Heartcore Capital

Quick read

Heartcore Capital is an early-stage VC founded in 2007, headquartered in Copenhagen with offices in Stockholm, Berlin, and Paris. It backs European founders across B2B, B2C, and deep tech, writing cheques from €300k to €6m and averaging around €2m per deal. Portfolio highlights include Tink, TravelPerk, GetYourGuide, and Peakon — the last acquired by Workday for $700M in 2021.

Key facts

Founded

2007

Founders

Jimmy Fussing Nielsen

Employees

37

Sectors

consumer, saas, crypto, generalist

Website

www.heartcore.com/

Investment thesis

Heartcore backs early-stage European technology founders from inception across B2B SaaS, consumer, and deep tech, writing initial cheques of €300k–€6m. A parallel Web3 fund targets crypto protocols and application-layer tokens. The firm describes its approach as a deep partnership with founders, championing 'Little Tech' — companies re-enchanting the world through technology rather than scale-for-scale's-sake.

Recent activity

• Mar 2026investment
  Heartcore Capital has made 4 new investments in the last 12 months, bringing its total portfolio to 104 companies across 13 countries, per Tracxn data. tracxn.com
• Mar 2026investment
  Heartcore participated in the Seed round of Egide Overall, its most recent disclosed investment per Tracxn. tracxn.com
• 2024leadership
  Naza Metghalchi joined Heartcore Capital as General Partner, announced by Partner Max Niederhofer on LinkedIn. linkedin.com
• 2024press
  Multiple Heartcore portfolio companies appeared in LinkedIn's Top Startups 2024 list. linkedin.com
• 2024press
  Heartcore held its Annual Investor Day 2024, described internally as a film-themed event for LPs. linkedin.com
• 2023fundraise
  Heartcore announced the first close of Heartcore Capital Web3 I, a crypto-native fund targeting protocols and their native tokens with a focus on the application layer. linkedin.com
• 2023leadership
  Thor Hartvigsen H. joined Heartcore's Web3 investment team in Copenhagen, focusing on liquid venture investments. linkedin.com
• 2026investment
  Heartcore Capital participated in a $9.2M Seed round for Egide, a Paris-based defence technology company building scalable air defence systems. vcbacked.co
• 2025press
  Heartcore published an analysis by partners Jimmy Fussing Nielsen, Björn Nilsen, and Bérenger Teboul-Danguin signalling a strategic focus on defence and dual-use technologies — covering AI, quantum computing, robotics, and cybersecurity — as European defence budgets surge. oresundstartups.com
• 2025investment
  Heartcore portfolio company DAWN closed a new funding round led by Polychain Capital. dk.linkedin.com
• 2025investment
  Heartcore led an €11M Series A round in Capalo AI, a sustainable tech company that maximises the value of energy storage systems. Co-investors included Tesi, VentureFriends, PROfounders, Inventure, and Innovestor. avance.com
• Dec 2023fundraise
  Heartcore Capital closed its first dedicated Web3 fund — Heartcore Capital Web3 I — at €15M ($16.3M). The crypto-native fund targets application-layer protocols across DeFi, gaming, social, software, and DeSci, with checks of $250K–$500K. Led by Yacine Ghalim, the team also includes Angelo P. Goepel, Yohan Pereira, and Thor Hartvigsen. vcwire.tech

Notable investments

• Egide OverallSeedMar 2026tracxn.com
• KOBAJUnknown2025tracxn.com
• KiveUnknown2025tracxn.com
• EgideSeed2026vcbacked.co
• DAWNUnknown2025dk.linkedin.com
• Capalo AISeries A2025avance.com
• La FourcheSeries C2025vcbacked.co
• ArciumAngel2025vcbacked.co
• PhaseTreeSeed2025vcbacked.co
• PanopticSeed2023vcwire.tech
• Li.FiUnknown2023vcwire.tech
• IXISeries AApr 2025tracxn.com

Key people

Named individuals at the firm. We don't expose direct email or phone — use their LinkedIn for outreach.

• Jimmy Fussing Nielsen · Partner & Co-founder
  LinkedIn
• Christian Jepsen · Partner
  LinkedIn
• Yacine Ghalim · Partner
• Max Niederhofer · Partner
• Levin Bunz · Partner
• Michael Baczyk · Investment Advisor
  LinkedIn
• Tomas Fanta · Venture Investor
  LinkedIn
• Ben Brouwer · Partner
• Antoine Nussenbaum · Partner

Sources

• Heartcore Capital — official website
• Consumer-focused VC firm Heartcore raises $250m in new funds — Sifted
• Heartcore Capital — LinkedIn
• Heartcore Capital — Crunchbase
• Heartcore Capital — Tracxn
• Heartcore Web3 I first close announcement — X
• Heartcore Capital — OpenVC
• https://www.vcbacked.co/directory/investors/heartcore-capital
• https://oresundstartups.com/denmarks-largest-venture-fund-heartcore-capital-rallies-behind-european-defense-tech-innovation/
• https://dk.linkedin.com/company/heartcorecapital
• https://www.avance.com/cases/heartcore-capital-leads-series-a-funding-round-of-capalo-ai
• https://vcwire.tech/2023/12/13/heartcore-capital-raises-e15m-for-first-web3-fund/
• https://www.linkedin.com/in/maxniederhofer/
• https://tracxn.com/d/venture-capital/heartcorecapital/__TMJ08iemWDn9V8yBjhjuIlu-qtfbXPiKZm4OQ0TDSe8
• https://www.linkedin.com/posts/heartcorecapital_heartcore-portfolio-companies-in-linkedin-activity-7245340468006338560-N5K0
• https://www.linkedin.com/posts/heartcorecapital_were-thrilled-to-be-one-of-the-investors-activity-7105463473492389888-uP7j?trk=public_profile_like_view

Other VCs in Denmark

• byFounders · Early-stage VC, Copenhagen·
• Norvestor · Growth equity, Copenhagen + Oslo·
• Northcap · Early-stage VC, Copenhagen·
• Sunstone Life Science Ventures · Healthcare VC, Copenhagen

Explore VCs by sector

• Consumer in Denmark
• SaaS in Denmark

Globally

• Consumer worldwide
• SaaS worldwide

Frequently asked