Heartcore Capital
Heartcore Capital is a Copenhagen-based early-stage venture capital firm founded in 2007 as Sunstone Technology Ventures and rebranded to Heartcore in February 2019, backing European founders from inception through Series A across consumer, software, AI, climate, health and fintech, with a Web3 arm and partners spread across Copenhagen, Paris, London and the United States.
Key facts
Coverage notes
3 funds tracked, 25 portfolio companies (23 active · 2 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
25 companiesFunds & portfolio
Every fund Heartcore Capital has raised, with its portfolio companies. Hand-checked from public filings.
Heartcore Capital Fund VVC2024 · 2yr€170M7 active
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| ClimateTech |  Finland | 2025 | |
| AI/ML |  France | 2025 | |
| Aerospace & Defence | France | 2025 | |
| Deep Tech | France | 2025 | |
| Software |  Denmark | 2025 | |
| Deep Tech | Denmark | 2025 | |
| AI/ML |  Portugal | 2025 |
Finland· Entry 2025France· Entry 2025France· Entry 2025France· Entry 2025Denmark· Entry 2025Denmark· Entry 2025Portugal· Entry 2025Heartcore Capital Fund IVVC2021 · 5yr15 active
Unrealized
15 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| HealthTech |  UK | 2024 | |
| Consumer | UK | 2024 | |
| InsurTech |  Switzerland | 2023 | |
| ClimateTech |  Germany | 2024 | |
| AI/ML | France | 2023 | |
| Biotech |  Sweden | 2023 | |
| MedTech | Finland | 2022 | |
| AI/ML | Sweden | 2022 | |
| EdTech |  Spain | 2022 | |
| Biotech | France | 2023 | |
| Fintech | United Arab Emirates | 2022 | |
| Data & Analytics | Poland | 2023 | |
| Aerospace & Defence | France | 2024 | |
| Data & Analytics | UK | 2024 | |
| AI/ML | Germany | 2024 |
UK· Entry 2024UK· Entry 2024Switzerland· Entry 2023Germany· Entry 2024France· Entry 2023Sweden· Entry 2023Finland· Entry 2022Sweden· Entry 2022Spain· Entry 2022France· Entry 2023France· Entry 2024UK· Entry 2024Germany· Entry 2024Sunstone Technology VenturesVCHarvesting2011 · 15yr1 active · 2 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Hospitality | Germany | 2013 |
Germany· Entry 2013Saved GPs appear in your watchlist, one click from your workspace.
About Heartcore Capital
Heartcore Capital is a pan-European consumer-tech venture capital firm with more than €700 million of assets under management as of December 2024 (€800 million cumulative committed capital across Fund I through V), headquartered in Copenhagen with offices in Paris, Berlin and Stockholm. The firm was founded in 2007 (originally as Sunstone Capital Technology) before rebranding as Heartcore in 2017. Heartcore remains a partner-owned independent firm with 100 plus portfolio companies and more than €10 billion of enterprise value created across the platform.
Investment thesis
Heartcore deploys capital through Fund I through Fund V (Fund V closed December 2024 at €170 million / approximately $180 million) plus an Alumni Fund and a Web3 fund, targeting early-stage venture capital (seed and Series A) with a founder-first consumer and consumer-tech thesis. Sector focus spans consumer, consumer-tech, fintech, SaaS and marketplaces, with Fund V extending into infrastructure, synthetic biology, climate tech and space. Geographic deployment is pan-European with selective US and global outliers, supported by the founder-NPS-driven culture and one of the oldest European consumer-tech specialist franchises.
Recent activity
Recent realised exits include healthcare and home-care services (2025), travel-tech (2024 secondaries), fintech (2024) and consumer (2024). Recent investments include space and infrastructure (2025 Skynopy seed lead), AI and business software (2026 Capalo AI), construction-tech (2025 Licify first-time) plus various follow-ons (2025 including Luca). The platform continues active deployment of Fund V across the expanded sector thesis. Detailed buyer names and multiple data available on Pro at €29/month.
Similar firms
Other private equity firms tracked on GP Intel.
Denmark·€500MDenmark·€300M
Denmark·€107MDenmark·€80MDenmark·€5MDenmarkDenmark
DenmarkDenmark
DenmarkDenmarkDenmarkGet the full picture on Heartcore Capital.
Free. No credit card. 30 seconds. Exit buyers and MOIC on Pro.
Already a member? Sign in