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
130
Exits
63
SectorsSoftwareConsumerFinancialsHealthcareTMT
Key facts
Recent exits
Coverage notes
8 funds tracked, 193 portfolio companies (130 active · 63 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund HV Capital has raised, with its portfolio companies. Hand-checked from public filings.
8 funds
HV Fund IXVC2023 · 3yr€710M52 active
Unrealized
52 held| Company | Sector | Geo | 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 | Software | Germany | 2023 |
| Cogny | Software | France | 2024 |
| Complyance | Software | UK | 2023 |
| doinstruct | HR Tech | 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 | Software | UK | 2026 |
| Fleek | E-commerce | United States | 2024 |
| Flinn | EdTech | Austria | 2025 |
| Flowdesk | Fintech | France | 2024 |
| Floy | Software | Germany | 2023 |
| FMC | Deep Tech | Germany | 2025 |
| Framer | Software | Netherlands | 2025 |
| Green Fusion | ClimateTech | Germany | 2025 |
| Hades Mining | Deep Tech | Germany | 2026 |
| HOLY | E-commerce | 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 | E-commerce | Germany | 2025 |
| Marvel Fusion | ClimateTech | Germany | 2024 |
| Midas | Fintech | Germany | 2025 |
| Mondoo | Software | United States | 2024 |
| n8n | Software | Germany | 2025 |
| Nabla | HealthTech | United States | 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 Charge | ClimateTech | Germany | 2024 |
| Rabot Energy | ClimateTech | Germany | 2024 |
| Reiner.ai | Software | Germany | 2025 |
| SPREAD | Deep Tech | Germany | 2023 |
| Storyblok | Software | Austria | 2022 |
| The Icon League | E-commerce | Germany | 2025 |
| Tzafon | Deep Tech | Sweden | 2025 |
| VisionAI | Deep Tech | Germany | 2023 |
| voize | HealthTech | Germany | 2025 |
AgainActive
ClimateTechDenmark· Entry 2024
AgreenaActive
ClimateTechDenmark· Entry 2023
ARX RoboticsActive
Aerospace & DefenceGermany· Entry 2025
Beyond PresenceActive
SoftwareGermany· Entry 2024
BioniqActive
HealthTechUK· Entry 2024
CeezerActive
ClimateTechGermany· Entry 2024
CelloActive
SoftwareGermany· Entry 2023
CognyActive
SoftwareFrance· Entry 2024
ComplyanceActive
SoftwareUK· Entry 2023
doinstructActive
HR TechGermany· Entry 2025
DoorFeedActive
FintechFrance· Entry 2024
DraxonActive
SoftwareGermany· Entry 2025
EcoplanetActive
ClimateTechGermany· Entry 2023
EntyreActive
HealthTechGermany· Entry 2024
ExeinActive
CybersecurityItaly· Entry 2025
feld.energyActive
ClimateTechGermany· Entry 2024
Fifth Dimension AIActive
SoftwareUK· Entry 2026
FleekActive
E-commerceUnited States· Entry 2024
FlinnActive
EdTechAustria· Entry 2025
FlowdeskActive
FintechFrance· Entry 2024
FloyActive
SoftwareGermany· Entry 2023
FMCActive
Deep TechGermany· Entry 2025
FramerActive
SoftwareNetherlands· Entry 2025
Green FusionActive
ClimateTechGermany· Entry 2025
Hades MiningActive
Deep TechGermany· Entry 2026
HOLYActive
E-commerceGermany· Entry 2025
iGent AIActive
Deep TechUK· Entry 2024
KennekActive
FintechUK· Entry 2023
Kipu QuantumActive
Deep TechGermany· Entry 2023
LanchActive
E-commerceGermany· Entry 2023
LAP CoffeeActive
E-commerceGermany· Entry 2025
Marvel FusionActive
ClimateTechGermany· Entry 2024
MidasActive
FintechGermany· Entry 2025
MondooActive
SoftwareUnited States· Entry 2024
n8nActive
SoftwareGermany· Entry 2025
NablaActive
HealthTechUnited States· Entry 2025
NEURA RoboticsActive
Deep TechGermany· Entry 2023
One DataActive
SoftwareGermany· Entry 2024
PACTActive
Deep TechUK· Entry 2025
PolyteiaActive
SoftwareGermany· Entry 2023
PraxipalActive
HealthTechGermany· Entry 2025
QontextActive
SoftwareGermany· Entry 2026
Quantum SystemsActive
Aerospace & DefenceGermany· Entry 2023
Rabot ChargeActive
ClimateTechGermany· Entry 2024
Rabot EnergyActive
ClimateTechGermany· Entry 2024
Reiner.aiActive
SoftwareGermany· Entry 2025
SPREADActive
Deep TechGermany· Entry 2023
StoryblokActive
SoftwareAustria· Entry 2022
The Icon LeagueActive
E-commerceGermany· Entry 2025
TzafonActive
Deep TechSweden· Entry 2025
VisionAIActive
Deep TechGermany· Entry 2023
voizeActive
HealthTechGermany· Entry 2025
HV Coco GrowthVC2022 · 4yr€430M3 active
HV Fund VIIIVC2020 · 6yr€535M33 active · 5 realized
Unrealized
33 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AMI Labs | Software | Germany | 2020 |
| Archlet | Software | Switzerland | 2021 |
| CarOnSale | Mobility | Germany | 2021 |
| Certifaction | Software | Switzerland | 2022 |
| Charles | Software | Germany | 2021 |
| Comet | Fintech | Germany | 2022 |
| Comet Rocks | Fintech | Germany | 2022 |
| Delli | FoodTech | UK | 2021 |
| DeSci Labs | Software | Switzerland | 2023 |
| Enpal | ClimateTech | Germany | 2021 |
| Flip | Software | Germany | 2021 |
| Hadrian | Deep Tech | Netherlands | 2022 |
| Holidu | E-commerce | Germany | 2022 |
| Hyperganic | Deep Tech | Germany | 2021 |
| Impossible Cloud | Deep Tech | 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 | E-commerce | Germany | 2021 |
| Qonto | Fintech | France | 2022 |
| Qualifyze | Software | Germany | 2021 |
| Roadsurfer | E-commerce | Germany | 2021 |
| Sastrify | Software | Germany | 2021 |
| Schuettflix | E-commerce | Germany | 2020 |
| Sdui | Software | Germany | 2021 |
| simpleclub | E-commerce | Germany | 2021 |
| super.ai | Deep Tech | United States | 2021 |
| Timberhub | E-commerce | Netherlands | 2022 |
| Wasp | Software | Croatia | 2021 |
| Zopa | Fintech | UK | 2021 |
AMI LabsActive
SoftwareGermany· Entry 2020
ArchletActive
SoftwareSwitzerland· Entry 2021
CarOnSaleActive
MobilityGermany· Entry 2021
CertifactionActive
SoftwareSwitzerland· Entry 2022
CharlesActive
SoftwareGermany· Entry 2021
CometActive
FintechGermany· Entry 2022
Comet RocksActive
FintechGermany· Entry 2022
DelliActive
FoodTechUK· Entry 2021
DeSci LabsActive
SoftwareSwitzerland· Entry 2023
EnpalActive
ClimateTechGermany· Entry 2021
FlipActive
SoftwareGermany· Entry 2021
HadrianActive
Deep TechNetherlands· Entry 2022
HoliduActive
E-commerceGermany· Entry 2022
HyperganicActive
Deep TechGermany· Entry 2021
Impossible CloudActive
Deep TechGermany· Entry 2022
Instant CommerceActive
SoftwareNetherlands· Entry 2022
Isar AerospaceActive
Aerospace & DefenceGermany· Entry 2020
JokrActive
E-commerceGermany· Entry 2021
KoRoActive
E-commerceGermany· Entry 2022
PackmaticActive
E-commerceGermany· Entry 2021
PayrailsActive
FintechGermany· Entry 2022
PowerUsActive
E-commerceGermany· Entry 2021
QontoActive
FintechFrance· Entry 2022
QualifyzeActive
SoftwareGermany· Entry 2021
RoadsurferActive
E-commerceGermany· Entry 2021
SastrifyActive
SoftwareGermany· Entry 2021
SchuettflixActive
E-commerceGermany· Entry 2020
SduiActive
SoftwareGermany· Entry 2021
simpleclubActive
E-commerceGermany· Entry 2021
super.aiActive
Deep TechUnited States· Entry 2021
TimberhubActive
E-commerceNetherlands· Entry 2022
WaspActive
SoftwareCroatia· Entry 2021
ZopaActive
FintechUK· Entry 2021
HV Fund VIIVC2018 · 8yr€306M27 active · 4 realized
Unrealized
27 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Alasco | Software | Germany | 2018 |
| alphin | Software | Germany | 2018 |
| Caya | Software | Germany | 2018 |
| CoachHub | Software | Germany | 2019 |
| everdrop | Software | Germany | 2020 |
| felmo | HealthTech | Germany | 2020 |
| FINN | Mobility | Germany | 2019 |
| Flank | Software | Germany | 2019 |
| Greator | E-commerce | Germany | 2019 |
| homefully | E-commerce | Germany | 2018 |
| Inkitt | E-commerce | Germany | 2019 |
| Klima | ClimateTech | Germany | 2019 |
| Lendis | Software | Germany | 2019 |
| Limehome | E-commerce | Germany | 2019 |
| Linearity | Software | Germany | 2019 |
| Sanity Group | E-commerce | Germany | 2019 |
| Schuttflix | E-commerce | Germany | 2020 |
| sennder | E-commerce | Germany | 2018 |
| The Naked Market | E-commerce | United States | 2018 |
| VAHA | E-commerce | Germany | 2019 |
| Verbit | Deep Tech | Israel | 2018 |
| Warehousing1 | E-commerce | Germany | 2019 |
| Wellster | HealthTech | Germany | 2018 |
| Wellster Healthtech Group | HealthTech | Germany | 2018 |
| WIND Mobility | E-commerce | Germany | 2018 |
| Yapily | Fintech | UK | 2018 |
| Zencargo | E-commerce | UK | 2019 |
AlascoActive
SoftwareGermany· Entry 2018
alphinActive
SoftwareGermany· Entry 2018
CayaActive
SoftwareGermany· Entry 2018
CoachHubActive
SoftwareGermany· Entry 2019
everdropActive
SoftwareGermany· Entry 2020
felmoActive
HealthTechGermany· Entry 2020
FINNActive
MobilityGermany· Entry 2019
FlankActive
SoftwareGermany· Entry 2019
GreatorActive
E-commerceGermany· Entry 2019
homefullyActive
E-commerceGermany· Entry 2018
InkittActive
E-commerceGermany· Entry 2019
KlimaActive
ClimateTechGermany· Entry 2019
LendisActive
SoftwareGermany· Entry 2019
LimehomeActive
E-commerceGermany· Entry 2019
LinearityActive
SoftwareGermany· Entry 2019
Sanity GroupActive
E-commerceGermany· Entry 2019
SchuttflixActive
E-commerceGermany· Entry 2020
sennderActive
E-commerceGermany· Entry 2018
The Naked MarketActive
E-commerceUnited States· Entry 2018
VAHAActive
E-commerceGermany· Entry 2019
VerbitActive
Deep TechIsrael· Entry 2018
Warehousing1Active
E-commerceGermany· Entry 2019
WellsterActive
HealthTechGermany· Entry 2018
HealthTechGermany· Entry 2018
WIND MobilityActive
E-commerceGermany· Entry 2018
YapilyActive
FintechUK· Entry 2018
ZencargoActive
E-commerceUK· Entry 2019
Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Penta | Fintech | Germany | 2019 | 2022 | Trade Sale | – | |
| Scoutbee | Software | Germany | 2018 | 2025 | Trade Sale | – | |
| Ultimate | Deep Tech | Finland | 2018 | 2024 | Trade Sale | – | |
| Ultimate.ai | Software | Finland | 2018 | 2024 | Trade Sale | – |
HV Fund VIVC2015 · 11yr€285M10 active · 8 realized
Unrealized
10 held| Company | Sector | Geo | 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 | HealthTech | Germany | 2015 |
| Scalable Capital | Fintech | Germany | 2015 |
| Thermondo | ClimateTech | Germany | 2015 |
| Tourlane | E-commerce | Germany | 2016 |
| Upvest | Fintech | Germany | 2017 |
CarmudiActive
E-commerceGermany· Entry 2015
ExporoActive
FintechGermany· Entry 2016
heartbeat medicalActive
HealthTechGermany· Entry 2017
LamudiActive
E-commerceGermany· Entry 2015
MatterwayActive
SoftwareGermany· Entry 2017
ottonovaActive
HealthTechGermany· Entry 2015
Scalable CapitalActive
FintechGermany· Entry 2015
ThermondoActive
ClimateTechGermany· Entry 2015
TourlaneActive
E-commerceGermany· Entry 2016
UpvestActive
FintechGermany· Entry 2017
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| BUX | Fintech | Netherlands | 2016 | 2024 | Trade Sale | – | |
| Caterwings | E-commerce | Germany | 2016 | 2018 | Trade Sale | – | |
| Dealflo | Fintech | UK | 2017 | 2018 | Trade Sale | – | |
| Dialogue | HealthTech | Canada | 2017 | 2023 | Trade Sale | – | |
| Move24 | E-commerce | Germany | 2015 | 2018 | – | – | – |
| PlusDental | HealthTech | Germany | 2017 | 2022 | Trade Sale | – | |
| Urban Sports Club | E-commerce | Germany | 2015 | 2025 | Trade Sale | – | |
| Zeitgold | Fintech | Germany | 2017 | 2021 | Trade Sale | – |
Move24Exited 2018
E-commerceGermany· Entry 2015
HV Fund VVC2012 · 14yr€175M4 active · 13 realized
Unrealized
4 heldRealized
13 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Atolls | E-commerce | Germany | 2012 | 2022 | GP-led | – | |
| Boku | Fintech | United States | 2014 | 2017 | IPO | – | – |
| Depop | E-commerce | UK | 2012 | 2021 | Trade Sale | – | |
| Flix | E-commerce | Germany | 2013 | 2022 | GP-led | – | |
| Jabong | E-commerce | India | 2012 | 2016 | Trade Sale | – | |
| Jetlore | Software | United States | 2013 | 2018 | Trade Sale | – | |
| Lendico | Fintech | Germany | 2014 | 2018 | Trade Sale | – | |
| LoopMe | Software | UK | 2014 | 2022 | Secondary | – | |
| Namshi | E-commerce | UAE | 2012 | 2014 | Trade Sale | – | |
| Paymill | Fintech | Germany | 2012 | 2016 | – | – | – |
| Quandoo | E-commerce | Germany | 2013 | 2015 | Trade Sale | – | |
| Semasio | Software | Germany | 2012 | 2024 | Trade Sale | – | |
| ZenMate | E-commerce | Germany | 2014 | 2018 | Trade Sale | – |
PaymillExited 2016
FintechGermany· Entry 2012
HV Fund IVVC2011 · 15yr€177M0 active · 8 realized
Realized
8 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Auctionata | E-commerce | Germany | 2011 | 2017 | – | – | – |
| Dafiti | E-commerce | Brazil | 2011 | 2014 | Trade Sale | – | |
| Delivery Hero | E-commerce | Germany | 2010 | 2017 | IPO | – | – |
| Glossybox | E-commerce | Germany | 2011 | 2021 | Trade Sale | – | |
| HelloFresh | E-commerce | Germany | 2011 | 2017 | IPO | – | – |
| lamoda.ru | E-commerce | Russia | 2011 | 2014 | Trade Sale | – | |
| SumUp | Fintech | UK | 2012 | 2022 | GP-led | – | |
| Westwing | E-commerce | Germany | 2011 | 2018 | IPO | – | – |
AuctionataExited 2017
E-commerceGermany· Entry 2011
Holtzbrinck Ventures LegacyVC2000 · 26yr1 active · 25 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Spark Networks | E-commerce | Germany | 2009 |
Spark NetworksActive
E-commerceGermany· Entry 2009
Realized
25 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Betreut.de | HealthTech | Germany | 2007 | 2012 | Trade Sale | – | |
| brands4friends | E-commerce | Germany | 2007 | 2010 | Trade Sale | – | |
| CafePress | E-commerce | United States | 2007 | 2012 | IPO | – | – |
| Care.com | E-commerce | United States | 2010 | 2014 | IPO | – | – |
| Citydeal | E-commerce | Germany | 2009 | 2010 | Trade Sale | – | |
| DaWanda | E-commerce | Germany | 2007 | 2018 | – | – | – |
| Gameduell | E-commerce | Germany | 2004 | 2022 | Trade Sale | – | |
| Groupon | E-commerce | United States | 2010 | 2011 | IPO | – | – |
| home24 | E-commerce | Germany | 2009 | 2018 | IPO | – | – |
| Imagekind | E-commerce | United States | 2007 | 2008 | Trade Sale | – | |
| Immowelt | E-commerce | Germany | 2000 | 2015 | Trade Sale | – | |
| InterNations | E-commerce | Germany | 2007 | 2017 | Trade Sale | – | |
| mopay | Fintech | Germany | 2001 | 2014 | Trade Sale | – | |
| MyHammer | E-commerce | Germany | 2006 | 2016 | Trade Sale | – | |
| Nimbuzz | E-commerce | Netherlands | 2007 | 2014 | Trade Sale | – | |
| Ozon.ru | E-commerce | Russia | 2007 | 2020 | IPO | – | – |
| Parship | E-commerce | Germany | 2000 | 2016 | Trade Sale | – | |
| Proximic | E-commerce | United States | 2006 | 2015 | Trade Sale | – | |
| Seatwave | E-commerce | UK | 2008 | 2014 | Trade Sale | – | |
| studiVZ | E-commerce | Germany | 2006 | 2007 | Trade Sale | – | |
| Stylight | E-commerce | Germany | 2008 | 2016 | Trade Sale | – | |
| TopTarif | E-commerce | Germany | 2007 | 2015 | Trade Sale | – | |
| TrustYou | Software | Germany | 2008 | 2017 | Trade Sale | – | |
| Wooga | E-commerce | Germany | 2009 | 2018 | Trade Sale | – | |
| Zalando | E-commerce | Germany | 2008 | 2014 | IPO | – | – |
DaWandaExited 2018
E-commerceGermany· Entry 2007
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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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