero, and FlixBus. Over the years, HV Capital evolved from a seed-stage specialist into a full-cycle investor, broadening its focus to include growth-stage and later-phase opportunities. Key partners such as Lars Langusch, Christoph Jung, Martin Weber, and Sven Achter have shaped the firm’s strategy, driving its expansion into new sectors like SaaS, logistics, healthcare, and blockchain. The launch of its continuation fund, HV COCO Growth, in 2022 marked a milestone in its ability to support portfolio companies beyond traditional fund lifecycles.
HV Capital is riding the wave of Europe’s maturing tech ecosystem, where local founders are increasingly building global champions. The firm’s timing has been pivotal—capitalizing on the rise of digital transformation, SaaS adoption, and the shift toward sustainable technologies. As European startups seek longer-term, patient capital to compete with U.S. and Asian peers, HV Capital’s all-stage model and continuation fund structure position it as a critical enabler of scale. Its influence extends beyond individual investments, shaping the region’s venture capital norms and helping to professionalize the ecosystem. By backing both early-stage disruptors and later-stage scale-ups, HV Capital plays a central role in bridging the gap between innovation and market leadership in Europe.
HV Capital is poised to remain at the forefront of European venture capital as the region’s tech ambitions grow. The firm’s ability to deploy capital at every stage, combined with its long-term orientation and sector diversification, will be increasingly valuable as startups face longer paths to profitability and global competition intensifies. Trends like AI, climate tech, and enterprise digitization will likely drive new waves of investment, while HV Capital’s ecosystem-building efforts could further solidify Germany and Europe as a hub for innovation. As the line between early-stage and growth investing blurs, HV Capital’s model may become the blueprint for the next generation of European VCs. Just as it helped launch the first wave of German tech giants, HV Capital is now shaping the future of European entrepreneurship—one bold founder at a time.
Key people at HV Capital.
HV Capital has more than 26 tracked investments across 25 companies. The latest tracked deal is $1.0B Seed in Advanced Machine Intelligence (AMI) in March 2026.
