HV Capital

Venture Capital · Founded 2000 · Munich, Germany

#62 Investor Ranking 2026 Top 0.5% of investors worldwide

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

Website ↗LinkedIn ↗X / Twitter ↗

266 Portfolio companies+39% in 5 years

21 Unicorns

2 Decacorns

550 Investments

Aug 2026 Last investment

01 · Knowledge graph

News Flip raises $25M Series D to bring AI to deskless workers Aug 19, 2026

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

02 · Biggest holdings

HV Capital’s biggest current holdings.

HV Capital is a named shareholder in 9 companies. Dealroom estimates those stakes are worth about $2.2B in total — the disclosed percentage × each company’s latest valuation. The 9 biggest are below, each sized by that estimate.

Quantum Systems $578M 7.5% of $7.7B

Scalable Capital $308M 18% of $1.7B

Enpal $297M 12% of $2.5B

N8n $260M 5% of $5.2B

Flix $231M 7% of $3.3B

Verbit.ai $190M 9.5% of $2.0B

$180M

$95M

$26M

#CompanyEst. stakeValuationEst. value

1 Quantum SystemsSecurity · Unicorn 7.5% $7.7B $578M
2 Scalable CapitalFintech · Unicorn 18% $1.7B $308M
3 EnpalEnergy · Unicorn 12% $2.5B $297M
4 N8nEnterprise Software · Unicorn 5% $5.2B $260M
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% $1.2B $95M
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 shareholder registers on Dealroom →

03 · 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 $6.5BFashion

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 $443MFood

Depop

$1.6B acquisition · 2021

Entered SeedFashion

04 · 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 266 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount

Germany204
USA27
UK24
Netherlands7
Switzerland6
Brazil5
Spain4
France3
Russia3
Austria2
Denmark2
Singapore2

By sectorCount

Enterprise Software58
Fintech39
Food26
Fashion25
Health24
Marketing24
Home Living20
Transportation20
Media19
Education14
Energy12
Real Estate12

By stage enteredCount

Seed135
Series A92
Series B+38

By growth stageCount

Early Growth135
Breakout Stage104
Late Growth65
Mature1

05 · Portfolio market map

Inside HV Capital’s portfolio.

The 60 highest-funded portfolio companies, of 266 tracked.

Neura Robotics

Robotics · Unicorn

$7.0B

AMI - Advanced Machine Intelligence

Enterprise Software · Unicorn

JOKR

Food

$800M

Cabify

Transportation · Unicorn

$1.4B

Ozon

Home Living · Unicorn

$6.2B

Verbit.ai

Enterprise Software · Unicorn

Transportation · Unicorn

Transportation · Unicorn

$1.1B

Upvest

Fintech

$735M

Wonga

Fintech

$480M

N8n

Enterprise Software · Unicorn

$5.2B

Dafiti

Fashion

$317M

Linio

Wellness Beauty

$138M

Exein

Security

$770M

Holidu

Travel

$413M

Lingokids

Gaming

$480M

Ottonova

Health

$330M

Marvel Fusion

Energy

$220M

Framer

Enterprise Software · Unicorn

Ferroelectric Memory Company

Semiconductors

$339M

Tourlane

Travel

$106M

Flowdesk

Fintech

$250M

Habyt

Real Estate

$177M

Sdui

Education

$92M

Auctionata

Home Living

$185M

Nabla

Health

$280M

Care.com

Health

$320M

BUX

Fintech

$320M

Qualifyze

Health

$100M

Spotcap

Fintech

$97M

PlusDental

Health

$124M

Exporo

Fintech

$88M

Schüttflix

Real Estate

$236M

Informed

Security

$80M

Agreena

Food

$200M

06 · 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