Multi-stage VC, Munich (ex-Holtzbrinck Ventures)

HV Capital

Venture capital firm · Munich · Founded 2000

Quick read

HV Capital is a multi-stage VC firm founded in 2000, headquartered in Munich, Germany, and formerly known as Holtzbrinck Ventures. With nine fund generations and €2.8bn in assets under management, it's one of Europe's most active all-stage investors, writing cheques from €0.5m seed rounds up to €100m follow-ons. Its portfolio includes Zalando, Delivery Hero, Flixbus, Enpal, and Isar Aerospace.

Key facts

Founded
2000
Employees
60+
Sectors
generalist, consumer, enterprise, saas, fintech, ai, healthcare, climate
Website
www.hvcapital.com

Investment thesis

HV Capital backs European digital tech companies at every stage — from €0.5m seed to €100m follow-ons — across fintech, SaaS, consumer marketplaces, healthtech, climate, and AI. The firm's continuation fund structure lets it hold positions for 10+ years, providing capital depth that most European VCs can't match.

Recent activity

  • Jul 2025investment
    HV Capital participated in a growth investment round for Sdui Group, a German cloud-based administrative software provider for K-12 schools, alongside lead investor Bain Capital Tech Opportunities and High-Tech Gründerfonds. zoominfo.com
  • 2024leadership
    HV Capital opened its first office outside Germany — in a Central London members club — and hired a partner to run it, marking the firm's first UK presence. sifted.eu
  • Autumn 2023leadership
    HV Capital announced a series of internal promotions: Felix Klühr and Barbod Namini moved from partner to general partner; David Fischer and Fabian Gruner were promoted from principal to partner. General partner Rainer Märkle noted the firm still lacked a female partner and flagged it as an area to address. sifted.eu
  • 2023fundraise
    HV Capital closed its ninth fund at €700m — its largest to date — split between early-stage and growth pots. The fund is classified as Article 8 under the EU's SFDR, with commitments on sustainability and diversity. sifted.eu
  • 2023investment
    HV Capital invested in ARX Robotics as part of a $48.4 million Series A round. zoominfo.com
  • May 2026investment
    Tracxn data shows HV Capital has made 15 new investments in the last 12 months, bringing its total portfolio to 297 companies. Its most recent deal was participation in a Series A round for Fifth Dimension AI. tracxn.com
  • May 2026investment
    Fifth Dimension AI raised a €22M Series A, with HV Capital participating. tracxn.com
  • Apr 2026investment
    SPREAD AI raised $30M in a Series B round, with HV Capital among the investors alongside Salesforce Ventures and DTCP. tracxn.com
  • Mar 2026investment
    Midas secured $50M in funding, with HV Capital joining Franklin Templeton Investments, Creandum, and RRE Ventures among the backers. tracxn.com
  • Mar 2026investment
    HV Capital backed Advanced Machine Intelligence (AMI) in a $1B Seed round, the firm's latest tracked deal as of that date. startupintros.com
  • 2026leadership
    Jack McGuinness joined HV Capital from Battery to focus on early-stage investments in the UK and Europe, based in London. uk.linkedin.com
  • 2026press
    HV Capital joined Out Investors, the global LGBTQ+ network for investment professionals. linkedin.com

Notable investments

Key people

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

  • Deniz Bayraktaroğlu · Partner
  • Christian Saller · General Partner
  • Jan Miczaika · Partner
  • Lars Langusch · Partner
  • Felix Klühr · Partner
  • Barbod Namini · Partner
  • Rainer Maerkle · General Partner

Sources

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Frequently asked

What is HV Capital?+

HV Capital is a multi-stage VC firm founded in 2000, headquartered in Munich, Germany, and formerly known as Holtzbrinck Ventures. With nine fund generations and €2.

Where is HV Capital headquartered?+

HV Capital is headquartered in Munich, Germany.

When was HV Capital founded?+

HV Capital was founded in 2000.

What sectors does HV Capital invest in?+

HV Capital focuses on generalist, consumer, enterprise, saas, fintech, ai, healthcare, climate. They primarily invest in these sectors.

How do I prepare for a meeting with HV Capital?+

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Generated by briefthecall.com from public web sources. Last updated July 8, 2026. Each claim is linked to its source above.

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