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.
Heartcore Capital is a Copenhagen venture capital firm with €700M AUM, 23 active companies and 2 exits.
Sector breakdown
25 companiesGeography breakdown
11 geographiesKey facts
Coverage notes
3 funds tracked, 25 portfolio companies (23 active · 2 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Heartcore Capital has raised, with its portfolio companies. Hand-checked from public filings.
Heartcore Capital Fund VVC2024€170M7 assetsVC2024 · 2yr€170M7–
Unrealized
7 held| Company | Entry |
|---|---|
| Capalo AI ClimateTech · Finland | 2025 |
| Davis AI AI/ML · France | 2025 |
| Egide Aerospace & Defence · France | 2025 |
| Isentroniq Deep Tech · France | 2025 |
| PhaseTree Software · Denmark | 2025 |
| Qualia Deep Tech · Denmark | 2025 |
| Spinnable AI AI/ML · Portugal | 2025 |
Heartcore Capital Fund IVVC202115 assetsVC2021 · 5yr–15–
Unrealized
15 held| Company | Entry |
|---|---|
| Axana HealthTech · UK | 2024 |
| Byway Hospitality · UK | 2024 |
| CarbonPool InsurTech · Switzerland | 2023 |
| Cula Technologies ClimateTech · Germany | 2024 |
| FlexAI AI/ML · France | 2023 |
| Ionlace Biotech · Sweden | 2023 |
| IXI MedTech · Finland | 2022 |
| Kive AI/ML · Sweden | 2022 |
| Luca EdTech · Spain | 2022 |
| Numi Biotech · France | 2023 |
| Qlub Fintech · United Arab Emirates | 2022 |
| Quesma Data & Analytics · Poland | 2023 |
| Skynopy Aerospace & Defence · France | 2024 |
| Sunbeam Data & Analytics · UK | 2024 |
| Voyfai Logistics · Germany | 2024 |
Sunstone Technology VenturesHarvestingVC20111 assets2 exitsVC2011 · 15yr–12
Unrealized
1 held| Company | Entry |
|---|---|
| GetYourGuide Hospitality · Germany | 2013 |
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.
Frequently asked questions
- What investment strategy does Heartcore Capital focus on?
- Heartcore Capital focuses on VC strategies in the private equity space.
- How many portfolio companies does Heartcore Capital have?
- Heartcore Capital has 23 active portfolio companies and 2 completed exits and 3 funds tracked on GP Intel.
- Where is Heartcore Capital headquartered?
- Heartcore Capital is headquartered in Copenhagen, Denmark.
- What is Heartcore Capital's assets under management?
- Heartcore Capital manages approximately €700M in assets under management.
- When was Heartcore Capital founded?
- Heartcore Capital was founded in 2007.
- What sectors does Heartcore Capital invest in?
- Heartcore Capital invests across TMT, Software, Consumer, Healthcare, Energy, Financials.
- What are Heartcore Capital's recent exits?
- Recent realized exits by Heartcore Capital include: Tink (2022) to Visa.
Similar firms
Other private equity firms tracked on GP Intel.
Denmark·€500MDenmark·€300M
Denmark·€107MDenmark·€80MDenmark·€5MDenmarkDenmark
DenmarkDenmarkDenmarkDenmark
Denmark