What investment strategy does Cavalry Ventures focus on?

Cavalry Ventures focuses on VC strategies in the private equity space.

How many portfolio companies does Cavalry Ventures have?

Cavalry Ventures has 24 active portfolio companies and 3 completed exits and 3 funds tracked on GP Intel.

Where is Cavalry Ventures headquartered?

Cavalry Ventures is headquartered in Berlin, Germany.

What is Cavalry Ventures's assets under management?

Cavalry Ventures manages approximately €263M in assets under management.

When was Cavalry Ventures founded?

Cavalry Ventures was founded in 2016.

What sectors does Cavalry Ventures invest in?

Cavalry Ventures invests across Software, TMT, Healthcare, Business Services.

What are Cavalry Ventures's recent exits?

Recent realized exits by Cavalry Ventures include: Loctax (2025) to Tax Systems; WhenThen (2023) to Mangopay; Planetly (2021) to OneTrust.

Home/GPs/Cavalry Ventures

DetailCard

Cavalry Ventures

Berlin, Germany·Founded 2016·

Venture Capital

·cavalry.vc

Cavalry Ventures is a Berlin-based early-stage venture capital firm founded in 2016 that leads pre-seed and seed rounds in European software startups, writing checks of roughly EUR 0.5-4m across SaaS, fintech, proptech, deep tech and consumer verticals. Backed by DACH founders and the European Investment Fund, it has raised three funds totaling over EUR 260m and built a portfolio of 50-plus companies including unicorn Forto, BRYTER, PlanRadar and Aleph Alpha. The firm rebranded to NAP in early 2025.

AUM

€263M

Funds

vintages 2016–2022

Portfolio

Exits

Cavalry Ventures is a Berlin venture capital firm with €263M AUM, 24 active companies and 3 exits.

SectorsSoftware TMT Healthcare Business Services

Key takeaways

·3 exits in the last 5 years · consistent DPI cadence.
·Average hold across 3 realized deals: 2 years.
·Fund cadence: ~3Y between vintages · last raise 2022.

Sector breakdown

27 companies

SaaS

4 · 15%

ClimateTech

3 · 11%

AI/ML

3 · 11%

Fintech

3 · 11%

HR Tech

2 · 7%

HealthTech

2 · 7%

Logistics

2 · 7%

Software

2 · 7%

Geography breakdown

7 geographies

Germany

16 · 59%

Ireland

4 · 15%

Belgium

2 · 7%

Bulgaria

1 · 4%

Sweden

1 · 4%

Austria

1 · 4%

Key facts

HQBerlin, Germany

Founded2016

Websitecavalry.vc

Recent exits

Cavalry Ventures sold Loctax to Tax Systems in 2025 after 4 years.

Cavalry Ventures sold WhenThen to Mangopay in 2023 after 2 years.

Cavalry Ventures sold Planetly to OneTrust in 2021 after 1 year.

Coverage notes

3 funds tracked, 27 portfolio companies (24 active · 3 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Cavalry Ventures has raised, with its portfolio companies. Hand-checked from public filings.

3 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Cavalry Ventures III

VC2022€160M7 assets

2022 · 4yr

€160M

–

Unrealized

7 held

Company	Entry
Companion.energy ClimateTech · Belgium	2024
Deltia.ai Deep Tech · Germany	2024
Enzai AI/ML · UK	2023
Kinnu EdTech · UK	2023
Oblivious Cybersecurity · Ireland	2023
Openvolt ClimateTech · Ireland	2023
Xaver Fintech · Germany	2024

Cavalry Ventures II

VC2020€80M11 assets3 exits

2020 · 6yr

€80M

Unrealized

11 held

Company	Entry
Aleph Alpha AI/ML · Germany	2020
Ampeco ClimateTech · Bulgaria	2022
Anyone Consumer · Sweden	2021
Empion AI/ML · Germany	2022
Flip HR Tech · Germany	2020
Lhotse SaaS · Germany	2021
Nory Hospitality · Ireland	2021
Patronus HealthTech · Germany	2022
Rouvia Logistics · Germany	2022
Upper HR Tech · Germany	2020
VoiceLine SaaS · Germany	2021

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Loctax Fintech · Belgium	2021	2025	Trade Sale	Tax Systems	–
Planetly SaaS · Germany	2020	2021	Trade Sale	OneTrust	–
WhenThen Fintech · Ireland	2021	2023	Trade Sale	Mangopay	–

Cavalry Ventures I

VC2016€23M6 assets

2016 · 10yr

€23M

–

Unrealized

6 held

Company	Entry
Afilio HealthTech · Germany	2019
Bryter Software · Germany	2018
Forto Logistics · Germany	2017
McMakler PropTech · Germany	2017
PlanRadar SaaS · Austria	2017
Usercentrics Software · Germany	2018

Frequently asked questions

What investment strategy does Cavalry Ventures focus on?: Cavalry Ventures focuses on VC strategies in the private equity space.
How many portfolio companies does Cavalry Ventures have?: Cavalry Ventures has 24 active portfolio companies and 3 completed exits and 3 funds tracked on GP Intel.
Where is Cavalry Ventures headquartered?: Cavalry Ventures is headquartered in Berlin, Germany.
What is Cavalry Ventures's assets under management?: Cavalry Ventures manages approximately €263M in assets under management.
When was Cavalry Ventures founded?: Cavalry Ventures was founded in 2016.
What sectors does Cavalry Ventures invest in?: Cavalry Ventures invests across Software, TMT, Healthcare, Business Services.
What are Cavalry Ventures's recent exits?: Recent realized exits by Cavalry Ventures include: Loctax (2025) to Tax Systems; WhenThen (2023) to Mangopay; Planetly (2021) to OneTrust.