Despite the taught economic conditions, the cybersecurity industry has emerged as a hub of innovation and resilience. As companies and governments wordkwide continually battle the ever-evolving challenges of disinformation, deepfakes, and data breaches, the demand for security solutions has grown. This surge has driven a significant increase in investment activity, with venture capitalists investing $9.6 billion into 693 cybersecurity startup deals in 2023 alone.
Vestbee has compiled a list of Europe-based VC funds that back cybersecurity startups. This list includes not only venture capital funds that declare cybersecurity as one of their key investment areas, but also firms that back startups in this sector while specializing in other verticals such as digital tech, deeptech, or being sector-agnostic.
To create this selection, we researched the most active investors in the European region. Relying on data from Crunchbase, we focused on those who have made investments since this period last year.
If you notice any investors missing from this list or see any information that needs updating, please let us know.
Cyber-focused VC funds
33N Ventures
HQ: Porto, Portugal
Fund size: €50M
Investment focus: cybersecurity and infrastructure software companies
33N Ventures focuses on investing in B2B cybersecurity and infrastructure software companies globally. The VC targets Series A and B funding rounds, with typical investment tickets ranging from €4 million to €12 million, preferring to lead or co-lead rounds. While investing globally, the firm has a particular focus on Europe, North America, and Israel. In January 2024, 33N Ventures announced the first closing of its dedicated cybersecurity and infrastructure software fund at €50 million, with a target size of €150 million.
Adara Ventures
HQ: Luxembourg
Fund size: €80M
Investment focus: cybersecurity, data and applications, infrastructure, devops, components, digital health and energy transition.
Adara Ventures invests in deeptech startups across cybersecurity, data, DevOps, digital health, and energy transition sectors. The firm targets European teams tackling global opportunities, with a focus on the pre-seed, seed, and Series A stages. When it comes to geography, they mostly focus on companies based in Spain, Portugal, France, the UK, and Ireland.
Alicorn Venture Partners
HQ: London, England
Fund size: N/A
Investment focus: enterprise software, commercial AI/ML, cybersecurity, and deeptech
Alicorn Venture Partners is a growth-stage venture capital firm that specializes in secondary investments and acquisitions of stakes in high-tech and deeptech companies across Europe. Its approach combines venture capital funding with private equity techniques, providing capital, operational expertise from their seasoned team of entrepreneurs and investors, and leveraging their network to unlock growth in late-stage technology businesses.
Alpana Ventures
HQ: Geneva, Switzerland
Fund size: N/A
Investment focus: deeptech and digital transformation
Alpana Ventures is focused on digital transformation and deeptech solutions. It targets Switzerland, Europe, and the US, investing to embed their technologies into innovative business models and supporting them to become global market leaders. With a decade of experience investing primarily in Swiss digital startups, Alpana empowers founders through strategic guidance, talent acquisition assistance, and marketing expertise.
Amadeus Capital Partners
HQ: Cambridge, United Kingdom
Fund size: €80M in Amadeus APEX Technology Fund
Investment focus: AI and machine learning, consumer services, cybersecurity, digital health, fintech among others
Amadeus Capital Partners is a UK-based fund with more than 20 years of experience building up innovative ventures in the world. It is focused on seed and early-stage companies based in or growing in the UK. The fund's lies in the following sectors: AI and ML, consumer services, cybersecurity, digital health, digital media, enterprise software, fintech, insurtech, semiconductors and telecoms infrastructure.
astorya.vc
HQ: Paris, France
Fund size: N/A
Investment focus: insurtech, fintech, cybersecurity
astorya.vc is investing in European seed insurtech startups, targeting the €1.3 trillion insurance market, which is currently lagging in digitization, AI adoption, and addressing emerging disruptive risks like climate change and cyber threats. Over the past five years, it has built a pan-European portfolio of 12 seed companies. To date, the fund has $500 million AUM and is currently working on its first exits.
Auriga Cyber Ventures
HQ: Paris, France
Fund size: N/A
Investment focus: cybersecurity
Auriga Cyber Ventures is a specialized early-stage venture capital fund focused on identifying and supporting the most promising European cybersecurity startups working towards creating a more secure and privacy-respecting digital environment. Operating under the umbrella of pioneering French VC firm Auriga Partners, the fund invests seed tickets ranging from €500,000 to €1 million in French and European cybersecurity startups, with capacity for follow-on rounds.
Axeleo Capital
HQ: Lyon, France
Fund size: €73M
Investment focus: enterprise software, cybersecurity, B2B, fintech, crypto & Web 3.0, proptech & contech
Axeleo Capital focuses on backing European B2B tech startups operating in sectors such as cybersecurity, artificial intelligence, data, fintech, and blockchain. In 2022, Axeleo Capital closed its second fund, AXC2, raising €73 million. With this fund, Axeleo Capital targets investments in the pre-seed and seed stages, with initial ticket sizes ranging from €100,000 to €1.5 million, and the ability to participate in follow-on rounds up to €5 million.
Begin Capital
HQ: London, England
Fund size: $62M
Investment focus: deeptech, AI, SaaS
Begin Capital is an international venture capital firm investing in pre-seed, seed, and Series A startups globally, with a focus on Europe. Its second fund targets deeptech, AI, and SaaS companies with groundbreaking backend technology and proven industry applications. Begin Capital provides flexible ticket sizes ranging from $500,000 to $5 million.
Bloc Ventures
HQ: London, England
Fund size: £500M+
Investment focus: deeptech
Bloc Ventures is a specialist deeptech investor backing entrepreneurs building transformative products in cloud, connectivity, data science and cybersecurity. Its portfolio comprises companies pushing boundaries in areas like AI, wireless connectivity and supercomputing. The fund's investments span seed to Series A in the UK, Europe, and globally.
Bright Pixel Capital
HQ: Porto, Portugal
Fund size: N/A
Investment focus: cybersecurity, retail technologies, and infrastructure software
Bright Pixel Capital, formerly known as Sonae IM, is the venture capital arm of Sonae Group, a major Portuguese multinational corporation. The firm focuses on investing in innovative tech companies operating in cybersecurity, retail technologies, and infrastructure software sectors. Over the past five years, Bright Pixel Capital has invested over €250 million across more than 50 direct investments, ranging from seed to buyout stages.
Conexo Ventures
HQ: Madrid, Spain
Fund size: €120M
Investment focus: cybersecurity, marketplaces, financial services, communication networks, computing, SaaS
Conexo Ventures invests in founders solving complex challenges through disruptive innovation in high-growth markets like cybersecurity, digital marketplaces, fintech, communication networks, enterprise software, and more. Its strategy focuses on building the next great companies that leverage cutting edge AI by providing capital, experience, and global reach. Conexo connects innovation from Spain and Portugal to Latin America and the US.
DeepTech Labs
HQ: Cambridge, England
Fund size: N/A
Investment focus: deeptech
DeepTech Labs is both an accelerator and venture capital fund on a mission to forge the deeptech companies, including the ones in the cybersecurity field. Its program runs twice annually, targeting early-seed and late-seed startups with the goal of embedding the cohort in the network of entrepreneurs, experts , leading researchers, and deeptech organizations worldwide. It extends investment opportunities to early-seed and late-seed startups post-program, ranging from £100,000 to £350,000 and setting the stage for follow-on investment at Series A
DeeptechXL
HQ: Eindhoven, the Netherlands
Fund size: €110M
Investment focus: deeptech
Based in the Netherlands, DeepTechXL is a venture capital firm that focuses on early-stage deeptech ventures with the potential to drive societal change. It invests in Dutch deeptech startups and scale-ups with promising global growth prospects, particularly in hardware and manufacturing in vital societal themes like Energy Transition, Security, Health, and Agriculture. The fund targets around 20 seed-stage companies with investments ranging from €100,000 to €2 million.
DOMiNO Ventures
HQ: Amsterdam, the Netherlands
Fund size: N/A
Investment focus: AI, deeptech, cleantech, heathtech, edtech, cybersecurity
DOMiNO Ventures operates globally from offices across Eastern Europe, Central Asia, and Turkey, with a focus on investing in high-tech, pure-digital startups from these regions that have global ambitions. Their approach targets entrepreneurs solving modern challenges through AI, deeptech, cleantech, healthtech, fintech, HRtech, edtech, gametech, cybersecurity, and life sciences. DOMiNO invests from pre-seed to Series A, providing €100,000-€1 million for early stages and €400,000-€2 million for growth stages.
Flashpoint
HQ: London, UK
Fund size: $150M in Flashpoint Joint Venture Fund
Investment focus: B2B software and tech-enabled solutions
Flashpoint specialises in US and Western European tech companies, many of which originate from Europe and the Middle East. It manages five funds, including Venture Capital, Growth Debt, and Direct Secondary investments. The fund focuses on late-seed and Series A stage companies developing B2B software and tech-enabled solutions, including the ones from the cybersecurity sector. Its initial check sizes range from $500,000 to $10 million, with follow-on investments potentially rising to $20 million.
Giesecke+Devrient Ventures
HQ: Munich, Germany
Fund size: €50M
Investment focus: trusttech, cybersecurity
Giesecke+Devrient Ventures is a European venture capital firm focused on investing in early-stage and selectively later-stage trusttech startups across the EU. TrustTech encompasses cybersecurity and technologies promoting trust in digital ecosystems. G+D Ventures is a provides seed, Series A, and selective Series B funding ranging from €500,000 to €3 million, with additional capital for follow-on investments.
HQ: Amsterdam, Netherlands and Warsaw, Poland
Fund size: $185M
Investment focus: spacetech, AI & automation, fintech, and cybersecurity
OTB Ventures is a leading European venture capital firm, with offices in Warsaw, Poland, and Amsterdam, Netherland. It focuses on startups in the late seed, Series A, and Series B stages, investing in companies that develop technologies in four key verticals: spacetech, AI & automation, fintech, and cybersecurity.
Paladin Capital Group
HQ: London, the UK
Fund size: $372M Cyber Fund II
Investment focus: cybersecurity
Paladin Capital Group is a global investor, with European offices in UK and Luxembourg, that backs innovative dual-use technologies for commercial and government markets. Its $372 million Cyber Fund II is a multi-stage vehicle focused on cybersecurity startups protecting critical infrastructure, networks, and modern society. With a security-first mindset and national security experience, Paladin takes a value-add approach, guiding portfolio companies in scaling essential security solutions across public and private sectors
Rockaway Blockchain Fund
HQ: Zurich, Switzerland
Fund size: N/A
Investment focus: Web3 and private data protection
RockawayX is focused on investing in early-stage startups in the Web3 and decentralized finance sectors. It provides more than just capital by offering dedicated validators, staking infrastructure, and an in-house development team to support the growth and decentralization of the projects they invest in.
Signature Ventures
HQ: Aying, Germany
Fund size: N/A
Investment focus: blockchain, distributed ledger technology, Web3, and private data protection
Signature Ventures is an early-stage venture capital fund based in Germany, investing globally in pre-seed to Series A startups focused on blockchain, distributed ledger technology, and Web3. Founded in 2019, the fund backs exceptional founders building the backbone of the decentralized future — an open, secure, and privacy-centered internet.
Startup Wise Guys
HQ: Tallinn, Estonia
Fund size: N/A
Investment focus: extended reality, SaaS, sustainability, fintech, cybersecurity, proptech, Web3
Startup Wise Guys, one of the most active venture investors and accelerators in Europe since 2012, fuels early-stage startups' growth through expertise, funding, and skills. Focusing on underserved markets, it targets B2B founders and makes follow-on investments in top-performing teams. Diversifying across hundreds of companies in Europe, Africa, and beyond, Startup Wise Guys invest in verticals like SaaS, fintech, cybersecurity, cleantech, Industry 4.0, and extended reality.
Ten Eleven
HQ: the UK
Fund size: $600M in TE3
Investment focus: cybersecurity
Ten Eleven Ventures is a global, stage-agnostic investment firm solely focused on cybersecurity. With a $600 million fund closed in 2022, it provides capital, connections, and expertise to cybersecurity entrepreneurs worldwide, supporting game-changing technologies. Ten Eleven takes a global perspective, judging ideas on merit rather than origin, and has offices in Silicon Valley, Boulder, Boston, and the UK.
TIN Capital
HQ: Naarden, the Netherlands
Fund size: €100M in a European Cyber Tech Fund V
Investment focus: cybersecurity
TIN Capital pivoted from general tech to cybertech in 2018 with the launch of the Dutch Security TechFund. It invests in early-stage and later-stage companies in the Netherlands, having built an extensive network of cybersecurity experts like CISOs, security professionals, corporations, government bodies, and entrepreneurs across Europe to provide portfolio companies with knowledge-sharing, scaling experience and connection.
Value Creation Capital
HQ: Bilthoven, the Netherlands
Fund size: €25M in VCC Deep Tech Fund
Investment focus: deeptech, AI, and cybersecurity
Value Creation Capital speiclizes in deeptech startups and scale-ups operating in fields like AI, cybersecurity, and quantum infrastructure. They provide seed and Series A funding to ambitious B2B companies, primarily in the Netherlands and Western Europe. With deep industry expertise and a focus on groundbreaking innovations, VCC aims to shape and lead the rapidly changing technological landscape.
Vito Ventures
HQ: Munich, Germany
Fund size: N/A
Investment focus: IoT, machine intelligence, frontier tech hardware, new-age enterprise software, distributed ledger technology, cybersecurity
Vito Ventures is an early-stage venture capital firm that invests globally in breakthrough technologies and business innovations with the potential to define new standards. Their focus areas include software, Internet of Things, artificial intelligence, machine learning, and cloud computing. Through their industrial investor base, Vito provides portfolio companies access to extensive resources like R&D facilities, global market reach, and mass production capabilities.
VC funds investing in cybersecurity alongside other verticals
IQ Capital
HQ: Cambridge, the UK
Fund size: IQ Capital Fund IV, $200M
Investment focus: deeptech
IQ Capital focuses on game-changing sectors like computer science, energy, cybersecurity, life sciences, fintech, space, and advanced engineering. It is currently investing from their fourth fund on the scale from £0.5 million to £10 million per company, targeting disruptive deep tech across sectors like generative AI, advanced engineering, space tech, quantum hardware, cyber security, and synthetic biology. It seeks seed and Series A opportunities with strong deeptech IP and offer follow-on investments of up to £30 million through their Growth Fund.
50 Partners
HQ: Paris, France
Fund size: N/A
Investment focus: digital, impact, health, Web3
50 Partners is a French accelerator and VC offering both acceleration services as well as the possibility for funding. It provides mentoring, financing, office space and expert services to startups across digital technology, impact, healthtech and web3 sectors. The firm has over 350 founders in its network and a portfolio of 100+ companies
Almi Invest
HQ: Stockholm, Sweden
AUM: €142M
Investment focus: sector agnostic
Almi Invest is one of Sweden's most active early-stage investors, offering capital and support to startups in their initial phases. It provides financing through loans and its Verification Fund, supporting small and medium-sized enterprises. Almi Invest has backed around 900 startups. Its investment areas encompass diverse fields, including software, cybersecurity, healthcare, renewable energy, and industrial equipment, in sectors such as life science, climate tech, and greentech.
Alven
HQ: Paris, France
Fund size: €350M Alven Fund VI
Investment focus: digital technologies
Alven Capital, a leading early-stage VC firm with over $500 million in assets, focuses on French and French-related digital tech entrepreneurs. Specializing in AI, data management, SaaS, security, and other disruptive consumer models, notably marketplaces and web brands, Alven offers more than just financial backing. Its platform team provides founders with essential growth support and expertise.
Ascension VC
HQ: London, the UK
Fund size: £50M Ascension Fund III
Investment focus: sector agnostic
Ascension VC is an early-stage venture capital firm that aims to back the next generation of tech and impact founders in the UK. It is one of the most active investors in London, participating in rounds from seed to Series A, as a lead or co-investor alike. The firm takes a hands-on approach in supporting its founders, providing not only capital but also strategic guidance and introductions to its network of angels and advisors.
Atomico
HQ: London, the UK
Fund size: N/A
Investment focus: digital life and play, digital work, enterprise data, automation, frontier tech, fintech, future of food, health, industrial automation, internet infrastructure, mobility, impact
Atomico is dedicated to fueling the growth of tech founders beyond Series A, with a strong European focus. With $4.7 billion in AUM, Atomico leverages its operational expertise to catalyze exponential growth for its portfolio companies. Driven by a mission to cultivate a sustainable and inclusive technology ecosystem, it is focusing on future-forward verticals such as cybersecurity, fintech, digital work, enterprise data automation, mobility, industrial infrastructure, and more.
AXA Venture Partners
HQ: Paris, France
Fund size: €500M
Investment focus: enterprise software, fintech/insurtech, digital health, and consumer tech
AVP is a €2 billion venture capital firm that invests across stages, from venture to late growth, through various investment vehicles. The firm's investment focus spans enterprise software, fintech/insurtech, digital health, consumer tech, and other relevant technologies transforming sectors like property development, HR processes, and cybersecurity. Through its relationship with AXA, AVP provides portfolio companies with access to the insurer's global expertise, including world-class risk managers, financial advisors, data scientists, distribution networks, client base, and diverse business lines.
b2Venture
HQ: Berlin, Germany
AUM: $135M
Investment focus: AI & ML, biotech, climate, fintech, consumer, SaaS
Founded in 2000, b2venture operates in multiple locations, including St. Gallen, Munich, Luxembourg, Zurich, and Berlin. Through its dedicated funds and direct investment track, b2venture invests in startups in the DACH region and across Europe. Its portfolio includes companies from a variety of sectors from security to SaaS.
Balderton Capital
HQ: London, UK
Fund size: $600M
Investment focus: sector agnostic
Balderton Capital specializes in early-stage and growth-stage investments in technology companies. With a history spanning over 22 years, Balderton has raised $4.5 billion to support European startups, providing them with access to the combined insight, knowledge, and experience of its well-experienced team. It operates two funds — one for early-stage startups and one for growth startups — across sectors ranging from reproductive health to cybersecurity.
Breega
HQ: Paris, France
Fund size: N/A
Investment focus: industry agnostic
Breega is a European venture capital fund supporting startups from pre-seed to Series A+, with tickets ranging from €500,000 to €15 million. Through ‘full-stack funding’, it offers capital, connections, expertise, and other forms of support to pioneering founders, emphasizing purpose-driven impact. The fund’s investment approach is sector-agnostic, focusing on innovators across Europe and internationally.
Brightly Ventures
HQ: Norrmalm, Sweden
Fund size: N/A
Investment focus: sector agnostic
Brightly Ventures is an early-stage Nordic VC firm backing transformative 'Nordic Game Changers', technology companies pushing industries forward. Based in Stockholm, they take a hands-on approach helping Nordic startups reach global markets. Their investments range from pre-seed to Series A, nurturing bold founders disrupting sectors like fintech, greentech, enterprise software and more.
Caixa Capital
HQ: Lisbon, Portugal
Fund size: N/A
Investment focus: Generalist
Caixa Capital is a Portuguese venture capital firm, part of the Caixa Geral de Depósitos banking group. It focuses on investing in innovative and technologically differentiated companies, preferring to participate in Series A and B funding rounds. The firm aims to back startups with strong market potential across various sectors.
Curiosity VC
HQ: Amsterdam, Netherlands
Fund size: N/A
Investment focus: AI software
Curiosity is a community-driven venture capital firm that focuses on early-stage investments in AI-driven B2B software companies across Europe. Its mission is to support founders in building responsible and ethical AI solutions that serve society rather than exploit it. The firm invests in companies leveraging innovative data processing, machine learning, and AI technologies across many verticals, including cybersecurity. Geographically, Curiosity's strategic focus is on the fast-growing tech hubs of the Benelux, Nordic, and Baltic regions
Earlybird
HQ: Berlin, Germany
Fund size: €350M
Investment focus: digital, ICT, healthtech, and deeptech
Earlybird is among the top venture capital investors driving European tech innovation. Based in Berlin and covering all startup development stages, it provides not just financial backing but also strategic guidance, global networks, and market access. With four autonomous teams, Earlybird spans geographies and sectors, including early-stage digital technology in the West, ICT investments in the East, health solutions, and deeptech innovation in the fields which also include security.
eCAPITAL
HQ: Münster, Germany
Fund size: €160+M eCapital Fund V
Investment focus: sustainability, enterprise software, IoT, new materials, cybersecurity
eCAPITAL is an impact venture capital firm, providing early to growth-stage funding to technology companies. eCAPITAL currently manages funds exceeding €400 million under management. eCAPITAL's investment strategy focuses on German startups, although the firm is not limited by geographical boundaries. Its typical investment ranges from €2 million to €6 million initially, with the ability to provide up to €15 million in total financing per company across multiple rounds, including seed, Series A, and Series B.
Eight Roads
HQ: London, UK
AUM: $350M
Investment focus: healthcare and technology
Eight Roads Ventures is a global venture capital firm with over 50 years of investing experience and $11 billion in assets under management. With a portfolio spanning over 300 companies worldwide, it specializes in backing game-changing technology and healthcare ventures. Its global presence facilitates partnerships with entrepreneurs and investment teams across Asia, Europe, and the US.
Eleven Ventures
HQ: Sofia, Bulgaria
Fund size: Eleven Fund III, €60 million
Investment focus: fintech, healthcare, future of work and future of food
Eleven is an early-stage venture capital firm investing in technology companies across Central and Eastern Europe, with a focus on fintech, healthcare, future of work, and sustainable food . Privately funded by over 80 successful tech entrepreneurs, Eleven leverages its extensive network for untapped connections, follow-on funding, and deep industry expertise. The firm typically invests €250,000 to €1 million initially, up to €2.5 million per company.
firstminute capital
HQ: London, the UK
Fund size: N/A
Investment focus: sector agnostic
firstminute is a UK $400 million sector-agnostic seed fund backed by over 130 unicorn founders. It invests £250,000 to £3 million at the pre-seed and seed stage, prioritizing early partnerships to maximize support. While based in London, the fund focuses on Europe and the US but remains open to backing founders worldwide. The firstminute team offers comprehensive support, ranging from strategic advice and product workshops to introductions to customers and Series A fundraising assistance.
Force Over Mass Capital
HQ: London, UK
Fund size: £100M
Investment focus: fintech, AI, SaaS, industry 4.0.
Force Over Mass Capital is a venture capital firm that applies a data-driven and process-oriented approach, combined with regulatory and financial innovation in managing investment positions. Supporting exceptional founders throughout their scaling journey, FOM leverages its funding expertise and global network, backing contrarian entrepreneurs and having invested in over 150 world-class teams building legendary products.
Founders Future
HQ: Paris, France
Fund size: N/A
Investment focus: digital and tech
Founders Future is a mission-driven investment firm, investing financial and human capital in tech and digital startups. Founders Future provides founders with comprehensive support, guiding and advising entrepreneurs through both challenging and prosperous times, fostering a true partnership. Its portfolio spans various sectors and stages, from SaaS, cybersecurity and direct-to-consumer brands to platforms, all focused on the future of work, food, e-commerce, health and well-being, banking, and insurance.
Future Energy Ventures
HQ: Essen, Germany
Fund size: €110M Energy Transition Fund
Investment focus: digital tech, clean tech, future of cities, energy, technologies
Future Energy Ventures is a global venture capital firm focused on investing in startups accelerating the energy transition and decarbonization. It targets digital, scalable, and asset-light companies in the energy, cities, and enabling technologies sectors, including cybersecurity and resilience. Future Energy Ventures invests €1-5 million in Series A rounds and €5-10 million in later stages for companies based in Europe, the USA, or Israel.
Global Founders Capital
HQ: Berlin, Germany
Fund size: $2B
Investment focus: sector agnostic
GFC operates as a globally oriented venture capital firm with a sector-agnostic approach, focusing on different types of software, retail, and fintech. The firm supports early-stage startups from pre-seed, committing to their success throughout their entire lifecycle. GFC’s operational platform provides founders with comprehensive support, reflecting its dedication to empowering startups and building a robust ecosystem for growth.
Golden Egg Check Capital
HQ: Enschede, The Netherlands
Fund size: €500k
Investment focus: fintech, SaaS, AI, computer vision, deeptech, and climate tech
Golden Egg Check Capital is a co-investment fund that invests tickets of up to €100,000 in startups and scale-ups alongside prominent angels and venture capital firms like Speedinvest, Notion Capital, and Maki VC. The fund takes a hands-off approach, allowing founders to leverage the domain expertise of its co-investors for support. It mainly invests in Europe, with preference for the Netherlands, Germany, Nordics and Baltics.
hi5 Ventures
HQ: Kyiv, Ukraine
Fund size: $15M
Investment focus: digital tech, including B2B, SaaS, apps, edutech, AI and more
Hi5 Ventures is a Kyiv-based venture capital firm investing in early-stage Eastern European tech companies. It takes a hands-on approach, empowering portfolio companies with access to Tier-1 EU/US investors. Hi5 Ventures focuses on startups in pre-seed, seed, and pre-Series A rounds across various sectors, including B2C, SaaS, apps, edutech, AI/ML, security, esports, adtech, and mobile. The fund;s average investment checks range from $250,000 for pre-seed to $1 million for pre-Series A rounds.
High-Tech Gründerfonds (HTGF)
HQ: Bonn, Germany
Fund size: €493.8M
Investment focus: high-tech startups in various sectors
HTGF is a seed investor, seeking high-tech startups with growth potential. With a team of seasoned experts, the fund provides knowledge and support to young companies in various sectors, including cybersecurity and deeptech. HTGF specifically selects startups that are less than 3 years old and headquartered in Germany (or with a German base of operations), which can receive investment tickets of up to €1 million in the seed round and €4 million across all financing rounds.
Hiventures
HQ: Budapest, Hungary
Fund size: €419M Crisis Fund
Investment focus: creative industries, deeptech, life sciences, agriculture, energy, e-commerce
Hiventures is a VC fund that serves as a funding partner for Hungarian companies across various developmental phases, from idea conception to large enterprises. It runs a variety of specialized programs: the pre-seed investment program, offering capital between €50,000–€200,000, targets innovative startups with international scalability and no more than 5 years of operation.
HV Capital
HQ: Munich, Germany
Fund size: €710M HV Capital Fund IX
Investment focus: climate, frontier tech, health, fintech, enterprise, consumer, marketplaces
HV Capital deploys capital across all growth stages. Its approach involves early-stage rounds ranging from €500,000-€10 million, growth-stage investments up to €60 million, and follow-on investments reaching up to €100 million per company. In 2023, HV Capital announced its largest fund, Fund IX, with a size exceeding €700 million, targeting companies from seed to Series D and beyond.
IBB Ventures
HQ: Berlin, Germany
Fund size: €120M
Investment focus: sector agnostic
IBB Ventures is a venture capital firm dedicated to fostering the growth of Berlin's startup ecosystem and shaping its future as a leading business hub. As part of the IBB Group, the fund leverages its strong local network and expertise to support entrepreneurs in successfully implementing their visions. The firm's investment strategy spans three funds – VC Fund Technology III, VC Fund Creative Industries III, and VC Fund Impact Berlin – with a combined €120 million under management.
Iceabreaker.vc
HQ: Helsinki, Finland
Fund size: €20M inIcebreaker Opportunity Fund I
Investment focus: tech companies
Icebreaker.vc is a micro venture capital fund based in Finland that invests up to €1.5 million in pre-seed and seed stage startups across Estonia, Finland, and Sweden. Their focused strategy concentrates on initial investments without following on in later stages. Currently, Icebreaker is supporting their existing portfolio and not making new investments while they raise their next fund. They plan to resume investing from their new fund in Q3 2024.
Karista
HQ: Paris, France
Fund size: N/A
Investment focus: health, digital, tech, NewSpace
Karista is an early-stage VC firm investing in startups across the healthtech, digital, tech, and NewSpace sectors. The firm's investment ticket varies depending on the sector, with initial investments ranging from €500,000 to €5 million in the healthtech domain, and follow-on investments up to €10 million. For other sectors, Karista's typical investment ticket falls between €500,000 and €1.5 million, with the ability to invest up to €4 million per company across multiple rounds. The firm is currently deploying three European early-stage funds: Karista's Fourth Fund, the Paris Region Venture Fund sponsored by the Paris Region and the European Commission, and the SpaceTech fund focused on NewSpace, sponsored by CNES.
Karma Ventures
HQ: Tallinn, Estonia
Fund size: €100M
Investment focus: deeptech
Karma Ventures specilises in late seed and Series A investments in deep-tech software startups. With a focus on innovative technologies in the ICT field, Karma Ventures backs companies with unique technological solutions, customer traction, and global ambitions. Karma Ventures typically invests up to €5 million initially and follows on in later rounds.
Local Globe
HQ: London, the UK
Fund size: N/A
Investment focus: sector agnostic
Local Globe is an active UK-based investor that typically supports startups at early stages, preferably before Series A. The fund focuses on impact companies that generate positive outcomes for the world. It manages several active funds, including a scale-up fund for IPO-ready businesses and a seed-stage fund for UK and European startups, among others.
Molten Ventures
HQ: London, the UK
Fund size: N/A
Investment focus: deeptech, consumer tech, healthtech, SaaS and enterprise software
Molten invests in Europe's tech leaders at Series A and beyond, tackling the toughest tech challenges across hardware, software, healthcare, and consumer sectors. With a portfolio of approximately 70 companies, Molten manages various funds including seed, EIS, VCT, and a flagship balance sheet VC fund.
Nauta Capital
HQ: London, England
Fund size: €190M Nauta Tech Invest V
Investment focus: B2B software
Nauta Capital is a pan-European venture capital firm investing in early-stage B2B software companies across various verticals, including cybersecurity, AI/ML, DevTools, and enterprise software. With over 15 years of experience, €550 million in assets under management, and backing more than 150 founders, Nauta Capital partners with visionary entrepreneurs striving to disrupt industries through technology. Their typical investment ticket ranges from €1 million to €5 million, targeting companies with an operating product, even if pre-revenue.
Newfund
HQ: Paris, France
Fund size: N/A
Investment focus: tech, including braintech and more
Newfund is dedicated to financing seed-stage startups driving global change. Based in Paris and the US, Newfund is positioned as the only French early-stage fund with a presence in the US, supporting founders with a global strategy. While sector-agnostic, Newfund has a particular interest in startups with the potential to tap into the North American market, alongside French startups with global ambitions. As a first-check fund, Newfund often provides the first institutional capital, writing initial checks ranging from $250,000 to $2 million in pre-seed and seed rounds, with the ability to follow on in subsequent rounds.
Nordic Eye Venture Capital
HQ: Copenhagen, Denmark
Fund size: N/A
Investment focus: tech and modern lifestyle, wellbeing and more
Nordic Eye invests in early-stage technology and lifestyle companies across Europe and globally. With additional offices in San Francisco, London, and Zurich, they target high-growth startups with proven product-market fit looking to raise Series A or Series B rounds. Its investment thesis focuses on scalable businesses within emerging and hot market trends, with a preference for companies creating entirely new categories.
Northzone
HQ: London, UK
AUM: €1.1B
Investment focus: healthcare, semiconductors, software, hardware, artificial intelligence, blockchain, deeptech and gaming industries
Northzone is a multi-stage VC committed to supporting startups from seed to growth stages. In the seed phase, it provides guidance and resources to help founders realize their vision. As companies progress to Series A and B, the fund looks for strong founding teams and viable products targeting substantial market opportunities, supporting global expansion. Following its €1 billion fundraise in 2022, Northzone now participates in later funding rounds as well, offering checks ranging from €1 million to €40 million.
Notion Capital
HQ: London, England
Fund size: €300M Notion Capital Fund V
Investment focus: Cloud Computing and SaaS
Notion Capital is an entrepreneur-driven VC firm, specializing in the Cloud Computing and SaaS sectors. With a primary focus on early-stage investments, Notion strives to empower European tech enterprises to reach their full potential and achieve substantial scalability. By investing early, the firm actively contributes to shaping the future success of its portfolio companies.
Octopus Ventures
HQ: London, the UK
AUM: £83M
Investment focus: B2B software, bio, climate, consumer, deeptech, fintech, health, HRtech
Octopus Ventures is a pan-European investor with a strong presence in the UK and US and a global approach to investing. It engages across pre-seed, seed, Series A, and beyond stages. The fund’s pre-seed investments can begin even before product development, with an average investment of £100,000. It also provides seed funding, Series A, and beyond, typically starting at £1 million.
Partech
HQ: Paris, France
AUM: €280M
Investment focus: sector agnostic
Partech is a global venture capital firm with a broad investment focus spanning B2B, media, financial services, healthcare, technology, and numerous other sectors, including cybersecurity, across the US, Europe, the Americas, Asia, and Africa. The Seed fund is one of several funds that Partech manages, including Growth, Venture, Africa, and Impact.
Picus Capital
HQ: Munich, Germany
Fund size: $140M
Investment focus: energy & climate, fintech, enterprise infrastructure, generative ai, cybersecurity and enterprise application
Picus Capital is an early-stage technology investment firm with a long-term investment philosophy, partnering with daring technology companies to build successful, global enterprises challenging the status quo. The firm predominantly invests in pre-seed, seed, and Series A rounds across energy & climate, fintech, enterprise infrastructure, generative AI, cybersecurity, and enterprise applications.
Point Nine
HQ: Berlin, Germany
Fund size: €180M Point Nine Capital Fund VI
Investment focus: SaaS and more
Point Nine is an early-stage venture capital firm, specializing in SaaS but investing also in other verticals, such as security. Primarily investing at the seed stage, often called the "v0.9 stage," it occasionally invests in pre-seed, seed II, or early Series A. Its initial ticket size ranges from €500,000 to €5 million. While Europe is their home market, Point Nine adopts a geo-agnostic approach, with 20-30% of investments extending to the US, Canada, and other countries.
Portugal Ventures
HQ: Porto, Portugal
Fund size: N/A
Investment focus: enterprise, SaaS, security, networks, AI, VR/AR, marketplace, blockchain and more
Portugal Ventures was established in 2012 to foster the growth and global competitiveness of domestic startups, across a multitude of different sectors, including security and deeptech. With a focus on pre-seed, seed, and Series A stages, the firm invests between €50,000 and €1.5 million in Portuguese companies across various sectors. Portugal Ventures favors co-investments with local and international partners, aiming to drive the internationalization and success of its portfolio companies through tailored strategies.
Seed Capital
HQ: Copenhagen, Denmark
Fund size: €140M Fund IV
Investment focus: consumer, deeptech, enterprise, fintech, SaaS
Seed Capital specializes in providing seed funding and supporting exceptional founders based in Denmark from seed to Series A and beyond. With over two decades of experience, Seed Capital has established itself as a proven partner, backing founders all the way to exit. The firm has recently raised €140 million for its next fund, with an investment focus spanning various sectors, including consumer, deeptech, enterprise, fintech, and SaaS. The firm typically invests €2-4 million as an initial investment in seed-stage.
Seedcamp
HQ: London, UK
Fund size: €166M
Investment focus: software, hardware, marketplaces, fintech, healthtech, AI/ML
Seedcamp is an early-stage venture capital firm, investing globally in startups targeting large markets and solving real problems with technology. It backs ventures across diverse sectors like software (different solutions), hardware, marketplaces, fintech, healthtech, and AI/ML. With a broad network of investors, mentors, and experts, Seedcamp supports portfolio companies. As a first-cheque investor, it typically invests $350,000 to $1 million in founders at any product development stage.
Seventure
HQ: Paris, France
Fund size: N/A
Investment focus: digital technologies and life sciences
Seventure Partners focuses on the digital and life sciences verticals. With expertise in technology and entrepreneurship, Seventure actively partners with innovative companies across various market segments, including cybersecurity, biotech, fintech, blue economy, nutrition, sports & wellbeing, and more. Seventure provides expertise, networks, and know-how to entrepreneurs, aiming to accelerate their growth from the seed to growth capital stages.
Speedinvest
HQ: Vienna, Austria
Fund size: €350M
Investment focus: deeptech, fintech, health, techbio, climate tech, industrial tech, marketplaces & consumer, SaaS
Speedinvest is a pan-European venture capital firm that offers an extensive industry-specific network connecting portfolio companies with other founders and experts at every stage. The fund’s initial ticket size ranges from €300,000 to €2 million for SaaS and from €200,000 to 2 million for deep tech, including cybersecurity, depending on the market segment. Speedinvest primarily invests in pre-seed and seed-stage startups, except for Series A and B startups in fintech.
