Cavalry Ventures
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.
Key facts
Recent exits
Coverage notes
3 funds tracked, 27 portfolio companies (23 active · 4 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
27 companiesFunds & portfolio
Every fund Cavalry Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Cavalry Ventures IIIVC2022 · 4yr€160M7 active
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Energy |  Belgium | 2024 | |
| Deep Tech |  Germany | 2024 | |
| AI/ML |  UK | 2023 | |
| EdTech | UK | 2023 | |
| Cybersecurity |  Ireland | 2023 | |
| Energy | Ireland | 2023 | |
| Fintech | Germany | 2024 |
Cavalry Ventures IIVC2020 · 6yr€80M10 active · 4 realized
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| ClimateTech | Bulgaria | 2022 | |
| Consumer |  Sweden | 2021 | |
| Software | Germany | 2022 | |
| Software | Germany | 2020 | |
| SaaS | Germany | 2021 | |
| Hospitality | Ireland | 2021 | |
| HealthTech | Germany | 2022 | |
| Logistics | Germany | 2022 | |
| HR Tech | Germany | 2020 | |
| SaaS | Germany | 2021 |
Sweden· Entry 2021Germany· Entry 2022Germany· Entry 2020Germany· Entry 2021Ireland· Entry 2021Germany· Entry 2022Germany· Entry 2022Germany· Entry 2020Germany· Entry 2021Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Deep Tech | Germany | 2020 | 2026 | Trade Sale | – | ||
| Fintech | Belgium | 2021 | 2025 | Trade Sale | – | ||
| Software | Germany | 2020 | 2021 | Trade Sale | – | ||
| Fintech | Ireland | 2021 | 2023 | Trade Sale | – |
Cavalry Ventures IVC2016 · 10yr€23M6 active
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| HealthTech | Germany | 2019 | |
| Software | Germany | 2018 | |
| Logistics | Germany | 2017 | |
| Industrials | Germany | 2017 | |
| SaaS |  Austria | 2017 | |
| Software | Germany | 2018 |
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