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
Key facts
Recent exits
Coverage notes
8 funds tracked, 188 portfolio companies (126 active · 62 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
188 companiesE-commerce
71 · 38%
Software
37 · 20%
Fintech
25 · 13%
Deep Tech
15 · 8%
ClimateTech
12 · 6%
HealthTech
12 · 6%
SaaS
6 · 3%
Aerospace & Defence
3 · 2%
Funds & portfolio
Every fund HV Capital has raised, with its portfolio companies. Hand-checked from public filings.
8 funds
HV Fund IXVC2023 · 3yr€710M51 active
Unrealized
51 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| ClimateTech |  Denmark | 2024 | |
| ClimateTech | Denmark | 2023 | |
| Aerospace & Defence |  Germany | 2025 | |
| Software | Germany | 2024 | |
| HealthTech |  UK | 2024 | |
| ClimateTech | Germany | 2024 | |
| SaaS | Germany | 2023 | |
| Software |  France | 2024 | |
| Software | UK | 2023 | |
| HR Tech | Germany | 2025 | |
| Fintech | France | 2024 | |
| Software | Germany | 2025 | |
| ClimateTech | Germany | 2023 | |
| HealthTech | Germany | 2024 | |
| Cybersecurity |  Italy | 2025 | |
| ClimateTech | Germany | 2024 | |
| AI/ML | UK | 2026 | |
| E-commerce |  US | 2024 | |
| EdTech |  Austria | 2025 | |
| Fintech | France | 2024 | |
| Software | Germany | 2023 | |
| Deep Tech | Germany | 2025 | |
| Software |  Netherlands | 2025 | |
| ClimateTech | Germany | 2025 | |
| Deep Tech | Germany | 2026 | |
| E-commerce | Germany | 2025 | |
| Deep Tech | UK | 2024 | |
| Fintech | UK | 2023 | |
| Deep Tech | Germany | 2023 | |
| E-commerce | Germany | 2023 | |
| E-commerce | Germany | 2025 | |
| ClimateTech | Germany | 2024 | |
| Fintech | Germany | 2025 | |
| Software | US | 2024 | |
| Software | Germany | 2025 | |
| HealthTech | US | 2025 | |
| Deep Tech | Germany | 2023 | |
| Software | Germany | 2024 | |
| Deep Tech | UK | 2025 | |
| Software | Germany | 2023 | |
| HealthTech | Germany | 2025 | |
| Software | Germany | 2026 | |
| Aerospace & Defence | Germany | 2023 | |
| ClimateTech | Germany | 2024 | |
| Software | Germany | 2025 | |
| Deep Tech | Germany | 2023 | |
| Software | Austria | 2022 | |
| E-commerce | Germany | 2025 | |
| Deep Tech |  Sweden | 2025 | |
| Deep Tech | Germany | 2023 | |
| HealthTech | Germany | 2025 |
AgainActive
ClimateTechDenmark· Entry 2024
Denmark· Entry 2024AgreenaActive
ClimateTechDenmark· Entry 2023
Denmark· Entry 2023ARX RoboticsActive
Aerospace & DefenceGermany· Entry 2025
Germany· Entry 2025Beyond PresenceActive
SoftwareGermany· Entry 2024
Germany· Entry 2024BioniqActive
HealthTechUK· Entry 2024
UK· Entry 2024CeezerActive
ClimateTechGermany· Entry 2024
Germany· Entry 2024CelloActive
SaaSGermany· Entry 2023
Germany· Entry 2023CognyActive
SoftwareFrance· Entry 2024
France· Entry 2024ComplyanceActive
SoftwareUK· Entry 2023
UK· Entry 2023doinstructActive
HR TechGermany· Entry 2025
Germany· Entry 2025DoorFeedActive
FintechFrance· Entry 2024
France· Entry 2024DraxonActive
SoftwareGermany· Entry 2025
Germany· Entry 2025EcoplanetActive
ClimateTechGermany· Entry 2023
Germany· Entry 2023EntyreActive
HealthTechGermany· Entry 2024
Germany· Entry 2024ExeinActive
CybersecurityItaly· Entry 2025
Italy· Entry 2025feld.energyActive
ClimateTechGermany· Entry 2024
Germany· Entry 2024Fifth Dimension AIActive
AI/MLUK· Entry 2026
UK· Entry 2026FleekActive
E-commerceUS· Entry 2024
US· Entry 2024FlinnActive
EdTechAustria· Entry 2025
Austria· Entry 2025FlowdeskActive
FintechFrance· Entry 2024
France· Entry 2024FloyActive
SoftwareGermany· Entry 2023
Germany· Entry 2023FMCActive
Deep TechGermany· Entry 2025
Germany· Entry 2025FramerActive
SoftwareNetherlands· Entry 2025
Netherlands· Entry 2025Green FusionActive
ClimateTechGermany· Entry 2025
Germany· Entry 2025Hades MiningActive
Deep TechGermany· Entry 2026
Germany· Entry 2026HOLYActive
E-commerceGermany· Entry 2025
Germany· Entry 2025iGent AIActive
Deep TechUK· Entry 2024
UK· Entry 2024KennekActive
FintechUK· Entry 2023
UK· Entry 2023Kipu QuantumActive
Deep TechGermany· Entry 2023
Germany· Entry 2023LanchActive
E-commerceGermany· Entry 2023
Germany· Entry 2023LAP CoffeeActive
E-commerceGermany· Entry 2025
Germany· Entry 2025Marvel FusionActive
ClimateTechGermany· Entry 2024
Germany· Entry 2024MidasActive
FintechGermany· Entry 2025
Germany· Entry 2025MondooActive
SoftwareUS· Entry 2024
US· Entry 2024n8nActive
SoftwareGermany· Entry 2025
Germany· Entry 2025NablaActive
HealthTechUS· Entry 2025
US· Entry 2025NEURA RoboticsActive
Deep TechGermany· Entry 2023
Germany· Entry 2023One DataActive
SoftwareGermany· Entry 2024
Germany· Entry 2024PACTActive
Deep TechUK· Entry 2025
UK· Entry 2025PolyteiaActive
SoftwareGermany· Entry 2023
Germany· Entry 2023PraxipalActive
HealthTechGermany· Entry 2025
Germany· Entry 2025QontextActive
SoftwareGermany· Entry 2026
Germany· Entry 2026Quantum SystemsActive
Aerospace & DefenceGermany· Entry 2023
Germany· Entry 2023Rabot EnergyActive
ClimateTechGermany· Entry 2024
Germany· Entry 2024Reiner.aiActive
SoftwareGermany· Entry 2025
Germany· Entry 2025SpreadActive
Deep TechGermany· Entry 2023
Germany· Entry 2023StoryblokActive
SoftwareAustria· Entry 2022
Austria· Entry 2022The Icon LeagueActive
E-commerceGermany· Entry 2025
Germany· Entry 2025TzafonActive
Deep TechSweden· Entry 2025
Sweden· Entry 2025VisionAIActive
Deep TechGermany· Entry 2023
Germany· Entry 2023voizeActive
HealthTechGermany· Entry 2025
Germany· Entry 2025HV Coco GrowthVCActive2022 · 4yr€430M3 active
HV Fund VIIIVCHarvesting2020 · 6yr€535M32 active · 5 realized
Unrealized
32 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | Germany | 2020 | |
| SaaS |  Switzerland | 2021 | |
| Mobility | Germany | 2021 | |
| Software | Switzerland | 2022 | |
| Software | Germany | 2021 | |
| Fintech | Germany | 2022 | |
| FoodTech | UK | 2021 | |
| Software | Switzerland | 2023 | |
| ClimateTech | Germany | 2021 | |
| Software | Germany | 2021 | |
| Deep Tech | Netherlands | 2022 | |
| E-commerce | Germany | 2022 | |
| Deep Tech | Germany | 2021 | |
| Deep Tech | Germany | 2022 | |
| Software | Netherlands | 2022 | |
| Aerospace & Defence | Germany | 2020 | |
| E-commerce | Germany | 2021 | |
| E-commerce | Germany | 2022 | |
| E-commerce | Germany | 2021 | |
| Fintech | Germany | 2022 | |
| E-commerce | Germany | 2021 | |
| Fintech | France | 2022 | |
| SaaS | Germany | 2021 | |
| E-commerce | Germany | 2021 | |
| Software | Germany | 2021 | |
| E-commerce | Germany | 2020 | |
| Software | Germany | 2021 | |
| E-commerce | Germany | 2021 | |
| Deep Tech | US | 2021 | |
| E-commerce | Netherlands | 2022 | |
| Software | Croatia | 2021 | |
| Fintech | UK | 2021 |
AMI LabsActive
SoftwareGermany· Entry 2020
Germany· Entry 2020ArchletActive
SaaSSwitzerland· Entry 2021
Switzerland· Entry 2021CarOnSaleActive
MobilityGermany· Entry 2021
Germany· Entry 2021CertifactionActive
SoftwareSwitzerland· Entry 2022
Switzerland· Entry 2022CharlesActive
SoftwareGermany· Entry 2021
Germany· Entry 2021CometActive
FintechGermany· Entry 2022
Germany· Entry 2022DelliActive
FoodTechUK· Entry 2021
UK· Entry 2021DeSci LabsActive
SoftwareSwitzerland· Entry 2023
Switzerland· Entry 2023EnpalActive
ClimateTechGermany· Entry 2021
Germany· Entry 2021FlipActive
SoftwareGermany· Entry 2021
Germany· Entry 2021HadrianActive
Deep TechNetherlands· Entry 2022
Netherlands· Entry 2022HoliduActive
E-commerceGermany· Entry 2022
Germany· Entry 2022HyperganicActive
Deep TechGermany· Entry 2021
Germany· Entry 2021Impossible CloudActive
Deep TechGermany· Entry 2022
Germany· Entry 2022Instant CommerceActive
SoftwareNetherlands· Entry 2022
Netherlands· Entry 2022Isar AerospaceActive
Aerospace & DefenceGermany· Entry 2020
Germany· Entry 2020JokrActive
E-commerceGermany· Entry 2021
Germany· Entry 2021KoRoActive
E-commerceGermany· Entry 2022
Germany· Entry 2022PackmaticActive
E-commerceGermany· Entry 2021
Germany· Entry 2021PayrailsActive
FintechGermany· Entry 2022
Germany· Entry 2022PowerUsActive
E-commerceGermany· Entry 2021
Germany· Entry 2021QontoActive
FintechFrance· Entry 2022
France· Entry 2022QualifyzeActive
SaaSGermany· Entry 2021
Germany· Entry 2021RoadsurferActive
E-commerceGermany· Entry 2021
Germany· Entry 2021SastrifyActive
SoftwareGermany· Entry 2021
Germany· Entry 2021SchuettflixActive
E-commerceGermany· Entry 2020
Germany· Entry 2020SduiActive
SoftwareGermany· Entry 2021
Germany· Entry 2021simpleclubActive
E-commerceGermany· Entry 2021
Germany· Entry 2021super.aiActive
Deep TechUS· Entry 2021
US· Entry 2021TimberhubActive
E-commerceNetherlands· Entry 2022
Netherlands· Entry 2022WaspActive
SoftwareCroatia· Entry 2021
ZopaActive
FintechUK· Entry 2021
UK· Entry 2021Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Software | Germany | 2021 | 2023 | Trade Sale | – | ||
| Software | Germany | 2020 | 2026 | Trade Sale | – | ||
| ClimateTech | Germany | 2021 | 2026 | Trade Sale | – | ||
| Fintech | UK | 2021 | 2025 | Trade Sale | – | ||
| Fintech | Germany | 2020 | 2025 | Trade Sale | – |
HV Fund VIIVCHarvesting2018 · 8yr€306M25 active · 3 realized
Unrealized
25 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software | Germany | 2018 | |
| SaaS | Germany | 2018 | |
| SaaS | Germany | 2018 | |
| Software | Germany | 2019 | |
| Software | Germany | 2020 | |
| HealthTech | Germany | 2020 | |
| Mobility | Germany | 2019 | |
| Deep Tech | Germany | 2019 | |
| E-commerce | Germany | 2019 | |
| E-commerce | Germany | 2018 | |
| E-commerce | Germany | 2019 | |
| ClimateTech | Germany | 2019 | |
| Software | Germany | 2019 | |
| E-commerce | Germany | 2019 | |
| SaaS | Germany | 2019 | |
| E-commerce | Germany | 2019 | |
| E-commerce | Germany | 2018 | |
| E-commerce | US | 2018 | |
| E-commerce | Germany | 2019 | |
| Deep Tech | Israel | 2018 | |
| E-commerce | Germany | 2019 | |
| HealthTech | Germany | 2018 | |
| E-commerce | Germany | 2018 | |
| Fintech | UK | 2018 | |
| E-commerce | UK | 2019 |
AlascoActive
SoftwareGermany· Entry 2018
Germany· Entry 2018alphinActive
SaaSGermany· Entry 2018
Germany· Entry 2018CayaActive
SaaSGermany· Entry 2018
Germany· Entry 2018CoachHubActive
SoftwareGermany· Entry 2019
Germany· Entry 2019everdropActive
SoftwareGermany· Entry 2020
Germany· Entry 2020felmoActive
HealthTechGermany· Entry 2020
Germany· Entry 2020FINNActive
MobilityGermany· Entry 2019
Germany· Entry 2019FlankActive
Deep TechGermany· Entry 2019
Germany· Entry 2019GreatorActive
E-commerceGermany· Entry 2019
Germany· Entry 2019homefullyActive
E-commerceGermany· Entry 2018
Germany· Entry 2018InkittActive
E-commerceGermany· Entry 2019
Germany· Entry 2019KlimaActive
ClimateTechGermany· Entry 2019
Germany· Entry 2019LendisActive
SoftwareGermany· Entry 2019
Germany· Entry 2019LimehomeActive
E-commerceGermany· Entry 2019
Germany· Entry 2019LinearityActive
SaaSGermany· Entry 2019
Germany· Entry 2019Sanity GroupActive
E-commerceGermany· Entry 2019
Germany· Entry 2019sennderActive
E-commerceGermany· Entry 2018
Germany· Entry 2018The Naked MarketActive
E-commerceUS· Entry 2018
US· Entry 2018VAHAActive
E-commerceGermany· Entry 2019
Germany· Entry 2019VerbitActive
Deep TechIsrael· Entry 2018
Warehousing1Active
E-commerceGermany· Entry 2019
Germany· Entry 2019HealthTechGermany· Entry 2018
Germany· Entry 2018WIND MobilityActive
E-commerceGermany· Entry 2018
Germany· Entry 2018YapilyActive
FintechUK· Entry 2018
UK· Entry 2018ZencargoActive
E-commerceUK· Entry 2019
UK· Entry 2019Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Fintech | Germany | 2019 | 2022 | Trade Sale | – | ||
| Software | Germany | 2018 | 2025 | Trade Sale | – | ||
| Software |  Finland | 2018 | 2024 | Trade Sale | – |
HV Fund VIVCHarvesting2015 · 11yr€285M10 active · 8 realized
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| E-commerce | Germany | 2015 | |
| Fintech | Germany | 2016 | |
| HealthTech | Germany | 2017 | |
| E-commerce | Germany | 2015 | |
| Software | Germany | 2017 | |
| HealthTech | Germany | 2015 | |
| Fintech | Germany | 2015 | |
| ClimateTech | Germany | 2015 | |
| E-commerce | Germany | 2016 | |
| Fintech | Germany | 2017 |
CarmudiActive
E-commerceGermany· Entry 2015
Germany· Entry 2015ExporoActive
FintechGermany· Entry 2016
Germany· Entry 2016heartbeat medicalActive
HealthTechGermany· Entry 2017
Germany· Entry 2017LamudiActive
E-commerceGermany· Entry 2015
Germany· Entry 2015MatterwayActive
SoftwareGermany· Entry 2017
Germany· Entry 2017ottonovaActive
HealthTechGermany· Entry 2015
Germany· Entry 2015Scalable CapitalActive
FintechGermany· Entry 2015
Germany· Entry 2015ThermondoActive
ClimateTechGermany· Entry 2015
Germany· Entry 2015TourlaneActive
E-commerceGermany· Entry 2016
Germany· Entry 2016UpvestActive
FintechGermany· Entry 2017
Germany· Entry 2017Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Fintech | Netherlands | 2016 | 2024 | Trade Sale | – | ||
| E-commerce | Germany | 2016 | 2018 | Trade Sale | – | ||
| Fintech | UK | 2017 | 2018 | Trade Sale | – | ||
| HealthTech | Canada | 2017 | 2023 | Trade Sale | – | ||
| E-commerce | Germany | 2015 | 2018 | Trade Sale | – | ||
| HealthTech | Germany | 2017 | 2022 | Trade Sale | – | ||
| E-commerce | Germany | 2015 | 2025 | Trade Sale | – | ||
| Fintech | Germany | 2017 | 2021 | Trade Sale | – |
HV Fund VVCHarvesting2012 · 14yr€175M4 active · 13 realized
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Software |  Spain | 2014 | |
| Software | Germany | 2014 | |
| E-commerce | Singapore | 2012 | |
| Fintech | Germany | 2014 |
Realized
13 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| E-commerce | Germany | 2012 | 2022 | Continuation Vehicle | – | ||
| Fintech | US | 2014 | 2017 | IPO | – | – | |
| E-commerce | UK | 2012 | 2021 | Trade Sale | – | ||
| E-commerce | Germany | 2013 | 2022 | Continuation Vehicle | – | ||
| E-commerce | India | 2012 | 2016 | Trade Sale | – | ||
| Software | US | 2013 | 2018 | Trade Sale | – | ||
| Fintech | Germany | 2014 | 2018 | Trade Sale | – | ||
| Software | UK | 2014 | 2022 | Secondary | – | ||
| E-commerce | UAE | 2012 | 2014 | Trade Sale | – | ||
| Fintech | Germany | 2012 | 2016 | Trade Sale | – | ||
| E-commerce | Germany | 2013 | 2015 | Trade Sale | – | ||
| Software | Germany | 2012 | 2024 | Trade Sale | – | ||
| E-commerce | Germany | 2014 | 2018 | Trade Sale | – |
HV Fund IVVCHarvesting2011 · 15yr€177M0 active · 8 realized
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| E-commerce | Germany | 2011 | 2017 | – | – | ||
| E-commerce | Brazil | 2011 | 2014 | Trade Sale | – | ||
| E-commerce | Germany | 2010 | 2017 | IPO | – | – | |
| E-commerce | Germany | 2011 | 2021 | Trade Sale | – | ||
| E-commerce | Germany | 2011 | 2017 | IPO | – | ||
| E-commerce | Russia | 2011 | 2014 | Trade Sale | – | ||
| Fintech | UK | 2012 | 2022 | Continuation Vehicle | – | ||
| E-commerce | Germany | 2011 | 2018 | IPO | – |
Holtzbrinck Ventures LegacyVCRealized2000 · 26yr1 active · 25 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| E-commerce | Germany | 2009 |
Spark NetworksActive
E-commerceGermany· Entry 2009
Germany· Entry 2009Realized
25 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| HealthTech | Germany | 2007 | 2012 | Trade Sale | – | ||
| E-commerce | Germany | 2007 | 2010 | Trade Sale | – | ||
| E-commerce | US | 2007 | 2012 | IPO | – | – | |
| E-commerce | US | 2010 | 2014 | IPO | – | – | |
| E-commerce | Germany | 2009 | 2010 | Trade Sale | – | ||
| E-commerce | Germany | 2007 | 2018 | – | – | ||
| E-commerce | Germany | 2004 | 2022 | Trade Sale | – | ||
| E-commerce | US | 2010 | 2011 | IPO | – | – | |
| E-commerce | Germany | 2009 | 2018 | IPO | – | ||
| E-commerce | US | 2007 | 2008 | Trade Sale | – | ||
| E-commerce | Germany | 2000 | 2015 | Trade Sale | – | ||
| E-commerce | Germany | 2007 | 2017 | Trade Sale | – | ||
| Fintech | Germany | 2001 | 2014 | Trade Sale | – | ||
| E-commerce | Germany | 2006 | 2016 | Trade Sale | – | ||
| E-commerce | Netherlands | 2007 | 2014 | Trade Sale | – | ||
| E-commerce | Russia | 2007 | 2020 | IPO | – | – | |
| E-commerce | Germany | 2000 | 2016 | Trade Sale | – | ||
| E-commerce | US | 2006 | 2015 | Trade Sale | – | ||
| E-commerce | UK | 2008 | 2014 | Trade Sale | – | ||
| E-commerce | Germany | 2006 | 2007 | Trade Sale | – | ||
| E-commerce | Germany | 2008 | 2016 | Trade Sale | – | ||
| E-commerce | Germany | 2007 | 2015 | Trade Sale | – | ||
| Software | Germany | 2008 | 2017 | Trade Sale | – | ||
| E-commerce | Germany | 2009 | 2018 | Trade Sale | – | ||
| E-commerce | Germany | 2008 | 2014 | IPO | – | – |
Track HV Capital
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Portfolio platforms backed by HV Capital made 13 researched add-on acquisitions during its ownership. See the roll-up tracker
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
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Last updated August 2026 · Sourced from public filings · Report an issue