468 Capital

Quick read

468 Capital is a Berlin-based early-stage VC firm founded in 2020 by operators with backgrounds building HelloFresh, FoodPanda, and Mesosphere. It raised $200M for Fund I — the largest debut VC fund in European history at the time — and followed with a $400M Fund II in 2022, bringing total capital to $1.3B. The firm backs founders with global ambitions across the US and Europe, writing checks at Seed into category-defining technology companies.

Key facts

Founded

2020

Founders

Ludwig Ensthaler, Alexander Kudlich, Florian Leibert

Employees

11-50

Sectors

saas, ai, climate, fintech, enterprise, devtools

Website

468cap.com/

Investment thesis

468 Capital backs early-stage, founder-led technology companies with global ambitions, writing Seed-stage checks into businesses it believes can define or dominate their categories. The team concentrates on software, AI, climate and energy transition, and developer tools, investing across Europe and North America.

Recent activity

• Mar 2026investment
  Participated in QFEX's $9.5M Seed round led by General Catalyst, alongside Y Combinator, Paul Graham, and Moonfire Ventures. cbinsights.com
• Mar 2026investment
  Participated in Tools for the Commons' $1.9M pre-seed round. tracxn.com
• Jan 2026press
  Partner Florian Leibert highlighted portfolio company Codesphere's inclusion on the Deutschland-Plattform, positioning it as a sovereign cloud alternative to hyperscalers. linkedin.com
• Jan 2026investment
  Poetiq secured $45.8M Seed funding with 468 Capital participation to enhance LLM reasoning. tracxn.com
• Dec 2025investment
  Participated in Iterative.ai (DataChain) $20M raise to build open-source MLOps tools. tracxn.com
• Aug 2025press
  Named among the top 50 venture investors in Germany by CB Insights. cbinsights.com
• Feb 2024investment
  Led Jua.ai's $16M Seed round alongside Green Generation Fund; Jua builds a foundation AI model for physics and the natural world. linkedin.com
• Jan 2022fundraise
  Closed Fund II at $400M — at the time the largest European Seed-stage fund — bringing total capital raised to $1.3B since founding. businesswire.com

Notable investments

• QFEXSeedMar 2026cbinsights.com
• Tools for the CommonsPre-SeedMar 2026tracxn.com
• PoetiqSeedJan 2026tracxn.com
• DataChain (Iterative.ai)Series ADec 2025tracxn.com
• Jua.aiSeedFeb 2024linkedin.com
• Niko EnergySeed2024linkedin.com
• Razor GroupSeed2021businesswire.com
• TractiveSeed2020linkedin.com

Key people

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

• Ludwig Ensthaler · General Partner
  LinkedIn
• Florian Leibert · General Partner
  LinkedIn
• Alexander Kudlich · General Partner
• Philipp Seifert · Partner
  LinkedIn
• Mark Pols · Partner
  LinkedIn
• Mario Götze · Investor

Sources

• About › 468 Capital
• 468 Capital Raises $400 Million Fund II
• 468 Capital Portfolio – CB Insights
• 468 Capital – Tracxn Investor Profile 2026
• 468 Capital | LinkedIn
• 468 Capital on LinkedIn: Jua.ai $16M Seed round
• 468 Capital Investment Portfolio | PitchBook

Other VCs in Germany

• Earlybird Venture Capital · Multi-stage VC, Berlin·
• Project A Ventures · Early-stage VC, Berlin·
• Cherry Ventures · Early-stage VC, Berlin·
• Point Nine Capital · SaaS-only VC, Berlin·
• High-Tech Gründerfonds · Seed VC, Bonn·
• HV Capital · Multi-stage VC, Munich (ex-Holtzbrinck Ventures)

Explore VCs by sector

• Enterprise software in Germany
• Climate tech in Germany
• Developer tools in Germany

Globally

• Enterprise software worldwide
• Climate tech worldwide
• Developer tools worldwide

Frequently asked