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
5
vintages 2014–2024
Portfolio
111
Exits
62
SectorsTMTSoftwareFinancialsConsumerHealthcare
Key facts
Recent exits
Contentful
TMT · 2026 · 13yr hold
Convergence
TMT · 2025 · 1yr hold
Forecast
TMT · 2025 · 4yr hold
Yokoy
TMT · 2025 · 4yr hold
Coverage notes
5 funds tracked, 173 portfolio companies (111 active · 62 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Balderton Capital has raised, with its portfolio companies. Hand-checked from public filings.
5 funds
Balderton Capital IXVC2024 · 2yr€565M25 active · 1 realized
Unrealized
25 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Checkly | TMT | Germany | 2024 |
| Cino | Software | Netherlands | 2025 |
| DeepIP | TMT | France | 2025 |
| Escape | TMT | France | 2026 |
| Exein | TMT | Italy | 2025 |
| Grand Games | TMT | UK | 2025 |
| Grasp | Software | UK | 2024 |
| Huspy | TMT | Spain | 2024 |
| Kong | Energy | Hong Kong | 2024 |
| Lawhive | Business Services | UK | 2024 |
| Light | TMT | UK | 2025 |
| Lindus Health | Healthcare | UK | 2025 |
| Mozart | TMT | UK | 2026 |
| Payflows | TMT | France | 2024 |
| PhotoRoom | Software | France | 2024 |
| Prior Labs | TMT | Germany | 2025 |
| Proxima Fusion | Energy | Germany | 2025 |
| Qargo | Industrials | UK | 2024 |
| Quantum Systems | TMT | Germany | 2025 |
| Sava | Healthcare | UK | 2024 |
| Taktile | TMT | Germany | 2025 |
| The Exploration Company | Industrials | Germany | 2024 |
| Tinybird | TMT | Spain | 2024 |
| trawa | Industrials | Germany | 2024 |
| Voize | TMT | Germany | 2025 |
ChecklyActive
TMTGermany· Entry 2024
CinoActive
SoftwareNetherlands· Entry 2025
DeepIPActive
TMTFrance· Entry 2025
EscapeActive
TMTFrance· Entry 2026
ExeinActive
TMTItaly· Entry 2025
Grand GamesActive
TMTUK· Entry 2025
GraspActive
SoftwareUK· Entry 2024
HuspyActive
TMTSpain· Entry 2024
KongActive
EnergyHong Kong· Entry 2024
LawhiveActive
Business ServicesUK· Entry 2024
LightActive
TMTUK· Entry 2025
Lindus HealthActive
HealthcareUK· Entry 2025
MozartActive
TMTUK· Entry 2026
PayflowsActive
TMTFrance· Entry 2024
PhotoRoomActive
SoftwareFrance· Entry 2024
Prior LabsActive
TMTGermany· Entry 2025
Proxima FusionActive
EnergyGermany· Entry 2025
QargoActive
IndustrialsUK· Entry 2024
Quantum SystemsActive
TMTGermany· Entry 2025
SavaActive
HealthcareUK· Entry 2024
TaktileActive
TMTGermany· Entry 2025
The Exploration CompanyActive
IndustrialsGermany· Entry 2024
TinybirdActive
TMTSpain· Entry 2024
trawaActive
IndustrialsGermany· Entry 2024
VoizeActive
TMTGermany· Entry 2025
Balderton Capital VIIIVC2021 · 5yr€530M33 active · 5 realized
Unrealized
33 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| 32Co | Software | UK | 2023 |
| Agave Games | TMT | UK | 2022 |
| Anytype | Software | Germany | 2023 |
| arive | Consumer | Germany | 2021 |
| Attio | TMT | UK | 2021 |
| Avi Medical | Healthcare | Germany | 2022 |
| Better Origin | Consumer | UK | 2022 |
| Brigad | TMT | France | 2021 |
| Circle | Software | UK | 2023 |
| Clue | Healthcare | Germany | 2021 |
| Coro | TMT | Israel | 2022 |
| Deepset | TMT | Germany | 2023 |
| Delli | TMT | UK | 2022 |
| Finoa | TMT | Germany | 2021 |
| Fuse Energy | Energy | UK | 2022 |
| JOKR | TMT | US | 2021 |
| Kili Technology | TMT | France | 2021 |
| Lassie | Financials | Sweden | 2023 |
| Levity | TMT | Germany | 2022 |
| Merama | Consumer | Mexico | 2021 |
| Ory | Software | UK | 2021 |
| Premialab | Healthcare | France | 2021 |
| Ramp | Software | Poland | 2021 |
| Request Finance | Software | France | 2022 |
| Scalable Capital | TMT | Germany | 2023 |
| Supernormal | TMT | Sweden | 2023 |
| Sweep | Software | France | 2021 |
| Sylvera | TMT | UK | 2023 |
| TestGorilla | Software | Netherlands | 2022 |
| TreasurySpring | Financials | UK | 2023 |
| Uncommon | Software | UK | 2023 |
| Writer | TMT | US | 2022 |
| ZOE | Healthcare | UK | 2022 |
32CoActive
SoftwareUK· Entry 2023
Agave GamesActive
TMTUK· Entry 2022
AnytypeActive
SoftwareGermany· Entry 2023
ariveActive
ConsumerGermany· Entry 2021
AttioActive
TMTUK· Entry 2021
Avi MedicalActive
HealthcareGermany· Entry 2022
Better OriginActive
ConsumerUK· Entry 2022
BrigadActive
TMTFrance· Entry 2021
CircleActive
SoftwareUK· Entry 2023
ClueActive
HealthcareGermany· Entry 2021
CoroActive
TMTIsrael· Entry 2022
DeepsetActive
TMTGermany· Entry 2023
DelliActive
TMTUK· Entry 2022
FinoaActive
TMTGermany· Entry 2021
Fuse EnergyActive
EnergyUK· Entry 2022
JOKRActive
TMTUS· Entry 2021
Kili TechnologyActive
TMTFrance· Entry 2021
LassieActive
FinancialsSweden· Entry 2023
LevityActive
TMTGermany· Entry 2022
MeramaActive
ConsumerMexico· Entry 2021
OryActive
SoftwareUK· Entry 2021
PremialabActive
HealthcareFrance· Entry 2021
RampActive
SoftwarePoland· Entry 2021
Request FinanceActive
SoftwareFrance· Entry 2022
Scalable CapitalActive
TMTGermany· Entry 2023
SupernormalActive
TMTSweden· Entry 2023
SweepActive
SoftwareFrance· Entry 2021
SylveraActive
TMTUK· Entry 2023
TestGorillaActive
SoftwareNetherlands· Entry 2022
TreasurySpringActive
FinancialsUK· Entry 2023
UncommonActive
SoftwareUK· Entry 2023
WriterActive
TMTUS· Entry 2022
ZOEActive
HealthcareUK· Entry 2022
Balderton Capital VIIVC2019 · 7yr€360M22 active · 7 realized
Unrealized
22 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Beauty Pie | Consumer | UK | 2020 |
| Defined.ai | TMT | UK | 2020 |
| Demodesk | TMT | Germany | 2020 |
| Detectify | TMT | Sweden | 2019 |
| GitGuardian | Software | France | 2020 |
| Hiya | Software | UK | 2019 |
| Jolt | TMT | UK | 2020 |
| Kaia Health | TMT | Germany | 2019 |
| Kbox Global | TMT | UK | 2020 |
| Lifesum | Healthcare | Sweden | 2019 |
| McMakler | TMT | Germany | 2019 |
| PlayPlay | TMT | France | 2020 |
| Primer | TMT | UK | 2020 |
| smol | Consumer | UK | 2020 |
| Stream | Industrials | UK | 2019 |
| The Org | Software | Denmark | 2020 |
| Tibber | TMT | Norway | 2020 |
| Toucan Toco | TMT | France | 2019 |
| Traefik Labs | TMT | France | 2020 |
| Virtuo | TMT | France | 2019 |
| Vivenu | TMT | Germany | 2020 |
| Wayve | TMT | UK | 2019 |
Beauty PieActive
ConsumerUK· Entry 2020
Defined.aiActive
TMTUK· Entry 2020
DemodeskActive
TMTGermany· Entry 2020
DetectifyActive
TMTSweden· Entry 2019
GitGuardianActive
SoftwareFrance· Entry 2020
HiyaActive
SoftwareUK· Entry 2019
JoltActive
TMTUK· Entry 2020
Kaia HealthActive
TMTGermany· Entry 2019
Kbox GlobalActive
TMTUK· Entry 2020
LifesumActive
HealthcareSweden· Entry 2019
McMaklerActive
TMTGermany· Entry 2019
PlayPlayActive
TMTFrance· Entry 2020
PrimerActive
TMTUK· Entry 2020
smolActive
ConsumerUK· Entry 2020
StreamActive
IndustrialsUK· Entry 2019
The OrgActive
SoftwareDenmark· Entry 2020
TibberActive
TMTNorway· Entry 2020
Toucan TocoActive
TMTFrance· Entry 2019
Traefik LabsActive
TMTFrance· Entry 2020
VirtuoActive
TMTFrance· Entry 2019
VivenuActive
TMTGermany· Entry 2020
WayveActive
TMTUK· Entry 2019
Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Andjaro | Software | France | 2020 | 2023 | Trade Sale | – | |
| Dream Games | Software | UK | 2019 | 2025 | Secondary | – | |
| Flywire | Software | US | 2020 | 2021 | IPO | – | – |
| Jumbo Privacy | Consumer | UK | 2020 | 2023 | Trade Sale | – | |
| Rahko | Software | US | 2019 | 2022 | Trade Sale | – | |
| Sophia Genetics | TMT | Switzerland | 2019 | 2021 | IPO | – | – |
| VanMoof | TMT | Netherlands | 2020 | 2023 | Write-off | – |
Balderton Capital VIVC2017 · 9yr€330M14 active · 8 realized
Unrealized
14 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Cleo | Software | UK | 2018 |
| Frontier Car Group | Industrials | Germany | 2017 |
| Funnel | Software | Sweden | 2017 |
| Furhat Robotics | TMT | Sweden | 2017 |
| Healx | Healthcare | UK | 2018 |
| Infarm | TMT | Germany | 2018 |
| Labster | Software | Denmark | 2017 |
| Latana | TMT | Germany | 2017 |
| Lendable | Financials | UK | 2018 |
| Memrise | TMT | UK | 2018 |
| Mojiworks | TMT | UK | 2017 |
| Nested | Consumer | UK | 2017 |
| VOI | TMT | UK | 2018 |
| Zego | TMT | UK | 2017 |
CleoActive
SoftwareUK· Entry 2018
Frontier Car GroupActive
IndustrialsGermany· Entry 2017
FunnelActive
SoftwareSweden· Entry 2017
Furhat RoboticsActive
TMTSweden· Entry 2017
HealxActive
HealthcareUK· Entry 2018
InfarmActive
TMTGermany· Entry 2018
LabsterActive
SoftwareDenmark· Entry 2017
LatanaActive
TMTGermany· Entry 2017
LendableActive
FinancialsUK· Entry 2018
MemriseActive
TMTUK· Entry 2018
MojiworksActive
TMTUK· Entry 2017
NestedActive
ConsumerUK· Entry 2017
VOIActive
TMTUK· Entry 2018
ZegoActive
TMTUK· Entry 2017
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Dinghy | Financials | UK | 2018 | 2019 | Trade Sale | – | |
| Luno | TMT | UK | 2017 | 2020 | Trade Sale | – | |
| Peakon | TMT | Denmark | 2018 | 2021 | Trade Sale | – | |
| Pusher | Software | UK | 2018 | 2020 | Trade Sale | – | |
| Simple Feast | Consumer | Denmark | 2018 | 2022 | Write-off | – | – |
| Soundtrack Your Brand | Consumer | Sweden | 2017 | 2021 | IPO | – | – |
| Tempow | Software | France | 2018 | 2021 | Trade Sale | – | |
| Tessian | TMT | UK | 2017 | 2023 | Trade Sale | – |
Balderton Capital VVC2014 · 12yr€281M17 active · 41 realized
Unrealized
17 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Adludio | TMT | UK | 2013 |
| Aircall | TMT | France | 2016 |
| Appear Here | TMT | UK | 2014 |
| Carwow | TMT | UK | 2014 |
| ComplyAdvantage | TMT | UK | 2016 |
| Credit Benchmark | TMT | UK | 2015 |
| Crowdcube | TMT | UK | 2014 |
| Ezoic | TMT | UK | 2013 |
| Lyst | Consumer | UK | 2014 |
| MyTomorrows | TMT | Netherlands | 2014 |
| Patients Know Best | Healthcare | UK | 2015 |
| Prodigy Finance | Financials | UK | 2015 |
| Rentify | TMT | UK | 2013 |
| Revolut | TMT | UK | 2015 |
| Vestiaire Collective | Consumer | France | 2015 |
| Vivino | TMT | Denmark | 2013 |
| Workable | Software | UK | 2015 |
AdludioActive
TMTUK· Entry 2013
AircallActive
TMTFrance· Entry 2016
Appear HereActive
TMTUK· Entry 2014
CarwowActive
TMTUK· Entry 2014
ComplyAdvantageActive
TMTUK· Entry 2016
Credit BenchmarkActive
TMTUK· Entry 2015
CrowdcubeActive
TMTUK· Entry 2014
EzoicActive
TMTUK· Entry 2013
LystActive
ConsumerUK· Entry 2014
MyTomorrowsActive
TMTNetherlands· Entry 2014
Patients Know BestActive
HealthcareUK· Entry 2015
Prodigy FinanceActive
FinancialsUK· Entry 2015
RentifyActive
TMTUK· Entry 2013
RevolutActive
TMTUK· Entry 2015
Vestiaire CollectiveActive
ConsumerFrance· Entry 2015
VivinoActive
TMTDenmark· Entry 2013
WorkableActive
SoftwareUK· Entry 2015
Realized
41 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Bebo | TMT | UK | 2006 | 2008 | Trade Sale | – | |
| Betfair | Financials | UK | 2000 | 2010 | IPO | – | – |
| Big Fish Games | Software | Ireland | 2008 | 2014 | Trade Sale | – | |
| Bookatable | Consumer | UK | 2008 | 2016 | Trade Sale | – | |
| Citymapper | Software | UK | 2014 | 2023 | Trade Sale | – | |
| Cloud9 | TMT | UK | 2014 | 2016 | Trade Sale | – | |
| Codemasters | Software | UK | 2005 | 2021 | Trade Sale | – | |
| Contentful | TMT | Germany | 2013 | 2026 | Trade Sale | – | |
| Curious AI Company | TMT | Finland | 2015 | 2020 | Trade Sale | – | |
| Darktrace | TMT | UK | 2010 | 2021 | IPO | – | – |
| Depop | TMT | UK | 2015 | 2021 | Trade Sale | – | |
| Digital Surgery | TMT | UK | 2013 | 2020 | Trade Sale | – | |
| DisplayLink | TMT | UK | 2007 | 2020 | Trade Sale | – | |
| Dubsmash | TMT | Germany | 2016 | 2020 | Trade Sale | – | |
| GoCardless | Financials | UK | 2013 | 2025 | Trade Sale | – | |
| Graphcore | TMT | UK | 2016 | 2024 | Trade Sale | – | |
| HouseTrip | TMT | UK | 2011 | 2016 | Trade Sale | – | |
| Hubs | Industrials | Netherlands | 2013 | 2021 | Trade Sale | – | |
| Icera | TMT | UK | 2006 | 2011 | Trade Sale | – | |
| Instabridge | TMT | Sweden | 2015 | 2021 | Write-off | – | |
| Kobalt | TMT | Sweden | 2008 | 2022 | Secondary | – | |
| LevelUp | Software | UK | 2011 | 2018 | Trade Sale | – | |
| Lovecrafts | Consumer | UK | 2015 | 2025 | Secondary | – | – |
| LoveFilm | TMT | UK | 2003 | 2011 | Trade Sale | – | |
| Magic Pony Technology | Education | UK | 2015 | 2016 | Trade Sale | – | |
| MySQL | Software | Sweden | 2001 | 2008 | Trade Sale | – | |
| Nutmeg | Financials | UK | 2014 | 2021 | Trade Sale | – | |
| Openet | TMT | Ireland | 2000 | 2020 | Trade Sale | – | |
| Qubit | Software | UK | 2012 | 2021 | Trade Sale | – | |
| Recorded Future | TMT | Sweden | 2009 | 2019 | Secondary | – | |
| ROLI | Consumer | UK | 2014 | 2021 | Write-off | – | |
| Scytl | Software | Spain | 2010 | 2020 | Write-off | – | |
| Sketchfab | TMT | France | 2013 | 2021 | Trade Sale | – | |
| Talend | TMT | France | 2013 | 2016 | IPO | – | – |
| THG (The Hut Group) | Healthcare | UK | 2014 | 2020 | IPO | – | – |
| Thread | Consumer | UK | 2015 | 2022 | Write-off | – | |
| Tictail | Consumer | Sweden | 2014 | 2018 | Trade Sale | – | |
| Trademark Now | TMT | Finland | 2014 | 2023 | Trade Sale | – | |
| Wooga | Software | Germany | 2009 | 2018 | Trade Sale | – | |
| Workhuman | TMT | Ireland | 2002 | 2018 | Secondary | – | |
| Yoox Group | 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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