HV Capital

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

• May 2026investment
  HV Capital co-invested in Fifth Dimension AI's €22 million Series A, a firm focused on AI decision intelligence for real assets. tracxn.com
• 2026investment
  HV Capital participated in Exein's €100 million funding round; the Italian IoT security company's round was led by Blue Cloud Ventures, with JP Morgan also participating. leadiq.com
• 2026investment
  HV Capital led ARX Robotics' €31 million Series A; the Munich-based autonomous unmanned ground systems company also received backing from Omnes Capital and NATO Innovation Fund. leadiq.com
• 2024leadership
  HV Capital announced plans to open a London office and hire a new partner, marking the firm's first permanent UK presence. sifted.eu
• 2023fundraise
  HV Capital announced Fund IX, its largest fund to date, with backing from a Swiss pension fund for the first time. sifted.eu
• 2022fundraise
  HV Capital launched HV COCO Growth, a continuation fund described as a first-of-its-kind financial vehicle among German VC firms, enabling longer-term support for portfolio companies. startupintros.com
• 2024investment
  HV Capital led CEEZER's €10.3 million Series A, a carbon market platform, with co-investors Norrsken VC, Picus Capital, and Carbon Removal Partners. linkedin.com

Notable investments

• Fifth Dimension AISeries AMay 2026tracxn.com
• ARX RoboticsSeries A2026leadiq.com
• ExeinGrowth2026leadiq.com
• CEEZERSeries A2024linkedin.com
• Kipu QuantumUndisclosed2024linkedin.com
• Isar AerospaceUndisclosedUndisclosedde.linkedin.com
• EnpalUndisclosedUndisclosedde.linkedin.com
• ZalandoEarly stageEarly stagede.linkedin.com
• Delivery HeroEarly stageEarly stagede.linkedin.com
• FlixBusEarly stageEarly stagede.linkedin.com

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

• Our Approach | HV Capital
• Team | HV Capital
• German venture firm HV Capital to open London office and hire new partner | Sifted
• HV Capital - 2026 Investor Profile, Portfolio, Team & Investment Trends - Tracxn
• HV Capital: Funding, Team & Investors
• HV Capital Company Overview | LeadIQ
• HV Capital | LinkedIn

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·
• 468 Capital · Early-stage VC, Berlin

Explore VCs by sector

• Generalist in Germany
• Consumer in Germany
• Enterprise software in Germany

Globally

• Generalist worldwide
• Consumer worldwide
• Enterprise software worldwide

Frequently asked