Heartfelt
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.
Key facts
Recent exits
Coverage notes
2 funds tracked, 23 portfolio companies (19 active · 4 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
23 companiesFunds & portfolio
Every fund Heartfelt has raised, with its portfolio companies. Hand-checked from public filings.
Heartfelt Fund IVC2023 · 3yr€80M11 active · 1 realized
Unrealized
11 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| TMT | Poland | 2025 | |
| SaaS |  Italy | 2026 | |
| Healthcare | Estonia | 2024 | |
| Fintech | Estonia | 2025 | |
| Software |  France | 2025 | |
| AdTech |  Portugal | 2025 | |
| HealthTech | Poland | 2023 | |
| Healthcare |  UK | 2024 | |
| HealthTech | Italy | 2025 | |
| SaaS | France | 2024 | |
| HealthTech |  Germany | 2024 |
Italy· Entry 2026France· Entry 2025Portugal· Entry 2025UK· Entry 2024Italy· Entry 2025France· Entry 2024Germany· Entry 2024APX Pre-Seed FundEvergreenActive2018 · 8yr8 active · 3 realized
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | Germany | 2022 | |
| Software | Germany | 2021 | |
| Consumer | Estonia | 2021 | |
| Fintech | Germany | 2020 | |
| Fintech | Germany | 2022 | |
| SaaS | Germany | 2021 | |
| Software | Germany | 2019 | |
| Logistics |  Spain | 2021 |
Germany· Entry 2022Germany· Entry 2021Germany· Entry 2020Germany· Entry 2022Germany· Entry 2021Germany· Entry 2019Spain· Entry 2021Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Mobility | UK | 2021 | 2023 | Trade Sale | – | ||
| Software |  Austria | 2020 | 2024 | Trade Sale | – | ||
| HealthTech | Germany | 2023 | 2025 | Trade Sale | – |
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Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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Germany·€46MGet the full picture on Heartfelt.
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