Venture capital firm
HV Capital portfolio
hvcapital.comHV Capital is a venture capital firm based in Munich, Germany, founded in 2000. It has invested in 124 venture-backed companies across 184 funding rounds on VCMC, and led 68 of those rounds. 16 of them were in the last 12 months.
124
Venture-backed companies
in its portfolio on VCMC
184
Funding rounds
led 68
16
Last 12 months
rounds, Oct 2025 to Sep 2026
22
With a disclosed valuation
of 124 companies
$65.8B
Combined value of its private companies
the whole companies, not what HV Capital owns
118 private companies HV Capital has backed have a VCMC valuation; together they are worth $65.8B. That is the value of the whole companies, not what HV Capital owns. Quantum Systems is 13% of the total. 6 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
HV Capital's most valuable portfolio companies
The 10 most valuable private companies HV Capital has backed, by VCMC's valuation. Values cover private companies only; public companies are not included.
- 1 Quantum Systems Aerospace and Defence, Gilching $8.8B range $7.0B – $12.5B Joined at Series D, 2026
- 2 NEURA Robotics Industrial Machinery & Supplies, Metzingen $7.7B range $6.1B – $10.5B Joined at Growth, 2023
- 3 Tech Companies, Berlin $4.1B range $2.2B – $4.8B Joined at Series B, 2025
- 4 FlixBus Buses, Shuttles & Local Transit, Dallas $3.7B range $296M – $4.4B Joined at Growth, 2016
- 5 Tech Companies $2.9B range $1.8B – $3.3B Joined at Series D, 2025
- 6 Isar Aerospace Aerospace and Defence, Ottobrunn $2.6B range $2.0B – $3.5B Led at Series B, 2021
- 7 Groceries Delivery, New York $2.0B range $252M – $5.2B Joined at Series B, 2012
- 8 Cryptocurrency $1.8B range $531M – $3.8B Joined at Series A, 2023
- 9 Solaris Banks & ATMs, Berlin $1.8B range $745M – $2.8B Led at Series C, 2020
- 10 Tech Companies, Rome $1.8B range $1.5B – $2.6B Joined at Growth, 2025
Portfolio
Full HV Capital portfolio (124 companies)
124 companies. Load more shows the rest.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Enpal Solar Energy Company · since Series D, 2023 | Growth Equity Apr 2025 $120M | $1.3B | $579M – $2.0B | $1.3B (0%) | $132M | 0% | 3,750 | flat | C | |
| 2 | NEURA Robotics Industrial Machinery & Supplies · since Growth, 2023 | Series C Jun 2026 $1.40B | $7.7B | $6.1B – $10.5B | $9.1B (+18%) | $1.1B | 0% | 220 | unknown | A | |
| 3 | Quantum Systems Aerospace and Defence · since Series D, 2026 | Series D Jul 2026 $1.20B | $8.8B | $7.0B – $12.5B | $10.9B (+24%) | $1.3B | 0% | 740 | growing | A | |
| 4 | FINN Car Rental · since Series B, 2022 | Series D Jun 2026 $160M | $1.2B | $991M – $1.7B | $1.5B (+19%) | $178M | 0% | – | unknown | A | |
| 5 | FlixBus Buses, Shuttles & Local Transit · since Growth, 2016 | Series G Jun 2021 $650M | $3.7B | $296M – $4.4B | $3.5B (-6%) | $493M | 0% | 2,644 | flat | D | |
| 6 | Isar Aerospace Aerospace and Defence · led at Series B, 2021 | Grant Aug 2026 $230M | $2.6B | $2.0B – $3.5B | $3.1B (+19%) | $366M | 0% | 513 | up | A | |
| 7 | Solaris Banks & ATMs · led at Series C, 2020 | Series G Feb 2025 $144M | $1.8B | $745M – $2.8B | $1.6B (-11%) | $247M | 35% | 588 | flat | C | |
| 8 | Verbit Tech Companies · led at Seed, 2018 | Series E Nov 2021 $250M | $1.7B | $177M – $2.6B | $1.6B (-6%) | $291M | 17% | – | flat | D | |
| 9 | JOKR Groceries · since Series A, 2021 | Series D Sep 2023 $50M | $642M | $165M – $1.1B | $531M (-17%) | $119M | 29% | 347 | flat | C | |
| 10 | SPREAD Tech Companies · led at Series A, 2023 | Series B Apr 2026 $30M | $195M | $137M – $278M | $177M (-9%) | $34.9M | 97% | 91 | down | B | |
| 11 | PACT Biomaterials Plastics Products · since Series A, 2025 | Series A Oct 2025 $20M | $209M | $82.7M – $300M | $211M (+1%) | $32.2M | 0% | 49 | up | C | |
| 12 | Tech Companies · led at Series A, 2019 | Acquisition Oct 2025 | $49.3M acquired 2025 | $18.2M – $312M | – | – | 97% | 49 | down | D | |
| 13 | Tech Companies · since Series A, 2026 | Series A Feb 2026 $20M | $181M | $81.7M – $341M | $224M (+24%) | $31.3M | 0% | 50 | growing | C | |
| 14 | Tech Companies · since Seed, 2022 | Series A May 2025 $13M | $52.3M | $33.5M – $89.7M | $31.6M (-40%) | $16.7M | 97% | 41 | shrinking | B | |
| 15 | Tech Companies · since Series A, 2014 | Buyout Jan 2022 $120M | $149M acquired 2022 | $30.2M – $273M | – | – | 21% | 230 | flat | D | |
| 16 | Tech Companies · led at Seed, 2019 | Series A Jun 2025 $10M | $93.4M | $27.0M – $142M | $93.4M (0%) | $14.2M | 0% | 39 | flat | C | |
| 17 | Tech Companies · since Series A, 2023 | Series A May 2023 $11M | $132M | $12.6M – $191M | $121M (-8%) | $19.6M | 0% | 101 | flat | D | |
| 18 | Tech Companies · led at Series A, 2025 | Series A Sep 2025 $18M | $87.1M | $55.5M – $137M | $56.0M (-36%) | $22.1M | 97% | 41 | shrinking | B | |
| 19 | Tech Companies · since Series B, 2008 | Series B Jul 2008 $17M | $49.6M | $7.32M – $146M | $49.6M (0%) | $20.0M | 46% | 121 | flat | D | |
| 20 | Tech Companies · led at Seed, 2023 | Seed Oct 2023 $13M | $19.6M | $11.7M – $41.8M | $12.7M (-35%) | $23.8M | 97% | 20 | shrinking | C | |
| 21 | Tech Companies · since Series A, 2024 | Series A Jan 2024 $16M | $59.0M | $21.0M – $228M | $39.1M (-34%) | $25.1M | 87% | 70 | down | D | |
| 22 | Solar Energy Company · led at Seed, 2025 | Seed Sep 2025 $12M | $165M | $54.3M – $250M | $165M (0%) | $32.3M | 0% | 49 | growing | C | |
| 23 | Tech Companies · led at Series A, 2024 | Series A Jan 2024 $11M | $116M | $22.6M – $177M | $102M (-12%) | $17.7M | 0% | 68 | up | D | |
| 24 | Tech Companies · since Series A, 2022 | Series A Apr 2022 $11M | $99.7M | $4.43M – $152M | $99.7M (0%) | $15.2M | 0% | 39 | unknown | D | |
| 25 | Tech Companies · led at Series A, 2020 | Series A Oct 2020 $5.9M | $16.0M | $2.07M – $60.8M | $15.7M (-2%) | $8.64M | 59% | 38 | flat | D | |
| 26 | Payment Processing & Point of Sale · led at Seed, 2021 | Acquisition Sep 2025 | $8.31M acquired 2025 | $4.47M – $19.1M | – | – | 97% | 22 | shrinking | C | |
| 27 | Tech Companies · led at Seed, 2025 | Seed Oct 2025 $6.7M | $99.0M | $32.6M – $151M | $99.0M (0%) | $19.4M | 0% | 26 | growing | C | |
| 28 | Tech Companies · since Series A, 2023 | Series A Jun 2023 $6.5M | $40.9M | $6.70M – $87.6M | $36.6M (-11%) | $9.62M | 25% | 54 | up | D | |
| 29 | Tech Companies · led at Seed, 2023 | Seed Jul 2023 $3.5M | $46.0M | $13.7M – $73.6M | $46.0M (0%) | $10.2M | 0% | 53 | growing | C | |
| 30 | Tech Companies · led at Growth, 2023 | Growth Equity Feb 2023 $5.4M | $22.1M | $5.74M – $71.2M | $17.9M (-19%) | $5.48M | 59% | 16 | flat | D | |
| 31 | Tech Companies · led at Seed, 2022 | Seed Apr 2022 $5.3M | $24.7M | $1.73M – $57.6M | $23.7M (-4%) | $8.38M | 26% | 6 | unknown | D | |
| 32 | Tech Companies · led at Seed, 2025 | Seed Apr 2025 $3.7M | $47.1M | $12.9M – $71.7M | $47.1M (0%) | $9.24M | 0% | 12 | up | C | |
| 33 | Tech Companies · led at Seed, 2025 | Seed Apr 2025 $3.7M | $45.3M | $10.9M – $68.9M | $45.3M (0%) | $8.88M | 0% | 5 | unknown | C | |
| 34 | Decorators & Interior Designers · since Seed, 2018 | Seed Jan 2018 $930K | $6.56M | $0.61M – $16.7M | $6.56M (0%) | $2.23M | 26% | 14 | up | D | |
| 35 | Tech Companies · since Growth, 2025 | Series C Sep 2026 $270M | $1.8B | $1.5B – $2.6B | $2.2B (+28%) | $268M | 0% | 86 | growing | A | |
| 36 | Professional & Management Training · led at Series A, 2019 | Debt Dec 2024 $42M | $783M | $149M – $3.3B | $680M (-13%) | $295M | 57% | 1,118 | down | D | |
| 37 | Groceries · since Growth, 2021 | Growth Equity Dec 2021 $260M | $855M | $74.4M – $1.4B | $855M (0%) | $145M | 0% | 1,096 | flat | D | |
| 38 | Tech Companies · since Series B, 2025 | Series C Oct 2025 $180M | $4.1B | $2.2B – $4.8B | $4.1B (0%) | $496M | 0% | 1,306 | growing | B | |
| 39 | Cryptocurrency · since Series A, 2023 | Series B Apr 2024 $100M | $1.8B | $531M – $3.8B | $1.4B (-26%) | $312M | 51% | 46 | flat | C | |
| 40 | Property Management · since Series E, 2022 | Series E Oct 2022 $98M | $1.0B | $168M – $1.7B | $969M (-6%) | $157M | 0% | 833 | up | D | |
| 41 | Learning, Tutoring & Courses · led at Seed, 2017 | Growth Equity Sep 2025 $120M | $1.5B | $873M – $2.3B | $1.5B (0%) | $136M | 0% | 233 | up | B | |
| 42 | Hotels · led at Series A, 2020 | Growth Equity Dec 2025 $88M | $932M | $577M – $1.4B | $854M (-8%) | $94.8M | 31% | 287 | flat | B | |
| 43 | Automobile Dealers & Manufacturers · led at Series B, 2021 | Series C Jul 2025 $82M | $945M | $459M – $1.4B | $945M (0%) | $113M | 0% | 301 | up | B | |
| 44 | Tech Companies · since Series D, 2025 | Series D Aug 2025 $100M | $2.9B | $1.8B – $3.3B | $2.9B (0%) | $344M | 0% | 737 | growing | B | |
| 45 | Real Estate Investment · led at Series A, 2019 | Series B Apr 2022 $75M | $640M | $62.3M – $1.2B | $606M (-5%) | $116M | 11% | 341 | up | D | |
| 46 | Groceries Delivery · since Series B, 2012 | Series E Sep 2015 $85M | $2.0B | $252M – $5.2B | $2.0B (0%) | $415M | 54% | 17,112 | flat | D | |
| 47 | Trucking and Logistics · since Series C, 2019 | Series D Jun 2021 $80M | $360M | $108M – $1.8B | $321M (-11%) | $196M | 81% | 1,012 | down | D | |
| 48 | Electronical Components Manufacturing · led at Series C, 2025 | Series C Nov 2025 $89M | $1.0B | $525M – $1.6B | $1.0B (+2%) | $125M | 0% | 67 | growing | B | |
| 49 | Tech Companies · led at Series B, 2022 | Series C Jun 2024 $80M | $850M | $338M – $1.2B | $835M (-2%) | $102M | 0% | 322 | up | C | |
| 50 | Real Estate Rental · since Series B, 2021 | Growth Equity Sep 2024 $44M | $294M | $146M – $615M | $165M (-44%) | $44.0M | 79% | 140 | down | C |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How HV Capital invests: stages, industries and countries
Most of its rounds are Series C and later (30%). Its companies span 52 industries, most in Tech Companies, Software Development Services and Aerospace and Defence, across 15 countries.
Rounds by stage
- Pre-seed 6
- Seed 32
- Series A 54
- Series B 36
- Series C and later 55
- Other venture 1
Investments by industry
- Tech Companies 54
- Software Development Services 4
- Aerospace and Defence 3
- Clothing Stores 3
- Groceries 3
- Payment Processing & Point of Sale 3
- Professional & Management Training 3
- Business Consulting 2
Investments by country
- Germany 75
- United Kingdom 14
- United States 14
- Netherlands 4
- France 3
- Switzerland 3
Recent rounds
HV Capital's latest investments
HV Capital's most recent funding rounds, newest first. 16 rounds in the last 12 months.
- Series B $50M 15 Oct 2026
- Series B $40M 6 Oct 2026
- Series C $270M 15 Sep 2026
- Growth $25M 19 Aug 2026
- Series A, led $43M 4 Aug 2026
- Quantum Systems Series D $1.20B 2 Jul 2026
- FINN Series D $160M 24 Jun 2026
- Isar Aerospace Series D $310M 9 Jun 2026
- Series A, led $26M 11 May 2026
- SPREAD Series B $30M 29 Apr 2026
Co-investors
HV Capital's top co-investors
The investors that most often join the same rounds as HV Capital. Speedinvest leads, with 15 rounds together.
- Speedinvest 15 rounds together
- Lakestar 14 rounds together
- 13 rounds together
- Balderton Capital 11 rounds together
- 9 rounds together
- 8 rounds together
- 7 rounds together
- Accel 7 rounds together
- 7 rounds together
- 6 rounds together
About
About HV Capital
HV Capital Manager GmbH is a German venture capital firm that provides early-stage and growth funding to startups and established companies across sectors such as technology, logistics, healthcare, artificial intelligence, and blockchain. The firm manages a portfolio of investments and offers support to companies from seed stage through to exit, with a continuation fund in Germany to facilitate ongoing support. HV Capital also co-invests with international business angels and investors, and is authorized as an Alternative Investment Fund Manager (AIFM) by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
Description from Veridion's company data.
- Founded
- 2000
- Based in
- Munich, Germany
- Team
- 214 people, +18% in a year
- Type
- Venture capital firm
Focus markets
- Technology
- Healthcare
- Logistics
- SaaS
- Enterprise Software
- AI
- Blockchain
What HV Capital offers
- Venture Capital Investment Services
- Early-Stage Startup Funding
- Growth Stage Venture Capital Investment
- Seed Stage Investment Services
- Portfolio Company Scaling and Advisory
- ESG and Sustainability Integration Consulting
- Co-Investor Partnership Development
- Startup Ecosystem Development Services
Questions
HV Capital: frequently asked questions
How many companies has HV Capital invested in?
124 venture-backed companies on VCMC, across 184 funding rounds.
What are HV Capital's most valuable private companies?
Quantum Systems ($8.8B), NEURA Robotics ($7.7B), n8n ($4.1B), by VCMC's valuation.
What was HV Capital's latest investment?
Rabot Energy, a Series B round in Oct 2026 of $50M.
Which stages does HV Capital invest in?
HV Capital invests most often at Series C and later (55 rounds), followed by Series A (54) and Series B (36). It has also joined 32 seed, 6 pre-seed and 1 other venture rounds.
What is HV Capital's portfolio worth?
Its private companies with a VCMC valuation are worth $65.8B together. That is the sum of the companies' values, not what HV Capital owns.
Who does HV Capital invest alongside?
Speedinvest (15 rounds), Lakestar (14 rounds), Picus Capital (13 rounds).