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.
Balderton Capital is a London venture capital firm with €6.4B AUM, 112 active companies and 64 exits.
- ·37 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 64 realized deals: 6 years.
- ·Top sector focus: TMT (26% of portfolio).
- ·Fund cadence: ~2Y between vintages · last raise 2024.
Sector breakdown
176 companiesGeography breakdown
17 geographiesKey facts
Recent exits
Balderton Capital sold Prior Labs to SAP in 2026 after 1 year.
Balderton Capital sold Kaia Health to Sword Health in 2026 after 7 years.
Balderton Capital sold Contentful to Salesforce in 2026 after 13 years.
Balderton Capital sold Convergence to Salesforce in 2025 after 1 year.
Coverage notes
7 funds tracked, 176 portfolio companies (112 active · 64 realized). Verified weekly from public filings and deal announcements.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Funds & portfolio
Every fund Balderton Capital has raised, with its portfolio companies. Hand-checked from public filings.
Balderton Capital IXVC2024€565M27 assets2 exitsVC2024 · 2yr€565M272
Unrealized
27 held| Company | Entry |
|---|---|
| Checkly TMT · Germany | 2024 |
| Cino Fintech · Netherlands | 2025 |
| Davis Software · France | 2026 |
| DeepIP TMT · France | 2025 |
| Escape Cybersecurity · France | 2026 |
| Exein Cybersecurity · Italy | 2025 |
| Geordie TMT · UK | 2026 |
| Grand Games Gaming · UK | 2025 |
| Grasp Software · UK | 2024 |
| Huspy TMT · Spain | 2024 |
| Kong Energy · Hong Kong | 2024 |
| Lawhive LegalTech · UK | 2024 |
| Light TMT · UK | 2025 |
| Lindus Health HealthTech · UK | 2025 |
| Mozart TMT · UK | 2026 |
| Payflows Fintech · France | 2024 |
| PhotoRoom AI/ML · France | 2024 |
| Proxima Fusion ClimateTech · Germany | 2025 |
| Qargo Logistics · UK | 2024 |
| Quantum Systems Aerospace & Defence · Germany | 2025 |
| Reson8 TMT · Netherlands | 2026 |
| Sava HealthTech · UK | 2024 |
| Taktile Fintech · Germany | 2025 |
| The Exploration Company Aerospace & Defence · Germany | 2024 |
| Tinybird Data & Analytics · Spain | 2024 |
| trawa ClimateTech · Germany | 2024 |
| Voize HealthTech · Germany | 2025 |
Realized
2 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Convergence TMT · UK | 2024 | 2025 | Trade Sale | Salesforce | – |
| Prior Labs AI/ML · Germany | 2025 | 2026 | Trade Sale | SAP | – |
Balderton Growth IIGrowth2024€630M0 assetsGrowth2024 · 2yr€630M0–
No portfolio companies tracked yet.
Balderton Capital VIIIVC2021€530M33 assets5 exitsVC2021 · 5yr€530M335
Unrealized
33 held| Company | Entry |
|---|---|
| 32Co HealthTech · UK | 2023 |
| Agave Games Gaming · UK | 2022 |
| Anytype Software · Germany | 2023 |
| arive Consumer · Germany | 2021 |
| Attio SaaS · UK | 2021 |
| Avi Medical Healthcare · Germany | 2022 |
| Better Origin FoodTech · UK | 2022 |
| Brigad HR Tech · France | 2021 |
| Circle Software · UK | 2023 |
| Clue HealthTech · Germany | 2021 |
| Coro Cybersecurity · Israel | 2022 |
| Deepset Software · Germany | 2023 |
| Delli E-commerce · UK | 2022 |
| Finoa Fintech · Germany | 2021 |
| Fuse Energy ClimateTech · UK | 2022 |
| JOKR E-commerce · US | 2021 |
| Kili Technology TMT · France | 2021 |
| Lassie Fintech · Sweden | 2023 |
| Levity TMT · Germany | 2022 |
| Merama Consumer · Mexico | 2021 |
| Ory Software · UK | 2021 |
| Premialab Healthcare · France | 2021 |
| Ramp Fintech · Poland | 2021 |
| Request Finance Fintech · France | 2022 |
| Scalable Capital Fintech · Germany | 2023 |
| Supernormal TMT · Sweden | 2023 |
| Sweep Software · France | 2021 |
| Sylvera TMT · UK | 2023 |
| TestGorilla HR Tech · Netherlands | 2022 |
| TreasurySpring Fintech · UK | 2023 |
| Uncommon Software · UK | 2023 |
| Writer AI/ML · US | 2022 |
| ZOE HealthTech · UK | 2022 |
Balderton Growth IGrowth2021€560M0 assetsGrowth2021 · 5yr€560M0–
No portfolio companies tracked yet.
Balderton Capital VIIRealizedVC2019€360M21 assets8 exitsVC2019 · 7yr€360M218
Unrealized
21 held| Company | Entry |
|---|---|
| Beauty Pie E-commerce · UK | 2020 |
| Defined.ai TMT · UK | 2020 |
| Demodesk Software · Germany | 2020 |
| Detectify Cybersecurity · Sweden | 2019 |
| GitGuardian Cybersecurity · France | 2020 |
| Hiya Cybersecurity · UK | 2019 |
| Jolt ClimateTech · UK | 2020 |
| Kbox Global TMT · UK | 2020 |
| Lifesum HealthTech · Sweden | 2019 |
| McMakler PropTech · Germany | 2019 |
| PlayPlay SaaS · France | 2020 |
| Primer TMT · UK | 2020 |
| smol Consumer · UK | 2020 |
| Stream Logistics · UK | 2019 |
| The Org Software · Denmark | 2020 |
| Tibber Energy · Norway | 2020 |
| Toucan Toco TMT · France | 2019 |
| Traefik Labs TMT · France | 2020 |
| Virtuo TMT · France | 2019 |
| Vivenu TMT · Germany | 2020 |
| Wayve Mobility · UK | 2019 |
Realized
8 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Andjaro HR Tech · France | 2020 | 2023 | Trade Sale | Silae | – |
| Dream Games Software · UK | 2019 | 2025 | Secondary | CVC | – |
| Flywire Fintech · US | 2020 | 2021 | IPO | HarbourVest Partners | – |
| Jumbo Privacy Consumer · UK | 2020 | 2023 | Trade Sale | Coalition | – |
| Kaia Health HealthTech · Germany | 2019 | 2026 | Trade Sale | Sword Health | – |
| Rahko Software · US | 2019 | 2022 | Trade Sale | Odyssey Therapeutics | – |
| Sophia Genetics TMT · Switzerland | 2019 | 2021 | IPO | – | – |
| VanMoof TMT · Netherlands | 2020 | 2023 | Trade Sale | Lavoie (McLaren Applied) | – |
Balderton Capital VIRealizedVC2017€330M14 assets8 exitsVC2017 · 9yr€330M148
Unrealized
14 held| Company | Entry |
|---|---|
| Cleo Fintech · UK | 2018 |
| Frontier Car Group Mobility · Germany | 2017 |
| Funnel Data & Analytics · Sweden | 2017 |
| Furhat Robotics TMT · Sweden | 2017 |
| Healx Biotech · UK | 2018 |
| Infarm AgTech · Germany | 2018 |
| Labster EdTech · Denmark | 2017 |
| Latana TMT · Germany | 2017 |
| Lendable Fintech · UK | 2018 |
| Memrise TMT · UK | 2018 |
| Mojiworks Gaming · UK | 2017 |
| Nested PropTech · UK | 2017 |
| VOI Mobility · UK | 2018 |
| Zego Fintech · UK | 2017 |
Realized
8 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Dinghy InsurTech · UK | 2018 | 2019 | Trade Sale | Kingsbridge Group | – |
| Luno TMT · UK | 2017 | 2020 | Trade Sale | Digital Currency Group | – |
| Peakon HR Tech · Denmark | 2018 | 2021 | Trade Sale | Workday | – |
| Pusher DevTools · UK | 2018 | 2020 | Trade Sale | MessageBird | – |
| Simple Feast FoodTech · Denmark | 2018 | 2022 | – | – | – |
| Soundtrack Your Brand SaaS · Sweden | 2017 | 2021 | IPO | – | – |
| Tempow Deep Tech · France | 2018 | 2021 | Trade Sale | – | |
| Tessian TMT · UK | 2017 | 2023 | Trade Sale | Proofpoint | – |
Balderton Capital VVC2014€281M17 assets41 exitsVC2014 · 12yr€281M1741
Unrealized
17 held| Company | Entry |
|---|---|
| Adludio TMT · UK | 2013 |
| Aircall SaaS · France | 2016 |
| Appear Here TMT · UK | 2014 |
| Carwow E-commerce · UK | 2014 |
| ComplyAdvantage TMT · UK | 2016 |
| Credit Benchmark TMT · UK | 2015 |
| Crowdcube Fintech · UK | 2014 |
| Ezoic TMT · UK | 2013 |
| Lyst E-commerce · UK | 2014 |
| MyTomorrows TMT · Netherlands | 2014 |
| Patients Know Best HealthTech · UK | 2015 |
| Prodigy Finance Fintech · UK | 2015 |
| Rentify PropTech · UK | 2013 |
| Revolut Fintech · UK | 2015 |
| Vestiaire Collective E-commerce · France | 2015 |
| Vivino E-commerce · Denmark | 2013 |
| Workable HR Tech · UK | 2015 |
Realized
41 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Bebo TMT · UK | 2006 | 2008 | Trade Sale | AOL | – |
| Betfair Financials · UK | 2000 | 2010 | IPO | – | – |
| Big Fish Games Software · Ireland | 2008 | 2014 | Trade Sale | Churchill Downs Incorporated | – |
| Bookatable Consumer · UK | 2008 | 2016 | Trade Sale | Michelin | – |
| Citymapper Software · UK | 2014 | 2023 | Trade Sale | Via | – |
| Cloud9 TMT · UK | 2014 | 2016 | Trade Sale | Amazon | – |
| Codemasters Software · UK | 2005 | 2021 | Trade Sale | Electronic Arts | – |
| Contentful Software · Germany | 2013 | 2026 | Trade Sale | Salesforce | – |
| Curious AI Company TMT · Finland | 2015 | 2020 | Trade Sale | Apple | – |
| Darktrace Cybersecurity · UK | 2010 | 2021 | IPO | – | – |
| Depop E-commerce · UK | 2015 | 2021 | Trade Sale | Etsy | – |
| Digital Surgery TMT · UK | 2013 | 2020 | Trade Sale | Medtronic | – |
| DisplayLink TMT · UK | 2007 | 2020 | Trade Sale | Synaptics | – |
| Dubsmash TMT · Germany | 2016 | 2020 | Trade Sale | – | |
| GoCardless Fintech · UK | 2013 | 2025 | Trade Sale | Mollie | – |
| Graphcore Deep Tech · UK | 2016 | 2024 | Trade Sale | SoftBank Group | – |
| HouseTrip E-commerce · UK | 2011 | 2016 | Trade Sale | Tripadvisor | – |
| Hubs Industrials · Netherlands | 2013 | 2021 | Trade Sale | Protolabs | – |
| Icera Deep Tech · UK | 2006 | 2011 | Trade Sale | NVIDIA | – |
| Instabridge TMT · Sweden | 2015 | 2021 | Trade Sale | Degoo | – |
| Kobalt TMT · Sweden | 2008 | 2022 | Secondary | Francisco Partners | – |
| LevelUp Software · UK | 2011 | 2018 | Trade Sale | Grubhub | – |
| Lovecrafts Consumer · UK | 2015 | 2025 | Secondary | Creative Fiber Holdings Inc | – |
| LoveFilm TMT · UK | 2003 | 2011 | Trade Sale | Amazon | – |
| Magic Pony Technology Education · UK | 2015 | 2016 | Trade Sale | – | |
| MySQL Software · Sweden | 2001 | 2008 | Trade Sale | Sun Microsystems | – |
| Nutmeg Fintech · UK | 2014 | 2021 | Trade Sale | JPMorgan Chase | – |
| Openet TMT · Ireland | 2000 | 2020 | Trade Sale | Amdocs | – |
| Qubit Software · UK | 2012 | 2021 | Trade Sale | Coveo | – |
| Recorded Future Cybersecurity · Sweden | 2009 | 2019 | Secondary | Insight Partners | – |
| ROLI Consumer · UK | 2014 | 2021 | Trade Sale | Luminary ROLI Ltd | – |
| Scytl Software · Spain | 2010 | 2020 | Trade Sale | Service Point Solutions | – |
| Sketchfab TMT · France | 2013 | 2021 | Trade Sale | Epic Games | – |
| Talend Data & Analytics · France | 2013 | 2016 | IPO | – | – |
| THG (The Hut Group) Healthcare · UK | 2014 | 2020 | IPO | – | – |
| Thread Consumer · UK | 2015 | 2022 | Trade Sale | Marks & Spencer | – |
| Tictail E-commerce · Sweden | 2014 | 2018 | Trade Sale | Shopify | – |
| Trademark Now TMT · Finland | 2014 | 2023 | Trade Sale | Corsearch | – |
| Wooga Software · Germany | 2009 | 2018 | Trade Sale | Playtika | – |
| Workhuman TMT · Ireland | 2002 | 2018 | Secondary | Intermediate Capital Group | – |
| Yoox Group Consumer · Italy | 2000 | 2009 | IPO | – | – |
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.
Frequently asked questions
- What investment strategy does Balderton Capital focus on?
- Balderton Capital focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does Balderton Capital have?
- Balderton Capital has 112 active portfolio companies and 64 completed exits and 7 funds tracked on GP Intel.
- Where is Balderton Capital headquartered?
- Balderton Capital is headquartered in London, United Kingdom.
- What is Balderton Capital's assets under management?
- Balderton Capital manages approximately €6.4B in assets under management.
- When was Balderton Capital founded?
- Balderton Capital was founded in 2000.
- What sectors does Balderton Capital invest in?
- Balderton Capital invests across TMT, Software, Financials, Consumer, Healthcare.
- What are Balderton Capital's recent exits?
- Recent realized exits by Balderton Capital include: Prior Labs (2026) to SAP; Kaia Health (2026) to Sword Health; Contentful (2026) to Salesforce; Convergence (2025) to Salesforce; Forecast (2025) to Accelo; Yokoy (2025) to TravelPerk; Dream Games (2025) to CVC; GoCardless (2025) to Mollie.
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