Heliad AG
Heliad AG is a Frankfurt-listed evergreen investment holding (ticker A7A, ISIN DE0001218063) that invests directly from its balance sheet into fast-growing European technology companies from pre-seed through post-IPO. It was created in October 2023 when the former FinLab AG (inception 2003) absorbed Heliad Equity Partners GmbH & Co. KGaA and renamed itself Heliad AG, lifting NAV to roughly EUR 150m. The evergreen structure lets it hold positions free of fund life cycles; its book spans listed holdings such as flatexDEGIRO and private stakes including Raisin, Enpal and Nelly, with NAV of about EUR 188.8m at end-2024. Early-stage deal flow is sourced via its Collective Ventures unit acquired in 2024.
Heliad AG is a Frankfurt am Main venture capital firm with €298M AUM, 33 active companies and 1 exit.
Sector breakdown
34 companiesGeography breakdown
9 geographiesKey facts
Recent exits
Heliad AG sold lemon.markets to Deutsche WertpapierService Bank AG (dwpbank) in 2025 after 1 year.
Coverage notes
1 fund tracked, 34 portfolio companies (33 active · 1 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Heliad AG has raised, with its portfolio companies. Hand-checked from public filings.
Heliad Evergreen HoldingsActiveEvergreen2003€298M33 assets1 exitsEvergreen2003 · 23yr€298M331
Unrealized
33 held| Company | Entry |
|---|---|
| AI21 Labs Deep Tech · Israel | 2023 |
| Aikido Security Cybersecurity · Belgium | 2025 |
| Albacore Aerospace & Defence · Germany | 2025 |
| ARX Robotics Deep Tech · Germany | 2025 |
| askLio SaaS · Germany | 2023 |
| Bayshore AI SaaS · Germany | 2026 |
| bunch Fintech · Germany | 2023 |
| Burnhard Consumer · Germany | 2021 |
| Clark Fintech · Germany | 2021 |
| Decart AI/ML · Israel | 2025 |
| encosa ClimateTech · Germany | 2024 |
| Enpal ClimateTech · Germany | 2021 |
| FINN Mobility · Germany | 2022 |
| flatexDEGIRO Fintech · Germany | 2013 |
| Flowers Software SaaS · Germany | 2023 |
| Freshbooks SaaS · Canada | 2017 |
| Gaia Healthcare · UK | 2025 |
| GeneralMind AI/ML · Germany | 2026 |
| Invesdor Fintech · Finland | 2015 |
| Klarna Fintech · Sweden | 2021 |
| Kraken Fintech · US | 2021 |
| Modifi Fintech · Germany | 2021 |
| Nelly HealthTech · Germany | 2022 |
| NewtonX SaaS · US | 2021 |
| Podimo TMT · Denmark | 2021 |
| Project Q Aerospace & Defence · Germany | 2026 |
| Raisin Fintech · Germany | 2015 |
| Razor Group E-commerce · Germany | 2021 |
| StratifAI Biotech · Germany | 2025 |
| Tangany Fintech · Germany | 2025 |
| Tonies Consumer · Germany | 2021 |
| WorkMotion HR Tech · Germany | 2022 |
| Zenfulfillment Logistics · Germany | 2021 |
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| lemon.markets Fintech · Germany | 2024 | 2025 | Trade Sale | Deutsche WertpapierService Bank AG (dwpbank) | – |
Portfolio platforms backed by Heliad AG made 5 researched add-on acquisitions during its ownership.
Frequently asked questions
- What investment strategy does Heliad AG focus on?
- Heliad AG focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does Heliad AG have?
- Heliad AG has 33 active portfolio companies and 1 completed exit and 1 fund tracked on GP Intel.
- Where is Heliad AG headquartered?
- Heliad AG is headquartered in Frankfurt am Main, Germany.
- What is Heliad AG's assets under management?
- Heliad AG manages approximately €298M in assets under management.
- When was Heliad AG founded?
- Heliad AG was founded in 2003.
- What sectors does Heliad AG invest in?
- Heliad AG invests across TMT, Software, Financials, Healthcare, Energy.
- What are Heliad AG's recent exits?
- Recent realized exits by Heliad AG include: lemon.markets (2025) to Deutsche WertpapierService Bank AG (dwpbank).
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