Balderton Capital
Balderton Capital is a London-based venture capital firm founded in 2000, originally as the European arm of Benchmark Capital, becoming fully independent in 2007. It backs technology companies across Europe from seed to growth stage through its flagship Early Stage fund series and its Growth fund series, with roughly USD 7 billion in assets under management. Notable investments include Revolut, Wayve, Aircall, GoCardless, Depop, Contentful and Darktrace. The manager operates through Balderton Capital UK LLP and is authorised and regulated by the UK Financial Conduct Authority.
AUM
€6.4B
Funds
7
vintages 2014–2024
Portfolio
112
Exits
64
Key facts
Recent exits
Prior Labs
TMT2026 · 1yr hold
Kaia Health
TMT2026 · 7yr hold
Contentful
TMT2026 · 13yr hold
Convergence
TMT2025 · 1yr hold
Coverage notes
7 funds tracked, 176 portfolio companies (112 active · 64 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
176 companiesTMT
90 · 51%
Software
33 · 19%
Consumer
17 · 10%
Industrials
6 · 3%
Healthcare
6 · 3%
Financials
5 · 3%
E-commerce
4 · 2%
Energy
3 · 2%
Funds & portfolio
Every fund Balderton Capital has raised, with its portfolio companies. Hand-checked from public filings.
7 funds
Balderton Capital IXVC2024 · 2yr€565M27 active · 2 realized
Unrealized
27 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| TMT |  Germany | 2024 | |
| Software |  Netherlands | 2025 | |
| Software |  France | 2026 | |
| TMT | France | 2025 | |
| TMT | France | 2026 | |
| TMT |  Italy | 2025 | |
| TMT |  UK | 2026 | |
| TMT | UK | 2025 | |
| Software | UK | 2024 | |
| TMT |  Spain | 2024 | |
| Energy | Hong Kong | 2024 | |
| Business Services | UK | 2024 | |
| TMT | UK | 2025 | |
| HealthTech | UK | 2025 | |
| TMT | UK | 2026 | |
| TMT | France | 2024 | |
| AI/ML | France | 2024 | |
| Energy | Germany | 2025 | |
| Industrials | UK | 2024 | |
| TMT | Germany | 2025 | |
| TMT | Netherlands | 2026 | |
| Healthcare | UK | 2024 | |
| TMT | Germany | 2025 | |
| Industrials | Germany | 2024 | |
| TMT | Spain | 2024 | |
| Industrials | Germany | 2024 | |
| TMT | Germany | 2025 |
ChecklyActive
TMTGermany· Entry 2024
Germany· Entry 2024CinoActive
SoftwareNetherlands· Entry 2025
Netherlands· Entry 2025DavisActive
SoftwareFrance· Entry 2026
France· Entry 2026DeepIPActive
TMTFrance· Entry 2025
France· Entry 2025EscapeActive
TMTFrance· Entry 2026
France· Entry 2026ExeinActive
TMTItaly· Entry 2025
Italy· Entry 2025GeordieActive
TMTUK· Entry 2026
UK· Entry 2026Grand GamesActive
TMTUK· Entry 2025
UK· Entry 2025GraspActive
SoftwareUK· Entry 2024
UK· Entry 2024HuspyActive
TMTSpain· Entry 2024
Spain· Entry 2024KongActive
EnergyHong Kong· Entry 2024
LawhiveActive
Business ServicesUK· Entry 2024
UK· Entry 2024LightActive
TMTUK· Entry 2025
UK· Entry 2025Lindus HealthActive
HealthTechUK· Entry 2025
UK· Entry 2025MozartActive
TMTUK· Entry 2026
UK· Entry 2026PayflowsActive
TMTFrance· Entry 2024
France· Entry 2024PhotoRoomActive
AI/MLFrance· Entry 2024
France· Entry 2024Proxima FusionActive
EnergyGermany· Entry 2025
Germany· Entry 2025QargoActive
IndustrialsUK· Entry 2024
UK· Entry 2024Quantum SystemsActive
TMTGermany· Entry 2025
Germany· Entry 2025Reson8Active
TMTNetherlands· Entry 2026
Netherlands· Entry 2026SavaActive
HealthcareUK· Entry 2024
UK· Entry 2024TaktileActive
TMTGermany· Entry 2025
Germany· Entry 2025The Exploration CompanyActive
IndustrialsGermany· Entry 2024
Germany· Entry 2024TinybirdActive
TMTSpain· Entry 2024
Spain· Entry 2024trawaActive
IndustrialsGermany· Entry 2024
Germany· Entry 2024VoizeActive
TMTGermany· Entry 2025
Germany· Entry 2025Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| TMT | UK | 2024 | 2025 | Trade Sale | – | ||
| TMT | Germany | 2025 | 2026 | Trade Sale | – |
Balderton Growth IIGrowth2024 · 2yr€630M0 active
No portfolio companies tracked yet.
Balderton Growth IGrowth2021 · 5yr€560M0 active
No portfolio companies tracked yet.
Balderton Capital VIIIVC2021 · 5yr€530M33 active · 5 realized
Unrealized
33 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | UK | 2023 | |
| Gaming | UK | 2022 | |
| Software | Germany | 2023 | |
| Consumer | Germany | 2021 | |
| TMT | UK | 2021 | |
| Healthcare | Germany | 2022 | |
| Consumer | UK | 2022 | |
| TMT | France | 2021 | |
| Software | UK | 2023 | |
| HealthTech | Germany | 2021 | |
| TMT | Israel | 2022 | |
| TMT | Germany | 2023 | |
| TMT | UK | 2022 | |
| TMT | Germany | 2021 | |
| Energy | UK | 2022 | |
| E-commerce |  US | 2021 | |
| TMT | France | 2021 | |
| Fintech |  Sweden | 2023 | |
| TMT | Germany | 2022 | |
| Consumer | Mexico | 2021 | |
| Software | UK | 2021 | |
| Healthcare | France | 2021 | |
| Software | Poland | 2021 | |
| Software | France | 2022 | |
| TMT | Germany | 2023 | |
| TMT | Sweden | 2023 | |
| Software | France | 2021 | |
| TMT | UK | 2023 | |
| Software | Netherlands | 2022 | |
| Fintech | UK | 2023 | |
| Software | UK | 2023 | |
| TMT | US | 2022 | |
| HealthTech | UK | 2022 |
32CoActive
SoftwareUK· Entry 2023
UK· Entry 2023Agave GamesActive
GamingUK· Entry 2022
UK· Entry 2022AnytypeActive
SoftwareGermany· Entry 2023
Germany· Entry 2023ariveActive
ConsumerGermany· Entry 2021
Germany· Entry 2021AttioActive
TMTUK· Entry 2021
UK· Entry 2021Avi MedicalActive
HealthcareGermany· Entry 2022
Germany· Entry 2022Better OriginActive
ConsumerUK· Entry 2022
UK· Entry 2022BrigadActive
TMTFrance· Entry 2021
France· Entry 2021CircleActive
SoftwareUK· Entry 2023
UK· Entry 2023ClueActive
HealthTechGermany· Entry 2021
Germany· Entry 2021CoroActive
TMTIsrael· Entry 2022
DeepsetActive
TMTGermany· Entry 2023
Germany· Entry 2023DelliActive
TMTUK· Entry 2022
UK· Entry 2022FinoaActive
TMTGermany· Entry 2021
Germany· Entry 2021Fuse EnergyActive
EnergyUK· Entry 2022
UK· Entry 2022JOKRActive
E-commerceUS· Entry 2021
US· Entry 2021Kili TechnologyActive
TMTFrance· Entry 2021
France· Entry 2021LassieActive
FintechSweden· Entry 2023
Sweden· Entry 2023LevityActive
TMTGermany· Entry 2022
Germany· Entry 2022MeramaActive
ConsumerMexico· Entry 2021
OryActive
SoftwareUK· Entry 2021
UK· Entry 2021PremialabActive
HealthcareFrance· Entry 2021
France· Entry 2021RampActive
SoftwarePoland· Entry 2021
Request FinanceActive
SoftwareFrance· Entry 2022
France· Entry 2022Scalable CapitalActive
TMTGermany· Entry 2023
Germany· Entry 2023SupernormalActive
TMTSweden· Entry 2023
Sweden· Entry 2023SweepActive
SoftwareFrance· Entry 2021
France· Entry 2021SylveraActive
TMTUK· Entry 2023
UK· Entry 2023TestGorillaActive
SoftwareNetherlands· Entry 2022
Netherlands· Entry 2022TreasurySpringActive
FintechUK· Entry 2023
UK· Entry 2023UncommonActive
SoftwareUK· Entry 2023
UK· Entry 2023WriterActive
TMTUS· Entry 2022
US· Entry 2022ZOEActive
HealthTechUK· Entry 2022
UK· Entry 2022Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| TMT | Spain | 2021 | 2024 | Trade Sale | – | ||
| TMT |  Denmark | 2021 | 2025 | Trade Sale | – | ||
| TMT | US | 2021 | 2024 | Secondary | – | – | |
| Software | France | 2022 | 2024 | Trade Sale | – | ||
| TMT |  Switzerland | 2021 | 2025 | Trade Sale | – |
Balderton Capital VIIVCRealized2019 · 7yr€360M21 active · 8 realized
Unrealized
21 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Consumer | UK | 2020 | |
| TMT | UK | 2020 | |
| TMT | Germany | 2020 | |
| TMT | Sweden | 2019 | |
| Cybersecurity | France | 2020 | |
| Software | UK | 2019 | |
| TMT | UK | 2020 | |
| TMT | UK | 2020 | |
| Healthcare | Sweden | 2019 | |
| TMT | Germany | 2019 | |
| TMT | France | 2020 | |
| TMT | UK | 2020 | |
| Consumer | UK | 2020 | |
| Industrials | UK | 2019 | |
| Software | Denmark | 2020 | |
| TMT |  Norway | 2020 | |
| TMT | France | 2019 | |
| TMT | France | 2020 | |
| TMT | France | 2019 | |
| TMT | Germany | 2020 | |
| TMT | UK | 2019 |
Beauty PieActive
ConsumerUK· Entry 2020
UK· Entry 2020Defined.aiActive
TMTUK· Entry 2020
UK· Entry 2020DemodeskActive
TMTGermany· Entry 2020
Germany· Entry 2020DetectifyActive
TMTSweden· Entry 2019
Sweden· Entry 2019GitGuardianActive
CybersecurityFrance· Entry 2020
France· Entry 2020HiyaActive
SoftwareUK· Entry 2019
UK· Entry 2019JoltActive
TMTUK· Entry 2020
UK· Entry 2020Kbox GlobalActive
TMTUK· Entry 2020
UK· Entry 2020LifesumActive
HealthcareSweden· Entry 2019
Sweden· Entry 2019McMaklerActive
TMTGermany· Entry 2019
Germany· Entry 2019PlayPlayActive
TMTFrance· Entry 2020
France· Entry 2020PrimerActive
TMTUK· Entry 2020
UK· Entry 2020smolActive
ConsumerUK· Entry 2020
UK· Entry 2020StreamActive
IndustrialsUK· Entry 2019
UK· Entry 2019The OrgActive
SoftwareDenmark· Entry 2020
Denmark· Entry 2020TibberActive
TMTNorway· Entry 2020
Norway· Entry 2020Toucan TocoActive
TMTFrance· Entry 2019
France· Entry 2019Traefik LabsActive
TMTFrance· Entry 2020
France· Entry 2020VirtuoActive
TMTFrance· Entry 2019
France· Entry 2019VivenuActive
TMTGermany· Entry 2020
Germany· Entry 2020WayveActive
TMTUK· Entry 2019
UK· Entry 2019Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Software | France | 2020 | 2023 | Trade Sale | – | ||
| Software | UK | 2019 | 2025 | Secondary | – | ||
| Software | US | 2020 | 2021 | IPO | – | – | |
| Consumer | UK | 2020 | 2023 | Trade Sale | – | ||
| TMT | Germany | 2019 | 2026 | Trade Sale | – | ||
| Software | US | 2019 | 2022 | Trade Sale | – | ||
| TMT | Switzerland | 2019 | 2021 | IPO | – | – | |
| TMT | Netherlands | 2020 | 2023 | Trade Sale | – |
Balderton Capital VIVCRealized2017 · 9yr€330M14 active · 8 realized
Unrealized
14 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | UK | 2018 | |
| Industrials | Germany | 2017 | |
| Software | Sweden | 2017 | |
| TMT | Sweden | 2017 | |
| Biotech | UK | 2018 | |
| TMT | Germany | 2018 | |
| Software | Denmark | 2017 | |
| TMT | Germany | 2017 | |
| Financials | UK | 2018 | |
| TMT | UK | 2018 | |
| TMT | UK | 2017 | |
| Consumer | UK | 2017 | |
| TMT | UK | 2018 | |
| TMT | UK | 2017 |
CleoActive
SoftwareUK· Entry 2018
UK· Entry 2018Frontier Car GroupActive
IndustrialsGermany· Entry 2017
Germany· Entry 2017FunnelActive
SoftwareSweden· Entry 2017
Sweden· Entry 2017Furhat RoboticsActive
TMTSweden· Entry 2017
Sweden· Entry 2017HealxActive
BiotechUK· Entry 2018
UK· Entry 2018InfarmActive
TMTGermany· Entry 2018
Germany· Entry 2018LabsterActive
SoftwareDenmark· Entry 2017
Denmark· Entry 2017LatanaActive
TMTGermany· Entry 2017
Germany· Entry 2017LendableActive
FinancialsUK· Entry 2018
UK· Entry 2018MemriseActive
TMTUK· Entry 2018
UK· Entry 2018MojiworksActive
TMTUK· Entry 2017
UK· Entry 2017NestedActive
ConsumerUK· Entry 2017
UK· Entry 2017VOIActive
TMTUK· Entry 2018
UK· Entry 2018ZegoActive
TMTUK· Entry 2017
UK· Entry 2017Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Financials | UK | 2018 | 2019 | Trade Sale | – | ||
| TMT | UK | 2017 | 2020 | Trade Sale | – | ||
| TMT | Denmark | 2018 | 2021 | Trade Sale | – | ||
| Software | UK | 2018 | 2020 | Trade Sale | – | ||
| Consumer | Denmark | 2018 | 2022 | – | – | – | |
| Consumer | Sweden | 2017 | 2021 | IPO | – | – | |
| Software | France | 2018 | 2021 | Trade Sale | – | ||
| TMT | UK | 2017 | 2023 | Trade Sale | – |
Simple FeastExited 2022
ConsumerDenmark· Entry 2018
Denmark· Entry 2018Balderton Capital VVC2014 · 12yr€281M17 active · 41 realized
Unrealized
17 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| TMT | UK | 2013 | |
| TMT | France | 2016 | |
| TMT | UK | 2014 | |
| E-commerce | UK | 2014 | |
| TMT | UK | 2016 | |
| TMT | UK | 2015 | |
| TMT | UK | 2014 | |
| TMT | UK | 2013 | |
| Consumer | UK | 2014 | |
| TMT | Netherlands | 2014 | |
| Healthcare | UK | 2015 | |
| Financials | UK | 2015 | |
| TMT | UK | 2013 | |
| TMT | UK | 2015 | |
| Consumer | France | 2015 | |
| E-commerce | Denmark | 2013 | |
| Software | UK | 2015 |
AdludioActive
TMTUK· Entry 2013
UK· Entry 2013AircallActive
TMTFrance· Entry 2016
France· Entry 2016Appear HereActive
TMTUK· Entry 2014
UK· Entry 2014CarwowActive
E-commerceUK· Entry 2014
UK· Entry 2014ComplyAdvantageActive
TMTUK· Entry 2016
UK· Entry 2016Credit BenchmarkActive
TMTUK· Entry 2015
UK· Entry 2015CrowdcubeActive
TMTUK· Entry 2014
UK· Entry 2014EzoicActive
TMTUK· Entry 2013
UK· Entry 2013LystActive
ConsumerUK· Entry 2014
UK· Entry 2014MyTomorrowsActive
TMTNetherlands· Entry 2014
Netherlands· Entry 2014Patients Know BestActive
HealthcareUK· Entry 2015
UK· Entry 2015Prodigy FinanceActive
FinancialsUK· Entry 2015
UK· Entry 2015RentifyActive
TMTUK· Entry 2013
UK· Entry 2013RevolutActive
TMTUK· Entry 2015
UK· Entry 2015Vestiaire CollectiveActive
ConsumerFrance· Entry 2015
France· Entry 2015VivinoActive
E-commerceDenmark· Entry 2013
Denmark· Entry 2013WorkableActive
SoftwareUK· Entry 2015
UK· Entry 2015Realized
41 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| TMT | UK | 2006 | 2008 | Trade Sale | – | ||
| Financials | UK | 2000 | 2010 | IPO | – | – | |
| Software |  Ireland | 2008 | 2014 | Trade Sale | – | ||
| Consumer | UK | 2008 | 2016 | Trade Sale | – | ||
| Software | UK | 2014 | 2023 | Trade Sale | – | ||
| TMT | UK | 2014 | 2016 | Trade Sale | – | ||
| Software | UK | 2005 | 2021 | Trade Sale | – | ||
| TMT | Germany | 2013 | 2026 | Trade Sale | – | ||
| TMT |  Finland | 2015 | 2020 | Trade Sale | – | ||
| TMT | UK | 2010 | 2021 | IPO | – | – | |
| E-commerce | UK | 2015 | 2021 | Trade Sale | – | ||
| TMT | UK | 2013 | 2020 | Trade Sale | – | ||
| TMT | UK | 2007 | 2020 | Trade Sale | – | ||
| TMT | Germany | 2016 | 2020 | Trade Sale | – | ||
| Fintech | UK | 2013 | 2025 | Trade Sale | – | ||
| TMT | UK | 2016 | 2024 | Trade Sale | – | ||
| TMT | UK | 2011 | 2016 | Trade Sale | – | ||
| Industrials | Netherlands | 2013 | 2021 | Trade Sale | – | ||
| TMT | UK | 2006 | 2011 | Trade Sale | – | ||
| TMT | Sweden | 2015 | 2021 | – | – | ||
| TMT | Sweden | 2008 | 2022 | Secondary | – | ||
| Software | UK | 2011 | 2018 | Trade Sale | – | ||
| Consumer | UK | 2015 | 2025 | Secondary | – | ||
| TMT | UK | 2003 | 2011 | Trade Sale | – | ||
| Education | UK | 2015 | 2016 | Trade Sale | – | ||
| Software | Sweden | 2001 | 2008 | Trade Sale | – | ||
| Financials | UK | 2014 | 2021 | Trade Sale | – | ||
| TMT | Ireland | 2000 | 2020 | Trade Sale | – | ||
| Software | UK | 2012 | 2021 | Trade Sale | – | ||
| TMT | Sweden | 2009 | 2019 | Secondary | – | ||
| Consumer | UK | 2014 | 2021 | – | – | ||
| Software | Spain | 2010 | 2020 | Trade Sale | – | ||
| TMT | France | 2013 | 2021 | Trade Sale | – | ||
| TMT | France | 2013 | 2016 | IPO | – | – | |
| Healthcare | UK | 2014 | 2020 | IPO | – | – | |
| Consumer | UK | 2015 | 2022 | Trade Sale | – | ||
| Consumer | Sweden | 2014 | 2018 | Trade Sale | – | ||
| TMT | Finland | 2014 | 2023 | Trade Sale | – | ||
| Software | Germany | 2009 | 2018 | Trade Sale | – | ||
| TMT | Ireland | 2002 | 2018 | Secondary | – | ||
| Consumer | Italy | 2000 | 2009 | IPO | – | – |
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About Balderton Capital
Balderton Capital is a British private equity and investment platform with capital deployed across 5 active fund vehicles, headquartered in London. The firm operates across multiple alternative strategies, with capital deployed into European businesses across TMT, software, consumer, healthcare, financials and industrials.
Investment thesis
Balderton Capital operates across complementary alternative investment strategies, deploying capital into European businesses across TMT, software, consumer, healthcare, financials and industrials. The multi-strategy platform enables diversified capital deployment across the business lifecycle from venture and growth equity to mid-cap buyouts, with capital sourced from institutional limited partners and selective family-office capital across the United Kingdom and broader European market.
Recent activity
Recent realised exits include Convergence (TMT, 2025), Dream Games (software, 2025), Forecast (TMT, 2025) and Lovecrafts (consumer, 2025). The platform tracks 5 fund vehicles, 131 active portfolio companies and 77 realised exits across the strategy's history. Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Bernard Liautaud
Managing Partner
Daniel Waterhouse
Partner
James Wise
Partner
Suranga Chandratillake
Partner
Rob Moffat
Partner
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Last updated August 2026 · Sourced from public filings · Report an issue