eCAPITAL ENTREPRENEURIAL PARTNERS
eCAPITAL Entrepreneurial Partners is a Muenster-based venture capital firm founded in 1999 that funds early to growth stage deep-tech companies in software, cybersecurity, industry 4.0, new materials and cleantech.
eCAPITAL ENTREPRENEURIAL PARTNERS is a Muenster venture capital firm with €400M AUM, 34 active companies and 22 exits.
- ·10 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 22 realized deals: 7 years.
- ·Top sector focus: Cybersecurity (30% of portfolio).
- ·Fund cadence: ~4Y between vintages · last raise 2022.
Sector breakdown
56 companiesGeography breakdown
6 geographiesKey facts
Recent exits
eCAPITAL ENTREPRENEURIAL PARTNERS sold Build38 to OneSpan in 2026 after 5 years.
eCAPITAL ENTREPRENEURIAL PARTNERS sold Brighter AI to Milestone Systems in 2025 after 6 years.
eCAPITAL ENTREPRENEURIAL PARTNERS sold Sweepatic to Outpost24 in 2023 after 4 years.
eCAPITAL ENTREPRENEURIAL PARTNERS sold Milk the Sun to AKV Holding in 2023 after 9 years.
Coverage notes
6 funds tracked, 56 portfolio companies (34 active · 22 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund eCAPITAL ENTREPRENEURIAL PARTNERS has raised, with its portfolio companies. Hand-checked from public filings.
eCAPITAL VVC202212 assetsVC2022 · 4yr–12–
Unrealized
12 held| Company | Entry |
|---|---|
| 1komma5 ClimateTech · Germany | 2022 |
| Apheris Cybersecurity · Germany | 2025 |
| baobab Cybersecurity · Germany | 2025 |
| beeOLED Deep Tech · Germany | 2023 |
| Cleafy Cybersecurity · Italy | 2026 |
| Dawnguard Cybersecurity · Germany | 2026 |
| Dryad ClimateTech · Germany | 2022 |
| Flexoo Deep Tech · Germany | 2026 |
| MOTOR Ai Mobility · Germany | 2025 |
| node.energy ClimateTech · Germany | 2025 |
| VisioLab AI/ML · Germany | 2026 |
| Zepo Cybersecurity · Germany | 2026 |
eCAPITAL CybersecurityHarvestingCybersecurity2018€30M6 assets3 exitsCybersecurity2018 · 8yr€30M63
Unrealized
6 held| Company | Entry |
|---|---|
| BlueID Cybersecurity · Germany | 2019 |
| CounterCraft Cybersecurity · Spain | 2020 |
| Exein Cybersecurity · Italy | 2021 |
| Onekey Cybersecurity · Germany | 2020 |
| QuoIntelligence Cybersecurity · Germany | 2023 |
| Tenzir Cybersecurity · Germany | 2021 |
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Brighter AI Cybersecurity · Germany | 2019 | 2025 | Trade Sale | Milestone Systems | – |
| Build38 Cybersecurity · Germany | 2021 | 2026 | Trade Sale | OneSpan | – |
| Sweepatic Cybersecurity · Belgium | 2019 | 2023 | Trade Sale | Outpost24 | – |
eCAPITAL IVHarvestingVC2017€100M7 assets6 exitsVC2017 · 9yr€100M76
Unrealized
7 held| Company | Entry |
|---|---|
| AM Polymers Industrials · Germany | 2020 |
| CreaPaper ClimateTech · Germany | 2017 |
| Ferroelectric Memory Deep Tech · Germany | 2018 |
| Mythic Deep Tech · US | 2017 |
| nyris AI/ML · Germany | 2020 |
| Papershift HR Tech · Germany | 2021 |
| troy Fintech · Germany | 2019 |
Realized
6 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| BrandMaker SaaS · Germany | 2016 | 2021 | Secondary | Rubicon Technology Partners | – |
| envelio ClimateTech · Germany | 2019 | 2021 | Trade Sale | E.ON | – |
| IPlytics Data & Analytics · Germany | 2019 | 2022 | Trade Sale | RELX Group (LexisNexis) | – |
| Rhebo Cybersecurity · Germany | 2016 | 2021 | Trade Sale | Landis+Gyr | – |
| RIPS Technologies Cybersecurity · Germany | 2017 | 2020 | Trade Sale | SonarSource | – |
| UltraSoC Deep Tech · UK | 2019 | 2020 | Trade Sale | Siemens | – |
eCAPITAL IIIHarvestingVC20097 assets6 exitsVC2009 · 17yr–76
Unrealized
7 heldRealized
6 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Geo-En ClimateTech · Germany | 2012 | 2017 | Trade Sale | GASAG | – |
| Greenergetic ClimateTech · Germany | 2013 | 2019 | Trade Sale | innogy | – |
| Milk the Sun ClimateTech · Germany | 2014 | 2023 | Trade Sale | AKV Holding | – |
| sonnen ClimateTech · Germany | 2013 | 2019 | Trade Sale | Shell | – |
| Subitec ClimateTech · Germany | 2012 | 2019 | Trade Sale | – | – |
| svh24.de E-commerce · Germany | 2010 | 2013 | Trade Sale | Wuerth Group (HAHN+KOLB / SVH Handels-GmbH) | – |
eCAPITAL IIHarvestingVC20052 assets5 exitsVC2005 · 21yr–25
Unrealized
2 held| Company | Entry |
|---|---|
| 4JET Technologies Industrials · Germany | 2008 |
| Open-Xchange SaaS · Germany | 2008 |
Realized
5 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Gollmann Logistics · Germany | 2009 | 2017 | MBO | Gollmann Kommissioniersysteme GmbH / management | – |
| Jedox SaaS · Germany | 2008 | 2021 | Secondary | Insight Partners | – |
| Novaled Deep Tech · Germany | 2005 | 2013 | Trade Sale | Samsung (Cheil Industries) | – |
| PACE Mobility · Germany | 2007 | 2016 | Trade Sale | TXT e-solutions S.p.A. | – |
| Pyramid Computer IT Services · Germany | 2007 | 2020 | Trade Sale | mic AG | – |
About eCAPITAL ENTREPRENEURIAL PARTNERS
eCAPITAL Entrepreneurial Partners is a long-track-record DACH deep-tech venture capital firm with more than €400 million of fund volume across its own funds as of December 2024, headquartered in Münster, Germany. The firm was founded in 1999 as an independent venture capital firm and operates as a partner-owned independent VC (eCAPITAL entrepreneurial Partners AG) with approximately 129 investments lifetime, having led early rounds in category winners such as sonnen, Novaled and Jedox.
Investment thesis
eCAPITAL Entrepreneurial Partners deploys capital through approximately three active funds (eCAPITAL IV 2017, eCAPITAL Cybersecurity 2018, eCAPITAL V 2022), targeting early-stage to growth-stage technology investing with lead-investor positions. Sector focus spans software and IT, cybersecurity, Industry 4.0, new and silicon materials, cleantech and energy. Geographic deployment is anchored in DACH (Germany, Austria, Switzerland) with broader Europe. The platform combines a long DACH deep-tech track record with a dedicated dual focus on cybersecurity and decarbonisation.
Recent activity
Realised exits in the 2024-2026 window are investment-led with notable historical exits in energy and materials. Recent acquisitions include QuoIntelligence (cybersecurity Series A, 2026), VisioLab (software and AI Series A, 2026) and 1KOMMA5° (energy services, 2025). The platform continues active deployment across the cybersecurity and decarbonisation thesis.
Frequently asked questions
- What investment strategy does eCAPITAL ENTREPRENEURIAL PARTNERS focus on?
- eCAPITAL ENTREPRENEURIAL PARTNERS focuses on VC strategies in the private equity space.
- How many portfolio companies does eCAPITAL ENTREPRENEURIAL PARTNERS have?
- eCAPITAL ENTREPRENEURIAL PARTNERS has 34 active portfolio companies and 22 completed exits and 6 funds tracked on GP Intel.
- Where is eCAPITAL ENTREPRENEURIAL PARTNERS headquartered?
- eCAPITAL ENTREPRENEURIAL PARTNERS is headquartered in Muenster, Germany.
- What is eCAPITAL ENTREPRENEURIAL PARTNERS's assets under management?
- eCAPITAL ENTREPRENEURIAL PARTNERS manages approximately €400M in assets under management.
- When was eCAPITAL ENTREPRENEURIAL PARTNERS founded?
- eCAPITAL ENTREPRENEURIAL PARTNERS was founded in 1999.
- What sectors does eCAPITAL ENTREPRENEURIAL PARTNERS invest in?
- eCAPITAL ENTREPRENEURIAL PARTNERS invests across Software, Industrials, Energy.
- What are eCAPITAL ENTREPRENEURIAL PARTNERS's recent exits?
- Recent realized exits by eCAPITAL ENTREPRENEURIAL PARTNERS include: Build38 (2026) to OneSpan; Brighter AI (2025) to Milestone Systems; Sweepatic (2023) to Outpost24; Milk the Sun (2023) to AKV Holding; IPlytics (2022) to RELX Group (LexisNexis); BrandMaker (2021) to Rubicon Technology Partners; envelio (2021) to E.ON; Rhebo (2021) to Landis+Gyr.
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