What investment strategy does Picus Capital focus on?

Picus Capital focuses on VC strategies in the private equity space.

How many portfolio companies does Picus Capital have?

Picus Capital has 25 active portfolio companies and 5 completed exits and 3 funds tracked on GP Intel.

Where is Picus Capital headquartered?

Picus Capital is headquartered in Munich, Germany.

What is Picus Capital's assets under management?

Picus Capital manages approximately €1.5B in assets under management.

When was Picus Capital founded?

Picus Capital was founded in 2015.

What sectors does Picus Capital invest in?

Picus Capital invests across Software, TMT, Financials, Healthcare, Energy.

What are Picus Capital's recent exits?

Recent realized exits by Picus Capital include: Codegen (2025) to ClickUp; Conduit Tech (2025) to ServiceTitan; Paytron (2023) to OFX; Naborly (2022) to SingleKey; Proprioo (2022) to Casavo.

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Picus Capital

Munich, Germany·Founded 2015·

Venture Capital

·picuscap.com

Picus Capital is a Munich-based early-stage technology venture firm founded in 2015 by Alexander Samwer, Jeremias Heinrich and Robin Godenrath, investing at pre-seed, seed and Series A across fintech, HR software, energy and climate, healthcare, mobility, proptech and deeptech. It began as a privately financed balance-sheet investor (Samwer-linked capital) and later added external commingled venture funds, reaching in excess of EUR 1.5bn AUM across the group with more than 200 portfolio companies in over 20 countries, including unicorns Personio, Enpal, Deel and Clara. The firm typically becomes the first institutional backer and stays closely involved through multiple rounds, with offices in Munich, Berlin, London, New York, Sao Paulo, Stockholm and Bangalore.

AUM

€1.5B

Funds

vintages 1991–2024

Portfolio

Exits

Picus Capital is a Munich venture capital firm with €1.5B AUM, 25 active companies and 5 exits.

SectorsSoftware TMT Financials Healthcare Energy

Key takeaways

·5 exits in the last 5 years · consistent DPI cadence.
·Average hold across 5 realized deals: 3 years.
·Top sector focus: Fintech (30% of portfolio).

Sector breakdown

30 companies

Fintech

9 · 30%

ClimateTech

6 · 20%

AI/ML

3 · 10%

PropTech

3 · 10%

SaaS

2 · 7%

HR Tech

2 · 7%

Healthcare

1 · 3%

Construction

1 · 3%

Geography breakdown

11 geographies

Germany

15 · 50%

5 · 17%

Italy

2 · 7%

Vietnam

1 · 3%

Australia

1 · 3%

Mexico

1 · 3%

Brazil

1 · 3%

Canada

1 · 3%

Key facts

HQMunich, Germany

Founded2015

Employees50+

Websitepicuscap.com

Recent exits

Picus Capital sold Codegen to ClickUp in 2025 after 2 years.

Picus Capital sold Conduit Tech to ServiceTitan in 2025 after 2 years.

Picus Capital sold Paytron to OFX in 2023 after 2 years.

Picus Capital sold Naborly to SingleKey in 2022 after 6 years.

Coverage notes

3 funds tracked, 30 portfolio companies (25 active · 5 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Picus Capital has raised, with its portfolio companies. Hand-checked from public filings.

3 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Picus Venture Fund II

VC2024€250M3 assets

2024 · 2yr

€250M

–

Unrealized

3 held

Company	Entry
Landbase AI/ML · US	2024
SmartSolar ClimateTech · Vietnam	2025
XO Market Fintech · US	2026

Picus Venture Fund I

VC2021€100M1 assets3 exits

2021 · 5yr

€100M

Unrealized

1 held

Company	Entry
Ceezer ClimateTech · Germany	2021

Realized

3 exits

Company	Entry	Exit	Type	Buyer	MOIC
Codegen AI/ML · US	2023	2025	Trade Sale	ClickUp	–
Conduit Tech ClimateTech · US	2023	2025	Trade Sale	ServiceTitan	–
Paytron Fintech · Australia	2021	2023	Trade Sale	OFX	–

Picus Capital Evergreen (Balance Sheet)Active

Evergreen199121 assets2 exits

Evergreen

1991 · 35yr

–

Unrealized

21 held

Company	Entry
Alasco SaaS · Germany	2018
Avi Medical Healthcare · Germany	2020
Billie Fintech · Germany	2017
Building Radar Construction · Germany	2016
Casavo PropTech · Italy	2017
Clara Fintech · Mexico	2021
Enpal ClimateTech · Germany	2017
FINN Mobility · Germany	2019
Hawk AI Fintech · Germany	2018
Kamino Fintech · Brazil	2022
Klarity AI/ML · US	2018
Lendis SaaS · Germany	2018
Limehome Hospitality · Germany	2018
Miscusi FoodTech · Italy	2018
Modifi Fintech · Germany	2018
Personio HR Tech · Germany	2016
Sudo Africa Fintech · Nigeria	2022
Tanso ClimateTech · Germany	2021
Terralayr ClimateTech · Germany	2024
WeRize Fintech · India	2021
WorkMotion HR Tech · Germany	2020

Realized

2 exits

Company	Entry	Exit	Type	Buyer	MOIC
Naborly PropTech · Canada	2016	2022	Trade Sale	SingleKey	–
Proprioo PropTech · France	2017	2022	Trade Sale	Casavo	–

Frequently asked questions

What investment strategy does Picus Capital focus on?: Picus Capital focuses on VC strategies in the private equity space.
How many portfolio companies does Picus Capital have?: Picus Capital has 25 active portfolio companies and 5 completed exits and 3 funds tracked on GP Intel.
Where is Picus Capital headquartered?: Picus Capital is headquartered in Munich, Germany.
What is Picus Capital's assets under management?: Picus Capital manages approximately €1.5B in assets under management.
When was Picus Capital founded?: Picus Capital was founded in 2015.
What sectors does Picus Capital invest in?: Picus Capital invests across Software, TMT, Financials, Healthcare, Energy.
What are Picus Capital's recent exits?: Recent realized exits by Picus Capital include: Codegen (2025) to ClickUp; Conduit Tech (2025) to ServiceTitan; Paytron (2023) to OFX; Naborly (2022) to SingleKey; Proprioo (2022) to Casavo.