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 2026investment
    HV Capital participated in Fleek's $25M raise to build AI infrastructure for global secondhand fashion. crunchbase.com
  • Jun 2026press
    Partner Marie Bos joined a SuperReturn panel on June 9 alongside KfW Capital and UK Private Capital representatives to discuss ESG data standardisation across funds and portfolios. de.linkedin.com
  • Jun 2026investment
    HV Capital led Fifth Dimension's $26M Series A. The decision intelligence platform for real assets had participation from Prudence, Mercia Ventures, MMC Ventures, AFG Partners, Speedinvest, Seedcamp, and Anthemis Group, bringing total funding past $40M. de.linkedin.com
  • Mar 2026investment
    HV Capital backed Advanced Machine Intelligence (AMI) in a $1B Seed round, the firm's latest tracked deal per Startup Intros data. startupintros.com
  • 2026press
    As of July 2026, HV Capital has made 14 new investments in the prior 12 months, bringing its total portfolio count to 297 companies. tracxn.com
  • May 2023fundraise
    HV Capital closed Fund IX at over €700M — its largest fund to date — split into two vehicles, Fund IX Venture and Fund IX Growth, targeting companies from seed to Series D and beyond with initial tickets from €500K to €60M. fyb.de
  • 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

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 August 7, 2026. Each claim is linked to its source above.

Automatically generated by AI from public sources. May be inaccurate or out of date. Remove or correct this profile →