HV Capital (formerly Holtzbrinck Ventures) is a Munich-based, pan-European multi-stage generalist with ~€2.8B AUM, backing bold founders 'from the first check to IPO's opening bell.' Its self-described edge is comfort with difficulty: 'Too new is our baseline, too bold is our reason, too complex is our edge.' Across nine fund generations it has moved deliberately from consumer to B2B/SaaS/fintech and, most recently, into deep tech and resilience/defence — areas it pursues precisely because others consider them hard.
Problems big enough to define a generation, especially in domains others find too hard or too new — HV's edge is comfort with difficulty and complexity rather than easy, crowded markets.
“Too new is our baseline, too bold is our reason, too complex is our edge.” — Our Approach — HV Capital
“Deep tech doesn't work like that. Timelines are longer, uncertainty is real, and the upside is generational, which is exactly what draws me in.” — Jan Miczaika
Differentiated invention — not a copy of incumbents. In deep tech HV values where 'value lies in invention rather than distribution'; in fintech it wants founders who refuse to merely replicate existing financial services.
“companies with more IP risk or longer paths to commercialisation, where value lies in invention rather than distribution.” — From Seed to sovereignty: HV Capital's expanding mandate across Europe
“The most compelling fintech founders I back know exactly how financial services work, and have absolutely no interest in replicating them.” — Barbod Namini
Markets large enough to support globally ambitious, category-defining companies; HV explicitly believes Germany and Europe can support companies with global ambitions and generational outcomes.
“Germany and Europe can absolutely support companies with global ambitions.” — From Seed to sovereignty: HV Capital's expanding mandate across Europe
“Deep tech doesn't work like that. Timelines are longer, uncertainty is real, and the upside is generational, which is exactly what draws me in.” — Jan Miczaika
Evidence of progress against milestones — in today's market HV expects companies to clear materially tougher milestones to justify valuation than four years ago; for deep tech, tolerance that timelines and uncertainty are longer than software.
“In today's market, to justify a higher valuation, companies need to hit much tougher milestones than four years ago.” — From Seed to sovereignty: HV Capital's expanding mandate across Europe
“Deep tech doesn't work like that. Timelines are longer, uncertainty is real, and the upside is generational, which is exactly what draws me in.” — Jan Miczaika
Founders with deep domain mastery and relentless, conviction-driven persistence; in fintech, founders who know financial services cold but won't copy them; broadly, founders who 'refuse to stop.'
“The founders who build the most important companies simply refuse to stop. Out of genuine conviction that what they're building matters.” — David Kuczek — Team profile
“The most compelling fintech founders I back know exactly how financial services work, and have absolutely no interest in replicating them.” — Barbod Namini
Durable value capture rooted in invention/IP rather than distribution arbitrage; HV is sector-flexible but wants defensibility that complexity and invention provide.
“companies with more IP risk or longer paths to commercialisation, where value lies in invention rather than distribution.” — From Seed to sovereignty: HV Capital's expanding mandate across Europe
“We call ourselves a generalist fund, but that doesn't mean we're shallow. It means the fund invests across sectors” — Barbod Namini
Defensibility through difficulty — HV treats complexity 'as a moat, not a threat,' and in fintech wants founders who out-position incumbents rather than imitate them.
“Too new is our baseline, too bold is our reason, too complex is our edge.” — Our Approach — HV Capital
“The most compelling fintech founders I back know exactly how financial services work, and have absolutely no interest in replicating them.” — Barbod Namini
A credible macro/timing catalyst — HV explicitly leans into government defence/security spending and technological sovereignty as a 'why now' for deep tech and dual-use companies.
“when governments start announcing half a trillion euros in defence and security investments, you have to pay attention.” — From Seed to sovereignty: HV Capital's expanding mandate across Europe
“The focus is on dual-use technologies — systems that enable data collection, monitoring, or logistics rather than weapons.” — Barbod Namini
A raise sized to the stage and milestones it must unlock; HV deploys €500K–€10M at Seed/Series A and up to €60M+ at growth, and underwrites the ask against today's tougher milestone bar.
“In today's market, to justify a higher valuation, companies need to hit much tougher milestones than four years ago.” — From Seed to sovereignty: HV Capital's expanding mandate across Europe
“We are very excited to announce the close of HV Capital Fund IX today, a record fund raise which will open new opportunities for us to invest in the next generation of disruptive ideas.” — Rainer Märkle
“The most compelling fintech founders I back know exactly how financial services work, and have absolutely no interest in replicating them.”
“Deep tech doesn't work like that. Timelines are longer, uncertainty is real, and the upside is generational, which is exactly what draws me in.”
“The founders who build the most important companies simply refuse to stop. Out of genuine conviction that what they're building matters.”
“We are very excited to announce the close of HV Capital Fund IX today, a record fund raise which will open new opportunities for us to invest in the next generation of disruptive ideas.”