What investment strategy does Freigeist Capital focus on?

Freigeist Capital focuses on VC strategies in the private equity space.

How many portfolio companies does Freigeist Capital have?

Freigeist Capital has 17 active portfolio companies and 3 completed exits and 1 fund tracked on GP Intel.

Where is Freigeist Capital headquartered?

Freigeist Capital is headquartered in Bonn, Germany.

When was Freigeist Capital founded?

Freigeist Capital was founded in 2017.

What sectors does Freigeist Capital invest in?

Freigeist Capital invests across Software, Industrials, Healthcare, TMT, Energy.

What are Freigeist Capital's recent exits?

Recent realized exits by Freigeist Capital include: Scanbot SDK (doo) (2025) to Apryse; Wunderlist (6Wunderkinder) (2015) to Microsoft.

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Freigeist Capital

Bonn, Germany·Founded 2017·

Venture Capital

·freigeist.com

Freigeist Capital is a Bonn-based deep-tech seed venture capital firm founded by serial entrepreneur Frank Thelen (formerly operating as e42), investing its own balance-sheet capital in European founders at Seed and pre-Series A stages across AI, robotics, space, synthetic biology and energy, with a hands-on 360-degree operational support model. Best known as the first investor in Lilium, and an early backer of Wunderlist, Xentral, EnduroSat, RobCo and Kraftblock.

AUM

–

Funds

vintages 2017

Portfolio

Exits

Freigeist Capital is a Bonn venture capital firm with 17 active companies and 3 exits.

SectorsSoftware Industrials Healthcare TMT Energy

Key takeaways

·Average hold across 3 realized deals: 8 years.
·Top sector focus: Software (30% of portfolio).

Sector breakdown

20 companies

Software

6 · 30%

Biotech

2 · 10%

Mobility

2 · 10%

Consumer

1 · 5%

MedTech

1 · 5%

DevTools

1 · 5%

Aerospace & Defence

1 · 5%

ClimateTech

1 · 5%

Geography breakdown

6 geographies

Germany

15 · 75%

Switzerland

1 · 5%

Bulgaria

1 · 5%

Netherlands

1 · 5%

Portugal

1 · 5%

Luxembourg

1 · 5%

Key facts

HQBonn, Germany

Founded2017

Employees8+

Websitefreigeist.com

Recent exits

Freigeist Capital sold Scanbot SDK (doo) to Apryse in 2025 after 14 years.

Freigeist Capital took Lilium public in 2021 after 5 years.

Freigeist Capital sold Wunderlist (6Wunderkinder) to Microsoft in 2015 after 5 years.

Partners

Frank ThelenFounder & CEO

Coverage notes

1 fund tracked, 20 portfolio companies (17 active · 3 realized). Verified weekly from public filings and deal announcements.

Investment team

Senior partners. Hand-checked from public filings and the firm's own site.

Frank Thelen

Founder & CEO

Funds & portfolio

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

1 fund

Fund

Strategy

Vintage

Size

Assets

Exits

Freigeist Deep-Tech EvergreenActive

Evergreen201717 assets3 exits

Evergreen

2017 · 9yr

–

Unrealized

17 held

Company	Entry
air up Consumer · Germany	2018
Akina MedTech · Switzerland	2025
BioThrust Biotech · Germany	2024
Build.one DevTools · Germany	2021
Collie Software · Germany	2025
EnduroSat Aerospace & Defence · Bulgaria	2020
Hardt Mobility · Netherlands	2019
Hole19 Software · Portugal	2014
Kraftblock ClimateTech · Germany	2018
Leko Labs Construction · Luxembourg	2022
Pitch Software · Germany	2018
Prosion Biotech · Germany	2022
RobCo Industrials · Germany	2021
Smartlane Logistics · Germany	2019
United Manufacturing Hub Software · Germany	2024
Xentral SaaS · Germany	2018
Zahnheld Germany	2026

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Lilium Mobility · Germany	2016	2021	IPO	–	–
Scanbot SDK (doo) Software · Germany	2011	2025	Trade Sale	Apryse	–
Wunderlist (6Wunderkinder) Software · Germany	2010	2015	Trade Sale	Microsoft	–

Frequently asked questions

What investment strategy does Freigeist Capital focus on?: Freigeist Capital focuses on VC strategies in the private equity space.
How many portfolio companies does Freigeist Capital have?: Freigeist Capital has 17 active portfolio companies and 3 completed exits and 1 fund tracked on GP Intel.
Where is Freigeist Capital headquartered?: Freigeist Capital is headquartered in Bonn, Germany.
When was Freigeist Capital founded?: Freigeist Capital was founded in 2017.
What sectors does Freigeist Capital invest in?: Freigeist Capital invests across Software, Industrials, Healthcare, TMT, Energy.
What are Freigeist Capital's recent exits?: Recent realized exits by Freigeist Capital include: Scanbot SDK (doo) (2025) to Apryse; Wunderlist (6Wunderkinder) (2015) to Microsoft.