Tengelmann Ventures
Tengelmann Ventures is the corporate venture capital arm of the Muelheim-based Tengelmann family retail group, investing off the group balance sheet as an evergreen CVC since 2009. Based in Munich, it backs early-stage and growth B2C and B2B companies across the DACH region with roughly EUR 1-15m per company, drawing on decades of Tengelmann retail and consumer expertise. Its track record includes early bets on unicorns Zalando, Delivery Hero and SumUp, and it holds a current portfolio of food tech, edtech, e-commerce and consumer brands.
Tengelmann Ventures is a Munich venture capital firm with 12 active companies and 5 exits.
Sector breakdown
17 companiesGeography breakdown
5 geographiesKey facts
Recent exits
Tengelmann Ventures sold Rebike to Decathlon Pulse in 2026 after 4 years.
Tengelmann Ventures sold Masterplan to Amadeus FiRe in 2025 after 7 years.
Tengelmann Ventures took Delivery Hero public in 2017 after 6 years.
Tengelmann Ventures sold Lazada to Alibaba in 2016 after 3 years.
Coverage notes
1 fund tracked, 17 portfolio companies (12 active · 5 realized). Verified weekly from public filings and deal announcements.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Funds & portfolio
Every fund Tengelmann Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Tengelmann Ventures EvergreenActiveEvergreen200912 assets5 exitsEvergreen2009 · 17yr–125
Unrealized
12 held| Company | Entry |
|---|---|
| Blickfeld Deep Tech · Germany | 2017 |
| CareerFoundry TMT · Germany | 2015 |
| Coffee Circle Consumer · Germany | 2011 |
| Edurino Gaming · Germany | 2022 |
| Felmo HealthTech · Germany | 2021 |
| Hashtag You Consumer · Germany | 2021 |
| KaliaLab Consumer · Germany | 2025 |
| Marvel Fusion ClimateTech · Germany | 2024 |
| Planted FoodTech · Switzerland | 2022 |
| Quivo Logistics · Austria | 2022 |
| SumUp Fintech · UK | 2012 |
| Wholey Consumer · Germany | 2023 |
Realized
5 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Delivery Hero FoodTech · Germany | 2011 | 2017 | IPO | – | – |
| Lazada E-commerce · Singapore | 2013 | 2016 | Trade Sale | Alibaba | – |
| Masterplan EdTech · Germany | 2018 | 2025 | Trade Sale | Amadeus FiRe | – |
| Rebike Mobility · Germany | 2022 | 2026 | Trade Sale | Decathlon Pulse | – |
| Zalando E-commerce · Germany | 2010 | 2014 | IPO | – | – |
Portfolio platforms backed by Tengelmann Ventures made 13 researched add-on acquisitions during its ownership.
Frequently asked questions
- What investment strategy does Tengelmann Ventures focus on?
- Tengelmann Ventures focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does Tengelmann Ventures have?
- Tengelmann Ventures has 12 active portfolio companies and 5 completed exits and 1 fund tracked on GP Intel.
- Where is Tengelmann Ventures headquartered?
- Tengelmann Ventures is headquartered in Munich, Germany.
- When was Tengelmann Ventures founded?
- Tengelmann Ventures was founded in 2009.
- What sectors does Tengelmann Ventures invest in?
- Tengelmann Ventures invests across Consumer, TMT, Software, Healthcare, Business Services.
- What are Tengelmann Ventures's recent exits?
- Recent realized exits by Tengelmann Ventures include: Rebike (2026) to Decathlon Pulse; Masterplan (2025) to Amadeus FiRe; Lazada (2016) to Alibaba.
Similar firms
Other private equity firms tracked on GP Intel.
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