Investor profile

HV Capital

Venture Capital · Founded 2000 · Munich, Germany

Leading German VC active throughout Europe. Notable investments include Zalando, Delivery Hero, Depop, HelloFresh, Flixbus and Sennder

265 portfolio companies Venture Capital · $14B invested · 549 investments · Investor rank #188 · Last investment 7/2026

Portfolio companies 265 ↑ 38% 5y

Decacorns 2

Thoroughbreds 27 ↑ 23% 5y

Power Law #62Investor Ranking · Global · 2026 · Top 0.5%

Featured in

News Ore Energy raises $43M Series A backed by Plural and HV Capital Aug 4, 2026

News Fleek raises $25M Series B to build AI for secondhand fashion Jul 8, 2026

News Isar Aerospace closes €270M Series D to scale Spectrum rocket production Jun 9, 2026

Estimated holdings

HV Capital’s biggest current holdings.

An estimate of HV Capital’s largest live positions — disclosed shareholding × Dealroom’s latest valuation — across 9 companies where HV Capital is a named shareholder, worth about $1.8B in estimated equity value.

#CompanyEst. stakeValuationEst. value

1 Scalable CapitalFintech · Unicorn 18% $1.7B $308M
2 EnpalEnergy · Unicorn 12% $2.5B $297M
3 N8nEnterprise Software · Unicorn 5% $5.2B $260M
4 Quantum SystemsSecurity · Unicorn 7.5% $3.3B $248M
5 FlixTravel · Unicorn 7% $3.3B $231M
6 Verbit.aiEnterprise Software · Unicorn 9.5% $2.0B $190M
7 8.5% $2.1B $180M
8 8% $1.1B $88M
9 11.36% $231M $26M

3 companies hidden on this public profile. Estimated value = HV Capital’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. See the underlying cap tables on Dealroom →

Exits

HV Capital’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from HV Capital’s transaction record.

Delivery Hero

$4.8B IPO · 2017

Entered Series B+Now $15BFood

Rocket Internet

$8.2B IPO · 2014

Entered Series B+Now $1.9BMarketing

Zalando

$5.8B IPO · 2014

Entered SeedNow $7.9BFashion

Ozon

$6.2B IPO · 2020

Entered Series B+Now $6.2BHome Living

Lazada

$2.0B acquisition · 2016

Entered Series B+Marketing

HelloFresh

$1.9B IPO · 2017

Entered SeedNow $468MFood

Depop

$1.6B acquisition · 2021

Entered SeedFashion

Portfolio analysis

Where HV Capital’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 265 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount

Germany180
UK21
USA21
Brazil5
Netherlands5
Switzerland5
France3
Russia3
Spain3
Austria2
Denmark2
Singapore2

By sectorCount

Enterprise Software56
Fintech35
Food24
Health24
Marketing22
Fashion20
Home Living17
Transportation16
Media14
Education12
Energy11
Real Estate11

By stage enteredCount

Seed135
Series A92
Series B+39

By growth stageCount

Early Growth107
Breakout Stage99
Late Growth61

Portfolio market map

Inside HV Capital’s portfolio.

The 60 highest-funded portfolio companies, of 265 tracked.

AMI - Advanced Machine Intelligence

Enterprise Software · Unicorn

Home Living · Unicorn

$6.2B

Verbit.ai

Enterprise Software · Unicorn

Transportation · Unicorn

Transportation · Unicorn

Enterprise Software · Unicorn

Enterprise Software · Unicorn

Ferroelectric Memory Company

Portfolio founders

Where HV Capital’s portfolio founders come from.

199 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount

Germany119
United Kingdom16
United States16
France9
Denmark5
Netherlands5
Peru4
Austria3
Canada3
Russia3

UniversityCount

WHU Otto Beisheim School of Management11
Technical University Munich8
London School of Economics and Political Science7
University of Erlangen-Nuremberg7
Bocconi University6
Free University of Berlin6
Bundeswehr University Munich5
University of Amsterdam5
University of St.Gallen5
KTH Royal Institute of Technology4

Previous companyCount

McKinsey & Company14
Boston Consulting Group11
Goldman Sachs8
Rocket Internet7
Meta6
Roland Berger6
Siemens6
Morgan Stanley5
Bundeswehr4
Delivery Hero4

How HV Capital stacks up

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Peers the API surfaces as most similar by portfolio shape, with Dealroom investor rank and portfolio scale.

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General Catalyst

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Key people

Key people at HV Capital.

Alexander Joel-Carbonell

Mina Mutafchieva Van Ingelgem

Source: Dealroom next-gen API — investor team endpoint.

Figures on this page are sourced live from the Dealroom next-gen API, joined with Dealroom’s cap-table dataset (estimated holdings) and the Power Law Investor Ranking. News in “Featured in” is drawn from Dealroom’s own coverage — the stories that name this investor, not only those it is the subject of. Market sentiment is omitted until the API exposes it.