HV Capital
HV Capital is a Munich and Berlin based venture capital firm founded in 2000 as Holtzbrinck Ventures, the corporate VC arm of the Holtzbrinck publishing group, independent since Fund IV (2011) and rebranded HV Capital in October 2020. With EUR 2.8bn under management across funds IV-IX plus the EUR 430m HV Coco Growth continuation fund (Germany's first), HV has backed more than 290 companies including Zalando, HelloFresh, Delivery Hero, Flix, SumUp and Depop, with a dozen IPOs; Fund IX (EUR 710m, 2023) splits into Ventures and Growth pockets.
AUM
€2.8B
Funds
8
vintages 2000–2023
Portfolio
126
Exits
62
HV Capital is a Munich venture capital firm with €2.8B AUM, 126 active companies and 62 exits.
Key takeaways
- ·21 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 62 realized deals: 7 years.
- ·Top sector focus: E-commerce (30% of portfolio).
- ·Fund cadence: ~3Y between vintages · last raise 2023.
Sector breakdown
188 companiesE-commerce
56 · 30%
Software
24 · 13%
Fintech
24 · 13%
Deep Tech
14 · 7%
ClimateTech
12 · 6%
HealthTech
12 · 6%
SaaS
10 · 5%
Consumer
4 · 2%
Geography breakdown
20 geographiesGermany
129 · 69%
UK
17 · 9%
US
12 · 6%
Netherlands
6 · 3%
France
4 · 2%
Switzerland
3 · 2%
Denmark
2 · 1%
Austria
2 · 1%
Key facts
Recent exits
Partners
Rainer MaerkleGeneral Partner
David KuczekGeneral Partner
Barbod NaminiGeneral Partner
Felix KluehrGeneral Partner
Coverage notes
8 funds tracked, 188 portfolio companies (126 active · 62 realized). Verified weekly from public filings and deal announcements.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Rainer Maerkle
General Partner
David Kuczek
General Partner
Barbod Namini
General Partner
Felix Kluehr
General Partner
Funds & portfolio
Every fund HV Capital has raised, with its portfolio companies. Hand-checked from public filings.
8 funds
Fund
Strategy
Vintage
Size
Assets
Exits
HV Fund IXVC2023€710M51 assetsVC2023 · 3yr€710M51–
Unrealized
51 held| Company | Entry |
|---|---|
| Again ClimateTech · Denmark | 2024 |
| Agreena ClimateTech · Denmark | 2023 |
| ARX Robotics Aerospace & Defence · Germany | 2025 |
| Beyond Presence Software · Germany | 2024 |
| Bioniq HealthTech · UK | 2024 |
| Ceezer ClimateTech · Germany | 2024 |
| Cello SaaS · Germany | 2023 |
| Cogny Software · France | 2024 |
| Complyance Software · UK | 2023 |
| doinstruct EdTech · Germany | 2025 |
| DoorFeed Fintech · France | 2024 |
| Draxon Software · Germany | 2025 |
| Ecoplanet ClimateTech · Germany | 2023 |
| Entyre HealthTech · Germany | 2024 |
| Exein Cybersecurity · Italy | 2025 |
| feld.energy ClimateTech · Germany | 2024 |
| Fifth Dimension AI AI/ML · UK | 2026 |
| Fleek E-commerce · US | 2024 |
| Flinn MedTech · Austria | 2025 |
| Flowdesk Fintech · France | 2024 |
| Floy HealthTech · Germany | 2023 |
| FMC Deep Tech · Germany | 2025 |
| Framer Software · Netherlands | 2025 |
| Green Fusion ClimateTech · Germany | 2025 |
| Hades Mining Deep Tech · Germany | 2026 |
| HOLY Consumer · Germany | 2025 |
| iGent AI Deep Tech · UK | 2024 |
| Kennek Fintech · UK | 2023 |
| Kipu Quantum Deep Tech · Germany | 2023 |
| Lanch E-commerce · Germany | 2023 |
| LAP Coffee Hospitality · Germany | 2025 |
| Marvel Fusion ClimateTech · Germany | 2024 |
| Midas Fintech · Germany | 2025 |
| Mondoo Software · US | 2024 |
| n8n DevTools · Germany | 2025 |
| Nabla HealthTech · US | 2025 |
| NEURA Robotics Deep Tech · Germany | 2023 |
| One Data Software · Germany | 2024 |
| PACT Deep Tech · UK | 2025 |
| Polyteia Software · Germany | 2023 |
| Praxipal HealthTech · Germany | 2025 |
| Qontext Software · Germany | 2026 |
| Quantum Systems Aerospace & Defence · Germany | 2023 |
| Rabot Energy ClimateTech · Germany | 2024 |
| Reiner.ai Software · Germany | 2025 |
| Spread Deep Tech · Germany | 2023 |
| Storyblok Software · Austria | 2022 |
| The Icon League Consumer · Germany | 2025 |
| Tzafon AI/ML · Sweden | 2025 |
| VisionAI Deep Tech · Germany | 2023 |
| voize HealthTech · Germany | 2025 |
HV Coco GrowthActiveVC2022€430M3 assetsVC2022 · 4yr€430M3–
HV Fund VIIIHarvestingVC2020€535M32 assets5 exitsVC2020 · 6yr€535M325
Unrealized
32 held| Company | Entry |
|---|---|
| AMI Labs AI/ML · Germany | 2020 |
| Archlet SaaS · Switzerland | 2021 |
| CarOnSale Mobility · Germany | 2021 |
| Certifaction Software · Switzerland | 2022 |
| Charles Software · Germany | 2021 |
| Comet HR Tech · Germany | 2022 |
| Delli FoodTech · UK | 2021 |
| DeSci Labs Software · Switzerland | 2023 |
| Enpal ClimateTech · Germany | 2021 |
| Flip HR Tech · Germany | 2021 |
| Hadrian Deep Tech · Netherlands | 2022 |
| Holidu E-commerce · Germany | 2022 |
| Hyperganic Deep Tech · Germany | 2021 |
| Impossible Cloud Cloud Infrastructure · Germany | 2022 |
| Instant Commerce Software · Netherlands | 2022 |
| Isar Aerospace Aerospace & Defence · Germany | 2020 |
| Jokr E-commerce · Germany | 2021 |
| KoRo E-commerce · Germany | 2022 |
| Packmatic E-commerce · Germany | 2021 |
| Payrails Fintech · Germany | 2022 |
| PowerUs HR Tech · Germany | 2021 |
| Qonto Fintech · France | 2022 |
| Qualifyze SaaS · Germany | 2021 |
| Roadsurfer E-commerce · Germany | 2021 |
| Sastrify SaaS · Germany | 2021 |
| Schuettflix E-commerce · Germany | 2020 |
| Sdui SaaS · Germany | 2021 |
| simpleclub EdTech · Germany | 2021 |
| super.ai Deep Tech · US | 2021 |
| Timberhub E-commerce · Netherlands | 2022 |
| Wasp Software · Croatia | 2021 |
| Zopa Fintech · UK | 2021 |
Realized
5 exitsHV Fund VIIHarvestingVC2018€306M25 assets3 exitsVC2018 · 8yr€306M253
Unrealized
25 held| Company | Entry |
|---|---|
| Alasco SaaS · Germany | 2018 |
| alphin SaaS · Germany | 2018 |
| Caya SaaS · Germany | 2018 |
| CoachHub HR Tech · Germany | 2019 |
| everdrop Consumer · Germany | 2020 |
| felmo HealthTech · Germany | 2020 |
| FINN Mobility · Germany | 2019 |
| Flank Deep Tech · Germany | 2019 |
| Greator E-commerce · Germany | 2019 |
| homefully E-commerce · Germany | 2018 |
| Inkitt E-commerce · Germany | 2019 |
| Klima ClimateTech · Germany | 2019 |
| Lendis SaaS · Germany | 2019 |
| Limehome Hospitality · Germany | 2019 |
| Linearity SaaS · Germany | 2019 |
| Sanity Group Healthcare · Germany | 2019 |
| sennder Logistics · Germany | 2018 |
| The Naked Market E-commerce · US | 2018 |
| VAHA Consumer · Germany | 2019 |
| Verbit Deep Tech · Israel | 2018 |
| Warehousing1 Logistics · Germany | 2019 |
| Wellster Healthtech Group HealthTech · Germany | 2018 |
| WIND Mobility E-commerce · Germany | 2018 |
| Yapily Fintech · UK | 2018 |
| Zencargo Logistics · UK | 2019 |
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Penta Fintech · Germany | 2019 | 2022 | Trade Sale | Qonto | – |
| Scoutbee Software · Germany | 2018 | 2025 | Trade Sale | Coupa | – |
| Ultimate.ai Software · Finland | 2018 | 2024 | Trade Sale | Zendesk | – |
HV Fund VIHarvestingVC2015€285M10 assets8 exitsVC2015 · 11yr€285M108
Unrealized
10 held| Company | Entry |
|---|---|
| Carmudi E-commerce · Germany | 2015 |
| Exporo Fintech · Germany | 2016 |
| heartbeat medical HealthTech · Germany | 2017 |
| Lamudi E-commerce · Germany | 2015 |
| Matterway Software · Germany | 2017 |
| ottonova InsurTech · Germany | 2015 |
| Scalable Capital Fintech · Germany | 2015 |
| Thermondo ClimateTech · Germany | 2015 |
| Tourlane E-commerce · Germany | 2016 |
| Upvest Fintech · Germany | 2017 |
Realized
8 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| BUX Fintech · Netherlands | 2016 | 2024 | Trade Sale | ABN AMRO | – |
| Caterwings E-commerce · Germany | 2016 | 2018 | Trade Sale | B2B Food Group (EatFirst) | – |
| Dealflo Fintech · UK | 2017 | 2018 | Trade Sale | OneSpan (ex VASCO) | – |
| Dialogue HealthTech · Canada | 2017 | 2023 | Trade Sale | Sun Life | – |
| Move24 E-commerce · Germany | 2015 | 2018 | Trade Sale | Movinga | – |
| PlusDental HealthTech · Germany | 2017 | 2022 | Trade Sale | Straumann Group | – |
| Urban Sports Club E-commerce · Germany | 2015 | 2025 | Trade Sale | Wellhub | – |
| Zeitgold Fintech · Germany | 2017 | 2021 | Trade Sale | Deel | – |
HV Fund VHarvestingVC2012€175M4 assets13 exitsVC2012 · 14yr€175M413
Unrealized
4 heldRealized
13 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Atolls E-commerce · Germany | 2012 | 2022 | Continuation Vehicle | HV Coco Growth | – |
| Boku Fintech · US | 2014 | 2017 | IPO | – | – |
| Depop E-commerce · UK | 2012 | 2021 | Trade Sale | Etsy | – |
| Flix E-commerce · Germany | 2013 | 2022 | Continuation Vehicle | HV Coco Growth | – |
| Jabong E-commerce · India | 2012 | 2016 | Trade Sale | Flipkart (Myntra) | – |
| Jetlore Software · US | 2013 | 2018 | Trade Sale | PayPal | – |
| Lendico Fintech · Germany | 2014 | 2018 | Trade Sale | ING | – |
| LoopMe AdTech · UK | 2014 | 2022 | Secondary | Mayfair Equity Partners | – |
| Namshi E-commerce · UAE | 2012 | 2014 | Trade Sale | Global Fashion Group (merger) | – |
| Paymill Fintech · Germany | 2012 | 2016 | Trade Sale | Klik & Pay | – |
| Quandoo E-commerce · Germany | 2013 | 2015 | Trade Sale | Recruit Holdings | – |
| Semasio Software · Germany | 2012 | 2024 | Trade Sale | Samba TV | – |
| ZenMate E-commerce · Germany | 2014 | 2018 | Trade Sale | Kape Technologies | – |
HV Fund IVHarvestingVC2011€177M0 assets8 exitsVC2011 · 15yr€177M08
Realized
8 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Auctionata E-commerce · Germany | 2011 | 2017 | Trade Sale | German Startups Group | – |
| Dafiti E-commerce · Brazil | 2011 | 2014 | Trade Sale | Global Fashion Group (merger) | – |
| Delivery Hero FoodTech · Germany | 2010 | 2017 | IPO | – | – |
| Glossybox E-commerce · Germany | 2011 | 2021 | Trade Sale | THG | – |
| HelloFresh FoodTech · Germany | 2011 | 2017 | IPO | Rocket Internet AG | – |
| lamoda.ru E-commerce · Russia | 2011 | 2014 | Trade Sale | Global Fashion Group (merger) | – |
| SumUp Fintech · UK | 2012 | 2022 | Continuation Vehicle | HV Coco Growth | – |
| Westwing E-commerce · Germany | 2011 | 2018 | IPO | Rocket Internet AG | – |
Holtzbrinck Ventures LegacyRealizedVC20001 assets25 exitsVC2000 · 26yr–125
Unrealized
1 held| Company | Entry |
|---|---|
| Spark Networks E-commerce · Germany | 2009 |
Realized
25 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Betreut.de HealthTech · Germany | 2007 | 2012 | Trade Sale | Care.com | – |
| brands4friends E-commerce · Germany | 2007 | 2010 | Trade Sale | eBay | – |
| CafePress E-commerce · US | 2007 | 2012 | IPO | – | – |
| Care.com E-commerce · US | 2010 | 2014 | IPO | – | – |
| Citydeal E-commerce · Germany | 2009 | 2010 | Trade Sale | Groupon | – |
| DaWanda E-commerce · Germany | 2007 | 2018 | Trade Sale | Etsy, Inc. | – |
| Gameduell Gaming · Germany | 2004 | 2022 | Trade Sale | Mobile Premier League | – |
| Groupon E-commerce · US | 2010 | 2011 | IPO | – | – |
| home24 E-commerce · Germany | 2009 | 2018 | IPO | Rocket Internet AG | – |
| Imagekind E-commerce · US | 2007 | 2008 | Trade Sale | CafePress | – |
| Immowelt E-commerce · Germany | 2000 | 2015 | Trade Sale | Axel Springer (Immowelt Holding) | – |
| InterNations E-commerce · Germany | 2007 | 2017 | Trade Sale | XING (New Work SE) | – |
| mopay Fintech · Germany | 2001 | 2014 | Trade Sale | Boku | – |
| MyHammer E-commerce · Germany | 2006 | 2016 | Trade Sale | IAC / HomeAdvisor | – |
| Nimbuzz E-commerce · Netherlands | 2007 | 2014 | Trade Sale | New Call Telecom (70 pct) | – |
| Ozon.ru E-commerce · Russia | 2007 | 2020 | IPO | – | – |
| Parship E-commerce · Germany | 2000 | 2016 | Trade Sale | ProSiebenSat.1 | – |
| Proximic E-commerce · US | 2006 | 2015 | Trade Sale | comScore | – |
| Seatwave E-commerce · UK | 2008 | 2014 | Trade Sale | Ticketmaster (Live Nation) | – |
| studiVZ E-commerce · Germany | 2006 | 2007 | Trade Sale | Holtzbrinck | – |
| Stylight E-commerce · Germany | 2008 | 2016 | Trade Sale | ProSiebenSat.1 | – |
| TopTarif E-commerce · Germany | 2007 | 2015 | Trade Sale | Verivox | – |
| TrustYou Software · Germany | 2008 | 2017 | Trade Sale | Recruit Holdings | – |
| Wooga Software · Germany | 2009 | 2018 | Trade Sale | Playtika | – |
| Zalando E-commerce · Germany | 2008 | 2014 | IPO | – | – |
Portfolio platforms backed by HV Capital made 13 researched add-on acquisitions during its ownership.
Frequently asked questions
- What investment strategy does HV Capital focus on?
- HV Capital focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does HV Capital have?
- HV Capital has 126 active portfolio companies and 62 completed exits and 8 funds tracked on GP Intel.
- Where is HV Capital headquartered?
- HV Capital is headquartered in Munich, Germany.
- What is HV Capital's assets under management?
- HV Capital manages approximately €2.8B in assets under management.
- When was HV Capital founded?
- HV Capital was founded in 2000.
- What sectors does HV Capital invest in?
- HV Capital invests across Software, Consumer, Financials, Healthcare, TMT.
- What are HV Capital's recent exits?
- Recent realized exits by HV Capital include: Dance (2026) to Swapfiets; Plan A (2026) to Diginex; Rvvup (2025) to Zopa Bank; Solaris (2025) to SBI Group; Scoutbee (2025) to Coupa; Urban Sports Club (2025) to Wellhub; Ultimate.ai (2024) to Zendesk; BUX (2024) to ABN AMRO.
Similar firms
Other private equity firms tracked on GP Intel.
CYCAP Asset Management
Germany·€2.7B
DPE Deutsche Private Equity
Germany·€3.0B
Target Global
Germany·€3.0B
Earlybird Venture Capital
Germany·€2.5B
Bertelsmann Investments
Germany·€2.3B
AGIC Capital
Germany·€2.0B
Rocket Internet SE
Germany·€1.9B
Global Founders Capital
Germany·€1.8B
Leaps by Bayer
Germany·€1.8B
capiton
Germany·€1.6B
Picus Capital
Germany·€1.5B
Allianz X
Germany·€1.5BLook up another firm or company
Last updated August 2026 · Sourced from public filings · Report an issue