What investment strategy does Heartfelt focus on?

Heartfelt focuses on VC strategies in the private equity space.

How many portfolio companies does Heartfelt have?

Heartfelt has 44 active portfolio companies and 4 completed exits and 2 funds tracked on GP Intel.

Where is Heartfelt headquartered?

Heartfelt is headquartered in Berlin, Germany.

What is Heartfelt's assets under management?

Heartfelt manages approximately €80M in assets under management.

What sectors does Heartfelt invest in?

Heartfelt invests across Software, TMT, Healthcare, Financials.

What are Heartfelt's recent exits?

Recent realized exits by Heartfelt include: Bendi (2026) to Worldly; eaze (2025) to BLACKROLL; Bonrepublic (2024) to HRworks; Bonnet (2023) to OVO Energy.

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Heartfelt

Berlin, Germany·Founded 2023·

Venture Capital

·heartfelt.vc

Heartfelt Capital Management GmbH is a Berlin-based pre-seed venture firm founded in 2023 by the managing team behind APX, the Axel Springer and Porsche accelerator-backed investor. It writes first-cheque investments of EUR 100-400k into exceptional founders building transformative companies across Europe and the US, and now also manages the legacy APX pre-seed portfolio. The firm is sector-agnostic and typically the very first institutional money into a startup, aiming for roughly one new investment per week from a nine-person investment team.

AUM

€80M

Funds

vintages 2018–2023

Portfolio

Exits

Heartfelt is a Berlin venture capital firm with €80M AUM, 44 active companies and 4 exits.

SectorsSoftware TMT Healthcare Financials

Key takeaways

·4 exits in the last 5 years · consistent DPI cadence.
·Average hold across 4 realized deals: 3 years.
·Fund cadence: ~5Y between vintages · last raise 2023.

Sector breakdown

48 companies

HealthTech

7 · 15%

Fintech

5 · 10%

Software

4 · 8%

SaaS

3 · 6%

Cybersecurity

3 · 6%

Deep Tech

2 · 4%

AdTech

2 · 4%

HR Tech

2 · 4%

Geography breakdown

15 geographies

Germany

17 · 35%

United Kingdom

4 · 8%

Poland

3 · 6%

Estonia

3 · 6%

Italy

2 · 4%

France

2 · 4%

Austria

2 · 4%

Key facts

HQBerlin, Germany

Founded2023

Employees9+

Websiteheartfelt.vc

Recent exits

Heartfelt sold Bendi to Worldly in 2026 after 2 years.

Heartfelt sold eaze to BLACKROLL in 2025 after 2 years.

Heartfelt sold Bonrepublic to HRworks in 2024 after 4 years.

Heartfelt sold Bonnet to OVO Energy in 2023 after 2 years.

Partners

Dr. Henric HungerhoffGeneral Partner / Managing Director

Joerg RheinboldtGeneral Partner / Managing Director

Coverage notes

2 funds tracked, 48 portfolio companies (44 active · 4 realized). Verified weekly from public filings and deal announcements.

Investment team

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

Dr. Henric Hungerhoff

General Partner / Managing Director

Joerg Rheinboldt

General Partner / Managing Director

Funds & portfolio

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

2 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Heartfelt Fund I

VC2023€80M35 assets1 exits

2023 · 3yr

€80M

Unrealized

35 held

Company	Entry
Absora Deep Tech · Germany	2025
AnyTax Fintech · Germany	2025
Asynchronics TMT · Poland	2025
Atrya Fintech · Germany	2025
Cato SaaS · Italy	2026
Certific HealthTech · Estonia	2024
Cino Fintech · Estonia	2025
Crown Software · France	2025
DojoAI AdTech · Portugal	2025
Ginkgo HR Tech · Germany	–
Graftcode Poland	2026
Holi HealthTech · Poland	2023
InfraRed City Austria	2023
INJU Germany	2026
Kiin Bio Biotech · United Kingdom	2025
Liledu Lithuania	2024
Limatica Switzerland	2024
Lovon HealthTech	2025
ManaMind Gaming · United Kingdom	2026
Positive Carbon ClimateTech · Ireland	2023
Propane Denmark	2025
Punto Health HealthTech · UK	2024
Regascold ClimateTech	2025
ReportAId HealthTech · Italy	2025
Reshape Systems Deep Tech · Switzerland	2025
Steerlab SaaS · France	2024
SuperApp Ukraine	2026
TaiSan Energy · United Kingdom	–
Theodosian Cybersecurity · United Kingdom	2025
Tingit E-commerce · Lithuania	2024
Unosecur Cybersecurity · Germany	–
Valuemize Germany	2026
Waving.ai Cybersecurity	–
Yendou HealthTech · Germany	2024
Zelara AdTech · Germany	2026

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Bendi Software · UK	2024	2026	Trade Sale	Worldly	–

APX Pre-Seed FundActive

Evergreen20189 assets3 exits

Evergreen

2018 · 8yr

–

Unrealized

9 held

Company	Entry
Askui DevTools · Germany	2022
Colossyan Software · Germany	2021
Dogo Consumer · Estonia	2021
getquin Fintech · Germany	2020
Konvi Fintech · Germany	2022
Qualifyze SaaS · Germany	2021
Sharpist HR Tech · Germany	2019
Trucksters Logistics · Spain	2021
VisioLab AI/ML · Germany	2023

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Bonnet Mobility · UK	2021	2023	Trade Sale	OVO Energy	–
Bonrepublic Software · Austria	2020	2024	Trade Sale	HRworks	–
eaze HealthTech · Germany	2023	2025	Trade Sale	BLACKROLL	–

Frequently asked questions

What investment strategy does Heartfelt focus on?: Heartfelt focuses on VC strategies in the private equity space.
How many portfolio companies does Heartfelt have?: Heartfelt has 44 active portfolio companies and 4 completed exits and 2 funds tracked on GP Intel.
Where is Heartfelt headquartered?: Heartfelt is headquartered in Berlin, Germany.
What is Heartfelt's assets under management?: Heartfelt manages approximately €80M in assets under management.
When was Heartfelt founded?: Heartfelt was founded in 2023.
What sectors does Heartfelt invest in?: Heartfelt invests across Software, TMT, Healthcare, Financials.
What are Heartfelt's recent exits?: Recent realized exits by Heartfelt include: Bendi (2026) to Worldly; eaze (2025) to BLACKROLL; Bonrepublic (2024) to HRworks; Bonnet (2023) to OVO Energy.