Alstin Capital, a Munich-based venture capital firm specialising in early-stage B2B software investments, has raised €175M for its Alstin III fund. The investors include foundations, banks, insurance companies, family offices, and high-net-worth individuals.

Originally targeting €100M with a hard cap of €125M, the fund exceeded its goal within four months, prompting an increase in the cap to €175M with investor approval.

Alstin I was initially funded with family capital, while Alstin II raised around €108M from external partners in 2017. As of fall 2023, Alstin II is fully invested. The firm’s fundraising for Alstin III commenced in February 2024.

What to expect from the new fund?

Alstin III will focus on Series A investments in European B2B software companies, with initial funding ranging from €2M to €7M.

Carsten Maschmeyer, Managing Partner of Alstin Capital, says, “We are particularly proud that more than 90 per cent of all investors from Alstin II have now joined Alstin III.”

“We received so many commitments that we could have raised the hard cap to €250M, but we chose not to. We aim to further internationalise our portfolio, and our first three investments already span three different countries.”

Even before its final closing, Alstin III has already made several investments. These include:

• Flowit, a Zurich-based company offering employee development solutions for frontline workers
• NORBr, an Amsterdam-based provider of software to streamline payment infrastructure setup
• Etalytics, a Darmstadt-based firm developing AI-driven energy management solutions for data centres, reduces energy consumption by an average of 37 per cent.

Brief about Alstin Capital

Alstin Capital is an independent early-stage venture capital fund that focuses on fast-growing B2B technology companies in the DACH region and across Europe, primarily at the Seed and Series A stages. The firm provides both pre- and post-investment support. 

Alstin Capital leverages its network to assist portfolio companies with financing rounds, customer acquisition, partnerships, and talent recruitment. It offers sales coaching, strategy development, KPI definition, and sales operations setup. 

Additionally, Alstin provides tailored PR and marketing support, helping companies build their brand through media placements and social media strategies. The firm also aids in scaling businesses through expansion strategies, internationalisation, and optimising sales channels.

Alstin Capital’s portfolio includes companies like Blacklane, Orderbird, pflege.de, alyne, and Klarna. Its sector focus includes fintech, insurtech, regtech, and cyber security.

Berlin-based EWOR, a venture capital firm supporting early-stage entrepreneurs, announced that Petter Made, co-founder of SumUp, and Quinten Selhorst, founder of Felyx, have joined as full-time partners. 

EWOR provides hands-on support for startups at the early stages, guided by experienced founders. Made and Selhorst aim to strengthen EWOR’s mission to build a “leading” fellowship for “outlier” entrepreneurs.

“I want to leave a dent in the universe by supporting the most extraordinary minds. With EWOR, I can do exactly that,” says Petter Made as he joined EWOR.

Instead of a fixed program, EWOR provides a flexible ecosystem where founders can choose from 8 learning modules at their own pace, enabling them to focus on building impactful, scalable companies.

With the addition of Made and Selhorst as new partners, EWOR aims to shape the future of global tech entrepreneurship in Europe further. The firm’s full-time partners now boast an average company value of over €2B per partner.

Made and Selhorst to mentor high-growth startups

Petter Made is a co-founder of SumUp, a decacorn valued at €8.5B, and also played a key role in building Drooms to a nine-figure valuation. His expertise in scaling startups and creating multi-billion-dollar companies will benefit EWOR’s fellows. 

Quinten Selhorst is the founder of Felyx, an urban mobility company. His experience in launching and scaling innovative startups adds insight into the challenges of building high-growth companies. 

Selhorst emphasises quality over quantity in his approach, working with a select number of co-founding teams each year to provide deep, personalised guidance.

Together, they will elevate EWOR’s fellowship, offering hands-on coaching and leveraging their expertise to help fellows scale their companies to new heights.

EWOR Fellowship aims to set new standards in European entrepreneurship

The EWOR Fellowship is a highly selective program that supports exceptional entrepreneurs, accepting only 0.1 per cent of applicants. Fellows raise an average of €2M after completing the program, far exceeding comparable initiatives. 

The fellowship focuses on quality, with each participant receiving personalised coaching from seasoned founders and investors.

Jörgen Tveit, founder of Thaleron, a fellow from EWOR’s 5th cohort, says, “For me, the major reason to become an EWOR fellow was joining a group of the world’s most capable individuals – knowing that, together, we might change the world.”

The program attracts both first-time founders and experienced entrepreneurs, including notable names like Andrew Nutter, Ricky Knox, and Tim Seithe, who have achieved significant exits and are also angel investors.

Fellows of the EWOR Fellowship receive up to €200,000 in pre-seed funding and access to a network of over 1,000 investors and mentors. They also benefit from up to €300,000 in-kind support, including third-party credits and discounts. 

Fellows receive weekly one-on-one coaching from experienced EWOR Partners, who have led successful exits, and participate in focus groups designed to accelerate their journey toward becoming a unicorn startup. 

Additional support includes legal advice, design assistance, and other professional services to help with fundraising, company setup, hiring, and personal development.

Types of fellowships

EWOR offers two types of fellowships: the Ideation Fellowship for those in the early stages of their startup with no traction, and the Traction Fellowship for startups with initial traction or those preparing to raise funding. 

The application processes differ; Ideation applicants will be contacted shortly after the deadline, while Traction applicants are reviewed on a rolling basis, with responses within two weeks. 

Both fellowships have no cash fees, but equity participation policies vary. Applicants cannot update their submissions once they are sent.

Oslo-based Verdane, an investment firm that partners with tech-enabled and sustainable European businesses, has closed its latest sustainable-focused fund, Idun II, at €700M hard cap. 

This is more than double the size of its previous Idun I fund, which closed at €300M.

Aimed at decarbonising the economy, the Idun funds are designed to support European tech-enabled companies that align with Verdane’s dual investment focus on digitalisation and sustainability.

The Idun II fund, classified as an “Article 9” fund under the EU’s Sustainable Finance Disclosure Regulation (SFDR), will invest in areas such as energy transition and resource efficiency.

Investment criteria and sustainability targets

Idun II targets investments between €20M and €100M per business, with a stringent sustainability criterion: investments must achieve a minimum carbon avoidance of 5,000 tonnes of CO2 per €1M invested. 

Verdane employs its proprietary ‘2040 test’ to ensure that all investments are primed for long-term success in a sustainable economy. These requirements are outlined in Verdane’s 2023 sustainability report.

Bjarne Kveim Lie, Founder and Managing Partner of Verdane, says, “With Idun II, we seek to demonstrate that it is possible to generate world-class returns for investors while making a meaningful contribution to the decarbonisation of our economy.”

“As structural growth investors, we are convinced that the quest to decarbonise is a generational megatrend. Our goal is to be the preferred growth partner to the companies best positioned to take advantage of that trend, and to help them reach their full potential.”

Investors supporting Idun II

Idun II secured commitments from key investors, including Norway’s state climate investment fund, Nysnø Climate Investments, Banque de Luxembourg, the European Investment Fund, MN, a provider of fiduciary management services for Dutch industry pension funds, and Finnish capital investments company Tesi and Carbon Equity.

Other investors include global private and public pension funds, leading university endowments, foundations, insurance companies and family offices.

The fund was fully subscribed within five months, with international investors from 13 countries, including 29 per cent from the US.

Frida Einarson, Partner, Investor Relations at Verdane, says, “The mobilisation of private capital at scale in 2024 to help create a more sustainable economy is a positive development for both our industry and the planet.”

“We are grateful to welcome existing and new investors into Idun II and look forward to delivering both strong returns and positive climate impact, which they can quantify and track, for their programmes.”

Growing portfolio and support

Verdane has backed 42 sustainable businesses since 2003. Its existing Idun I investments include NORNORM, which offers a subscription model for sustainable office furniture, and Scanbio, an upcycling leader producing fish protein concentrates and oils.

Verdane claims to have invested more than €600M over the past year in 16 European companies dedicated to digitalisation and decarbonisation.

With a team of over 150 professionals across key European markets, Verdane offers its portfolio companies access to a comprehensive support platform. This includes a proprietary value-creation engine, extensive sector expertise, and a benchmarking engine drawing on over 100 million data points and an ecosystem of over 600 CXOs.

Additionally, Verdane’s in-house Elevate team—a group of 35 operational experts—provides targeted support in areas such as strategy, technology, finance, and sustainability, helping companies optimise their growth potential in a competitive market.

Bjarne Kveim Lie, adds, “Our decarbonisation team at Verdane is now one of the largest in Europe, with 13 dedicated investment professionals. They are supported by an in-house operations team of 35 strong, and benefit from the entire organisation’s deep networks and experience helping scale sustainable European growth companies over the last two decades.”

“This enables us to not only dive deep into the structural growth trend of decarbonisation but also to support our companies with on-the-ground presence across core Northern European markets to support companies in their growth. We remain humbled by the continued trust placed in us by our investors and will do our utmost to deliver against their high expectations.”

Brief about Verdane

Verdane partners with European businesses focused on digitalisation and decarbonisation. With over €8B in assets under management, Verdane has supported more than 400 companies since its founding in 2003.

As a certified B Corporation and UN PRI signatory, Verdane upholds high sustainability standards. The firm invests only in businesses that pass its “2040 test”, ensuring alignment with a sustainable economy. 

Through the Verdane Foundation, it also promotes global sustainability and local inclusion initiatives. Verdane offers flexible investment options, taking either minority or majority stakes in individual companies or portfolios.

Earlier this year, in February 2024, Verdane closed its €1.1B Edda III mid-market growth fund. The firm’s third fund family, Freya, with a 20-year track record, continues investing through its Freya XI fund, targeting both individual companies and portfolio investments with a flexible approach.

Verdane has backed 42 companies with a focus on measurable environmental impact. Its Idun fund family, aimed at reducing carbon emissions, includes investments like NORNORM, which offers a greenhouse gas-reducing furniture subscription service, and Scanbio, a producer of fish-based protein and oils that promotes waste upcycling.

General Catalyst, a global investment and transformation company, has closed its largest fund to date, raising approximately $8B (approximately €7.39B) in new capital.

The firm will use the funds to enhance investments in early-stage venture capital, company creation, and industry-wide transformation initiatives.

Jeannette zu Fürstenberg, MD and head of Europe at General Catalyst, says, “General Catalyst’s mission is to partner with the world’s most ambitious entrepreneurs, fueling transformative ventures that leverage applied AI and foster resilience across entire industries.”

“We believe that Europe, with its exceptional talent pool and unique industrial landscape, will be set to thrive with pioneering technology companies in the next decade.”

This new capital includes core venture funding and separately managed accounts, supporting General Catalyst’s focus on ambitious, large-scale innovation.

Capital utilisation

General Catalyst’s new fund aims to expand its role beyond traditional venture capital by supporting founders in tackling major global challenges. 

The firm plans to use the funding to drive growth in AI, defence, climate, energy, industrials, healthcare, and fintech, aiming to support transformative projects with resilient, high-impact solutions.

The fund is allocated across three areas: $4.5B for core venture capital investments at various stages (early-stage, growth, and health-focused), $1.5B for creating new businesses and “venture buyouts”, and $2B in separately managed accounts (SMAs) for innovative technology and business ventures. 

Hemant Taneja, CEO and MD of General Catalyst, says, “Since our inception 25 years ago, we have made a commitment to partner with founders from the beginning as they aspire to become “power law” companies. We’ve since scaled our capabilities globally, combining forces with La Famiglia in Europe and Venture Highway in India to broaden our support of founders at the seed stage.”

“But to achieve outsize impact using applied AI and global resilience to address what we believe are the world’s great challenges, we must also transcend the traditional definition of venture capital. So we’ve broadened our founder and capital solutions to venture beyond and support founders with a broader partnership.”

Fueling the next generation of technologies & businesses

General Catalyst focuses on fostering long-term, positive change by supporting founders who challenge the status quo. With a presence in San Francisco, Palo Alto, New York, London, Berlin, Bangalore, and Boston, the firm has backed major companies like Airbnb, Stripe, and Snap from early to growth stages.

The firm has helped build over 45 successful companies, such as Commure, Demandware, and Kayak, while also making early investments in globally impactful companies like Snap, Stripe, and Anduril.

General Catalyst is expanding its approach beyond traditional venture capital by offering innovative solutions to support founders throughout their journeys. This includes the Customer Value Strategy, which provides non-dilutive capital to boost growth, and the GC Transformation Flywheel, designed to link innovators with adopters for large-scale industry transformation.

Additionally, the firm has established the Health Assurance Transformation Company, collaborating with 15 per cent of US healthcare operations to enhance patient care through technology. 

The Transformation Flywheel model has also led to the launch of the GC Institute, which connects startups with global governments to support transformative technologies and influence public policy.

General Catalyst’s CEO, Taneja, says, “We are ready to be the company that drives transformations, global resilience and applied AI for the world. We are powered by early-stage venture capital at our core and excited to dream bigger and co-create with our GC Famiglia of founders, business leaders, and policymakers to expand what’s possible.”

London-based Resurge Growth Partners has launched a €120M “venture equity” vehicle to bridge the gap between venture capital and private equity for high-potential European and Israeli scaleups.

The new vehicle will acquire stakes in companies that have outgrown VC and are seeking new growth opportunities.

Resurge Growth Partners plans to invest through the vehicle in the next three years, with nearly half of the capital already committed by the founding GPs and a leading family office. 

The remaining funds will come from select family offices and high-net-worth individuals, who will contribute on a deal-specific basis. With this backing, Resurge is set to onboard its first portfolio companies by year-end.

Oren Peleg, co-founder of Resurge Growth Partners, says, “There’s a huge gulf between the types of companies a VC will back and those who are ready for private equity. Too many promising businesses are falling into this gap –  founders and CEOs running businesses with great potential, generating healthy revenues, but their scale-rate, TAM, or situation don’t fit the blueprint and criteria VCs or PE firms are looking for.”

“The market isn’t currently serving these ‘venture graduates’ and they are hitting a wall. That’s where the concept of venture equity comes in.”

“We take leading positions in these companies and then dedicate a huge amount of time and energy into unlocking their potential, with the goal of becoming profitable and self-sustaining. Our approach gets them off the VC fundraising merry-go-round and onto solid ground.”

Helping companies move off the venture treadmill

Resurge Growth Partners was founded by Oren Peleg, former MD at Oaktree Capital and ex-CEO of Fitness First, along with co-founder Eyal Malinger, a former Partner at Beringea. 

The firm’s mission is to work with “Venture Graduates”—companies that have outgrown venture capital but are not yet ready for traditional private equity. Using its venture equity model, Resurge will offer capital and operational support to help these companies shift from VC funding to sustainable, profitable growth.

Resurge acquires significant stakes in UK, European, or Israeli companies with over €8M in revenue through buyouts, recapitalisations, or partnerships with existing investors and lenders. They provide capital and support to help these companies achieve sustained profitability. 

While sector-agnostic, Resurge focuses on tech and tech-enabled businesses with established product-market fit. Its approach helps founders unlock value, simplify their cap table, end the cycle of constant fundraising, and shift to a longer-term, profit-driven growth strategy.

Co-founder Malinger says, “When the market turns bearish, many high-potential companies find themselves stranded, unable to secure the funding they need. Conversely, in times of abundant capital, founders often end up with a convoluted cap table that hinders long-term success.”

“At Resurge, we partner with ‘good companies who have the wrong cap table’; businesses with strong fundamentals but misaligned investor base or ones with an operational model that no longer appeals to existing investors. There’s huge potential here, both for the companies and the investors willing to back them in the right way.”

Co-founder Peleg adds, “Having helped build two private equity franchises in the past, I’ve seen first-hand how technology transforms businesses. The availability of advanced AI tools is allowing Resurge to operate at a level of productivity and insight that simply wasn’t possible before.”

“These tools help us pinpoint opportunities faster, make smarter decisions, and unlock value in ways that were previously unimaginable. This enables us to dedicate much more time and far more resources to helping our portfolio companies.”

Resurge Growth Partners LLP is an appointed representative of Robert Quinn Advisory LLP, which is authorised and regulated by the Financial Conduct Authority (FCA).

Brief about the founders

Oren Peleg

Oren Peleg has over 35 years of experience, having worked at Citibank, McKinsey & Co, and Terra Firma Capital Partners. In 2006, he joined Oaktree Capital, helping build their European Private Equity business. 

In 2012, Peleg became Chairman and CEO of Fitness First, where his leadership transformed the company, earning the title “Turnaround of the Decade”. Since 2019, he has focused on investing in and serving as Executive Chair for startups and scale-ups.

Eyal Malinger

Eyal Malinger has over 25 years of experience in technology and investing, with roles at McKinsey, Oaktree Capital, and Countrywide PLC, where he led corporate venture investments. 

In 2016, he became a Partner at Beringea, co-leading the equity investment team and serving on the boards of companies like MPB.com and Zoovu. Malinger also serves on the board of London & Partners, the city’s business and development agency.

Stockholm-based Node.vc, a Nordic early-stage venture capital firm, has closed a €71M fund. The firm aims to strengthen its ecosystem for entrepreneurs, focusing on supporting early-stage startups across the region.

Key investors include Saminvest, a Stockholm-based venture capital firm established by the Swedish government, and several leading Nordic institutional investors such as Nordea Liv & Pension. 

Node.vc has also attracted over 70 entrepreneurs to its investor base, further enhancing its support network for early-stage startups. The fund also has backing from founders of companies such as Axis Communications, Yubico, Polarium, Cint, Evolution, PriceRunner, and Polar Structure.

Magnus Skåninger, CEO of Saminvest, says, “Node.vc has the team and vision to deploy capital across the ecosystem in such a way that drives a new wave of entrepreneur-backed success. They are well-positioned to execute on the best investment opportunities across the tech landscape.”

A founder-first approach

Node.vc aims to establish itself as a central node in the Nordic startup ecosystem, enhancing its investor community’s capacity to identify, evaluate, and support portfolio companies. 

To date, the firm has invested in three Swedish startups: Lemonado, a no-code platform for software and app development; Roro, a creative play studio; and Starhive, a unified data management platform for enterprises. 

By emphasising collaboration, Node.vc connects successful entrepreneurs with early-stage founders to boost growth and success rates. The firm is committed to supporting companies driving change across various sectors, including virtual work, AI, and interactive entertainment.

John Elvesjö, Node.vc’s Managing Partner, says, “The Node.vc team started as founders and operators ourselves, we know what it takes to build and scale successful companies. That’s why we always put founders first; Node.vc is creating an ecosystem where entrepreneurs back entrepreneurs. Our approach is simple – when we invest in a company, we bring much more than capital.”

“Having been in the founders’ shoes ourselves, we know the challenges first-hand and deeply respect the journey. Our aim is to partner with founders, giving them the full weight of our experience, networks, and insights.”

“With the incredible group of investors we’ve brought together, we’re certain we have built the largest entrepreneur-backed early-stage VC in the Nordics, all within one fund structure.”

Brief about Saminvest

Saminvest is a state-owned venture capital investment firm in Sweden that invests indirectly alongside private capital to support innovative and fast-growing companies. 

It claims to promote the establishment of new venture capital funds and business angel programmes to enhance the Swedish venture capital market and stimulate private capital in underserved industries.

Saminvest manages approximately SEK 6B (nearly €528.37M) and places a strong emphasis on sustainability and gender equality in its investments. The firm targets sectors that range from life science to tech and focuses on different investment phases from pre-seed to growth.

Prague-based PurposeTech has closed its first pre-seed venture capital fund to support founders from Central and Eastern Europe (CEE) focused on health, sustainability, and education.

Zdenek Fred Fous and the Czech Impact Hub, part of a global network for purpose-driven entrepreneurs and innovators, co-founded the fund.

Founder Zdenek Fred Fous says, “More and more founders are motivated by a deep sense of purpose—they want to create a positive, lasting impact. Yet, despite this growing momentum, funding for HealthTech, GreenTech, and EdTech startups in the CEE region, particularly at the pre-seed stage, remains limited.”

“There is a regional bias toward B2B SaaS startups. Our mission is to support this new wave of founders and seize the emerging opportunities in these sectors. We are the only fund in our region with this dedicated focus.”

Backing purpose-driven founders

PurposeTech is a pre-seed venture capital fund that was launched in 2023 to support founders from Central and Eastern Europe (CEE) working in health, sustainability, and education. Its fund targets early-stage startups with global ambitions.

Since its launch, PurposeTech has reviewed over 1,100 startups and made five initial investments. Despite challenges in fundraising, the fund was oversubscribed and plans to invest in 10 more startups over the next 12 to 18 months. 

PurposeTech is headquartered in Prague and operates across seven CEE countries.

Gabriela Gandel, PurposeTech Advisory Board member and former CEO of Impact Hub Global, says, “Investing in scalable, sustainable solutions is essential for creating a healthier, greener, and more resilient future. Over the past three years, our members have raised more than €360M, showcasing the incredible potential of purpose-driven innovation but also the pressing need for greater investment.”

“At PurposeTech, we are proud to address the funding gap for essential startups shaping the future of the CEE region, leveraging the strength of the Impact Hub Network, which boasts 40+ locations just in Europe.”

In August 2024, PurposeTech took part in a €500K funding round for Tingit.

How does PurposeTech make investment decisions?

PurposeTech outlines its investment decision-making process through a structured four-step approach.

• Short Application: Interested founders can fill out a brief form with essential questions. After submission, they can schedule a short introductory call.
• Intro Call: Following application review, PurposeTech provides feedback about its interest. If a startup is deemed potentially strong but not yet investment-ready, it may be invited to join the Pre-Investment Program.
• Deep Dive: Within 3-4 weeks, PurposeTech engages in a series of online (and offline, where feasible) discussions with the startup. After this phase, the fund communicates its investment interest clearly.
• Final Decision: After conducting due diligence, the Investment Committee meets to make the final investment decision if no barriers exist.

Paris-based Kurma Partners, a venture capital group specialised in healthcare, has announced the first closing of its latest venture capital investment fund, Biofund IV, with a total of €140M raised to date.

The firm aims to reach a final target of €250M by the fund’s closing in 2025.

Thierry Laugel, Kurma Partners’ co-founder and Managing Director, says, “Access to exceptional science and the best industry capabilities is at the heart of what we do. Bridging academia, industry and fellow investors, we work to positively impact Europe’s health innovation ecosystem and human health on a global scale.”

Rémi Droller, MD of Kurma Partners, adds, “We are excited with the launch of Biofund IV and confident that we will continue to generate positive returns for investors and make a real impact for human health.”

What to expect from the new fund?

Biofund IV plans to make 16 to 20 investments, having already committed to three companies: SciRhom, focused on autoimmune diseases; Memo Therapeutics, which draws inspiration from natural immunity; and Avidicure, specialising in cancer immunotherapy. 

The fund will maintain a balanced, risk-managed investment strategy, supporting both company creation and established venture-stage firms.

Biofund IV will employ Kurma Partners’ collaborative approach, engaging with academic scientists and using a network of experienced industry professionals to foster the success of its portfolio companies.

This strategy has previously proven effective, as evidenced by the acquisition of companies from its Biofund III portfolio, including Amolyt Pharma by AstraZeneca and Emergence Therapeutics by Eli Lilly.

Investors supporting Biofund IV

Kurma Partners’ Biofund IV has attracted investments from key players, including cornerstone investors Eurazeo, returning investor Bpifrance, and pharmaceutical investor CSL, alongside other undisclosed participating limited partners.

Olivier Millet, Member of the Executive Board and Managing Partner – Small-mid buyout & Nov Santé, Eurazeo says, “With its recent portfolio company trade sales, Kurma Partners has once again demonstrated its expertise in transforming science into marketable products. Eurazeo’s participation in this new fund demonstrates our confidence in the Kurma team.”

“Our strengthened commitment and mission of supporting healthcare innovation – from inception to maturity – is clear, with €4B out of €35B under management allocated to healthcare and invested across multiple funds pursuing complementary strategies, from company creation to more mature development stages (growth, capdev, buy-out), our strengthened commitment and mission of supporting healthcare innovation is clear.”

Brief about Kurma Partners

Founded in 2009, Kurma Partners is a venture capital group financing innovation within the healthcare sector. 

The firm invests in companies from their inception through growth, spanning various healthcare franchises. These include early-stage biotechnology through Biofunds I, II, and III, as well as digital health and early-stage diagnostics with Kurma Diagnostics and Kurma Diagnostics 2. 

More recently, Kurma has introduced the Kurma Growth Opportunities Fund for growth capital investments.

With a team of 25, including 10 partners, Kurma operates from offices in Paris and Munich, actively engaging in the European ecosystem and maintaining a network with international research institutes, hospitals, entrepreneurs, industry leaders, and fellow investors.

Kurma Partners is part of the Eurazeo group, a European investment firm managing €35.4B in diversified assets, which include private equity, private debt, real estate, and infrastructure strategies. 

Eurazeo supports over 600 mid-market companies and the group is listed on Euronext Paris.

Headline, a Europe- and SF-based venture capital firm, announced that it has raised $865M (approximately €776.57M) for its Global Growth IV fund to support companies at their growth inflection points, focusing on Series B and beyond.

Christian Leybold, Founding Partner of Headline, says, “The European tech ecosystem is still in its early stages, with lots of unrealised potential. As we have seen in the past 20 years, venture markets can shift rapidly, but technology as a whole continues growing. AI is transforming every industry and creating a massive reset.”

“With a decade of track record, a proprietary technology platform, and teams on the ground in all major technology hubs, Growth IV arrives at an opportune time to back some of the best private technology companies—regardless of stage.”

Prior to this, in 2022, Headline announced $950M in early-stage commitments. Key portfolio companies include Bumble, Sonos, Acorns, and Mistral AI.

What to expect from the new fund?

Headline plans to deploy $20M to $70M in flexible growth capital, focusing on US and European markets through its offices in Berlin, Paris, and London. The firm aims to back category-leading tech companies globally. 

With a new fund, Headline has expanded its Growth team, led by Shalini Rao, and joined by Nancy Xiao, Trevor Neff, Reda Bensaid, Jake Horwitz, and Austin Hack, working from Europe and San Francisco.

General Partner Rao, says, “An investment firm ultimately builds just one product: its people. The team at Headline is united around the single objective of helping entrepreneurs succeed. To do that, we will draw on our networks and track records, built up over the years in both the US and Europe. But really it’s a mindset: we will do anything and everything we can to help our founders create generational companies. Just like the founders that we hope to back, we hustle and we are hungry.”

In addition, Headline uses proprietary platforms, Searchlight and Deepdive, to enhance founder connections and analyse business efficiencies. This tech-driven approach enables the team to engage with about 80 per cent of companies raising Series A financings each month, ensuring a highly-vetted pool of potential investments.

Investors supporting Headline

The fund includes capital commitments from KfW Capital, the venture arm of Germany’s state-owned KfW bank, and the European Investment Fund (EIF).

Marjut Falkstedt, EIF Chief Executive, says, “Despite being home to world-class talent, cost-efficient companies, and groundbreaking ideas, Europe invests significantly less in venture capital compared to the United States and Asia.”

“This funding gap not only limits our startups’ ability to scale but also risks losing them to foreign markets where capital is more readily available. This is a trend that we are committed to reversing, and that is why we are happy to back Headline through the European Tech Champions Initiative.”

Christian Röhle, Head of Investment Management of KfW Capital, adds, “Headline’s $865M growth fund is a very positive signal for the European VC ecosystem. Large-volume VC funds are indispensable to close the later-stage financing gap in the European VC market. Only large VC funds can lead large financing rounds to support the growth of promising scale-ups.”

“In parallel to its successful closing, Headline attracted two experienced international female investment professionals as partners to its new growth fund, thereby fostering diversity in the European VC ecosystem.”

Brief about Headline

Founded in 1998, Headline is a venture capital firm with over $4B in assets under management, investing in fast-growing tech companies across the US, Europe, Asia, and Latin America.

Through regionally-focused early-stage funds and a Global Growth Fund for Series B and beyond, Headline claims to lead rounds at every stage. Its portfolio includes 300+ companies such as Acorns, Bumble, Farfetch, Gopuff, Sonos, and Mistral AI.

Headline uses two advanced tools to enhance its investment strategy:

• Searchlight: An analytics tool tracking over 7 million companies globally and evaluating 100,000+ prospects annually. It aggregates extensive data from various sources, including search traffic, web metrics, and funding history, to provide detailed rankings and forecasts. Searchlight supports around 30-40 global investments per year by identifying breakout growth opportunities through comprehensive data analysis.
• Deepdive: An all-in-one platform for evaluating startups, offering deep insights into financial and operational metrics. It analyses customer behaviour, unit economics, and product-market fit, with AI-driven segmentation to identify ideal customer profiles. Deepdive helps founders with benchmarks, predictions, and growth strategies by processing complex data quickly.

Eindhoven-based LUMO Labs, the Dutch fund manager behind impact-driven investment funds in emerging technologies, has appointed Linn-Cecilie Linneman and Jorge Blasco as new team members in Norway and Spain, respectively, ensuring local representation in these strategic regions.

This development follows the launch of their €100M investment fund, aimed at commercialising emerging digital technologies for a greener society.

While focusing on early-stage startups in the Netherlands, Germany, Belgium, Spain, Portugal, Scandinavia, and the Baltic States, the fund remains open to opportunities from other parts of Europe.

In the next 4 to 5 years, LUMO Labs claims to invest in approximately 34 to 35 impact-driven startups across Europe.

New strategic appointments

LUMO Labs has appointed Linn-Cecilie Linneman and Jorge Blasco as partners for Norway and Spain, where they will join the core team, focusing on investments, portfolio management, and fundraising.

Linn-Cecilie Linneman says, “What I appreciate most about our team at LUMO is the commitment and determination to get things done, think big and have an impact. We all have in-depth knowledge of the markets and ecosystems in which we operate.”

“Over the past few years, as CEO of Katapult and in other capacities, I have met numerous founders and worked closely with many of them. Good funding and support are and will always be indispensable.”

Linn-Cecilie Linnemann is a seasoned entrepreneur and investor with over 20 years of experience. Former CEO of Katapult Group and co-founder of SHE Conference, she has also founded and exited a communication agency, worked in venture capital, and invested in early-stage companies. She serves as a board member and advisor in the climate and edtech sectors.

Jorge Blasco adds, “My first introduction to LUMO Labs started as an informal conversation in Valencia over a busy investor dinner. This quickly turned into an in-depth discussion about shared visions from different perspectives, about technology, the impact of venture capital and the (untapped) economic and impact potential of Spanish startups.”

“The strategic insight and in-depth market knowledge at LUMO is invaluable and unique. It allows us to identify investments with very high potential. The global network of the entire team provides important access to different sectors, which undeniably benefits the portfolio companies.”

Blasco is a seasoned entrepreneur and investor with over 25 years of experience. He exited his first venture, Boutique Secret, to Bertelsmann and has invested in 20+ high-tech startups, including Glovo and Chicfy. 

He advises on fundraising and M&A through The Net Street and has held CEO roles and board positions. Blasco also mentors and lectures at ESADE Business School on entrepreneurship and corporate strategy.

Founding partners Andy Lürling and Sven Bakkes will continue their involvement in investments and guiding startups across Europe. 

Additionally, partners Dagmar van Ravenswaay Claasen, Sabine Schoorl, and Thomas Hannes, who joined recently, will remain actively engaged.

Andy Lürling, co-founder of LUMO Labs, says, “By expanding our team with Linn-Cecilie and Jorge, we are able to consolidate our presence in Spain, Portugal, Scandinavia and the Baltic States. It has always been important for Sven and for me as investors to be well-informed about developments beyond our national borders. This enables us and the rest of the team to recognise trends and select the most progressive startups.”

“That is why we have been involved with various foreign events, panels and juries such as Slush, TechBBQ, Latitude, 4YFN and Valencia Digital Summit with various people from our team since the beginning of LUMO Labs.” adds co-founder Bakkes.

“Linn-Cecilie and Jorge both have a very interesting track record, experience and network, both regionally and in terms of content, which are invaluable to our own team and portfolio. The fact that we are also aligned in terms of vision, drive and approach makes them the ideal partners for us to take this step.”

LUMO Labs: Everything you need to know

Founded by Andy Lürling and Sven Bakkes in 2016, LUMO Labs transitioned from angel investing to managing its first fund in 2020 before introducing the LUMO Rise Fund. It is recognised for its diversity, equity, inclusion profile and active involvement in the Dutch startup ecosystem. 

The firm’s LUMO Rise Fund is a €100M multi-stage VC fund focusing on impact-driven startups from Pre-Seed to Series A. It offers a coaching programme for founders aiming to address social and environmental challenges through technological innovations. 

The fund targets scalable, financially sustainable systems and platforms related to emerging technologies like AI, Blockchain, IoT, Digital Security, and Extended Realities (AR/VR).

The LUMO Rise Fund is the successor to LUMO Fund II. It invests in impact-driven startups across Europe, focusing on Benelux and Germany, and a secondary focus on the Nordics, Baltics, and the Iberian Peninsula.