D11Z. Ventures
D11Z. Ventures is the Heilbronn-based single-family-office venture capital arm backing the retail wealth of Lidl/Kaufland founder Dieter Schwarz. It was founded in 2005 as ZFHN Zukunftsfonds Heilbronn to drive structural change in the Heilbronn-Franken region, with its Born2Grow (B2G) seed subsidiary launched in 2013 to back early-stage deep-tech and life-sciences startups. In early 2024 the firm rebranded as D11Z. Ventures and sharpened its focus on artificial intelligence, deep tech, B2B SaaS and asset-light IoT across Europe. It operates as an evergreen fund with no fixed expiration date, writing initial tickets from EUR 100,000 to EUR 1.5 million with follow-on capacity, and has made 35-plus direct investments and roughly ten exits including Xenios (Fresenius), Inspekto (Siemens) and echobot (Leadfeeder/Dealfront). It gained wider prominence as a co-investor in AI champion Aleph Alpha alongside the Schwarz Group. Led by Managing Partner Tom (Thomas) Villinger, the firm is headquartered in Heilbronn with an office in Munich.
D11Z. Ventures is a Heilbronn venture capital firm with 34 active companies and 9 exits.
- ·5 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 9 realized deals: 8 years.
Sector breakdown
43 companiesGeography breakdown
5 geographiesKey facts
Recent exits
Partners
Coverage notes
2 funds tracked, 43 portfolio companies (34 active · 9 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 D11Z. Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Born2Grow SeedfondsActiveEvergreen20138 assetsEvergreen2013 · 13yr–8–
Unrealized
8 held| Company | Entry |
|---|---|
| akirolabs SaaS · Germany | 2024 |
| become.1 SaaS · Germany | 2024 |
| doinstruct EdTech · Germany | 2022 |
| eeden Consumer · Germany | 2022 |
| Otark Energy · Germany | 2024 |
| Semorai AI/ML · Germany | 2023 |
| traplinked Industrials · Germany | 2023 |
| Unchained Robotics Industrials · Germany | 2022 |
ZFHN Zukunftsfonds Heilbronn (D11Z. Ventures Evergreen)ActiveEvergreen2005€200M26 assets9 exitsEvergreen2005 · 21yr€200M269
Unrealized
26 held| Company | Entry |
|---|---|
| Alago Software · Germany | 2025 |
| Aleph Alpha AI/ML · Germany | 2023 |
| baseclick Biotech · Germany | 2020 |
| Cerpro SaaS · Germany | 2025 |
| CertHub HealthTech · Germany | 2026 |
| clockin SaaS · Germany | 2024 |
| ConfidentialMind AI/ML · Finland | 2026 |
| DaphOS HealthTech · Austria | 2025 |
| deeplify Software · Germany | 2026 |
| Inkeepr AdTech · Germany | 2024 |
| MetisMotion Industrials · Germany | 2018 |
| Mice Desk Hospitality · Germany | 2024 |
| mogenius DevTools · Germany | 2025 |
| PL BioScience Biotech · Germany | 2021 |
| Plato AI/ML · Germany | 2026 |
| Pluvion ClimateTech · Germany | 2024 |
| Preventicus HealthTech · Germany | 2014 |
| Qutwo Deep Tech · Finland | 2026 |
| Resourcly Data & Analytics · Germany | 2025 |
| Resuscitec MedTech · Germany | 2012 |
| S2data Logistics · Austria | 2024 |
| SpinDrive Deep Tech · Finland | 2021 |
| StrategyBridgeAI Fintech · Germany | 2024 |
| Theodosian Cybersecurity · UK | 2025 |
| TrustNXT Cybersecurity · Germany | 2025 |
| Whisper Cybersecurity · Netherlands | 2025 |
Realized
9 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| AWS Group ClimateTech · Germany | 2009 | 2016 | Trade Sale | Loratech AG | – |
| dataglobal Software · Germany | 2008 | 2017 | MBO | Wolfgang Munz (founder) | – |
| echobot Software · Germany | 2013 | 2023 | Trade Sale | Leadfeeder (Dealfront) | – |
| Fyrfeed AdTech · Germany | 2022 | 2024 | Trade Sale | Rheindigital | – |
| Inspekto Deep Tech · Germany | 2017 | 2024 | Trade Sale | Siemens | – |
| IoLiTec Ionic Liquids Technologies Industrials · Germany | 2008 | 2017 | MBO | Thomas Schubert (founder and CEO) | – |
| Protagen Protein Services (PPS) Biotech · Germany | 2012 | 2021 | Trade Sale | ProtaGene (Ampersand Capital Partners) | – |
| seleon MedTech · Germany | 2007 | 2024 | Trade Sale | aesco solutions | – |
| Xenios MedTech · Germany | 2013 | 2016 | Trade Sale | Fresenius Medical Care | – |
Frequently asked questions
- What investment strategy does D11Z. Ventures focus on?
- D11Z. Ventures focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does D11Z. Ventures have?
- D11Z. Ventures has 34 active portfolio companies and 9 completed exits and 2 funds tracked on GP Intel.
- Where is D11Z. Ventures headquartered?
- D11Z. Ventures is headquartered in Heilbronn, Germany.
- When was D11Z. Ventures founded?
- D11Z. Ventures was founded in 2005.
- What sectors does D11Z. Ventures invest in?
- D11Z. Ventures invests across TMT, Software, Healthcare, Industrials, Energy.
- What are D11Z. Ventures's recent exits?
- Recent realized exits by D11Z. Ventures include: Fyrfeed (2024) to Rheindigital; Inspekto (2024) to Siemens; seleon (2024) to aesco solutions; echobot (2023) to Leadfeeder (Dealfront); Protagen Protein Services (PPS) (2021) to ProtaGene (Ampersand Capital Partners); dataglobal (2017) to Wolfgang Munz (founder); IoLiTec Ionic Liquids Technologies (2017) to Thomas Schubert (founder and CEO); AWS Group (2016) to Loratech AG.
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