Auxxo closes €33.3M fund for female founders after three-year raise
What's the deal? Berlin-based VC AuxxoDealroom has a profile for this one. Try Dealroom → has closed its second fund, the Female Catalyst Fund II, at €33.3 million. The vehicle backs European startups with at least one female founder holding a minimum 20% equity stake.
Why now? General partner Dr Gesa Miczaika started raising in 2022, and the process ran three years. "It was one of the most difficult things I've ever done in my career," she tells Tech Funding News.
The final total sits 75% above the €19 million AuxxoDealroom has a profile for this one. Try Dealroom → raised for its first fund in 2021.
Who's backing it? The European Investment Fund remains the principal investor. New partners include EnBW New VenturesDealroom has a profile for this one. Try Dealroom →, Aurum ImpactDealroom has a profile for this one. Try Dealroom →, Cherry Ventures, and Speedinvest, alongside family offices and angels. More than half of the limited partners are women.
"Diversity and financial return can go hand in hand," said Marjut Falkstedt, the EIF's chief executive.
What's the endgame? Auxxo typically invests around €500,000 for a 3%–8% stake, targeting 25–30 companies. It has made 11 investments so far in Fund II, spanning Germany, the UK, Sweden, Finland, and France.
The portfolio leans heavily into deep tech, including Marble ImagingDealroom has a profile for this one. Try Dealroom →, a German Earth-observation satellite network; Delta LabsDealroom has a profile for this one. Try Dealroom →, whose Elaiia platform simulates customer behaviour; and BioOrbit, which is developing medicines in microgravity. "That's where we see the best founders at the moment," Miczaika says.
Two portfolio companies have already raised further funding, including Marble Imaging's $6.14 million seed round backed by High-Tech GründerfondsDealroom has a profile for this one. Try Dealroom →.
A shift in pitch: Miczaika says Auxxo initially led with returns but placed greater weight on impact as public opinion on diversity evolved. "We do want excellent returns; that's the foundation. But ultimately, we want to do it because we believe it's beneficial for the whole world," she says.
One more thing: Alongside the close, Auxxo launched a Europe-wide founder matchmaking platform. It grew out of requests from male-led teams seeking female co-founders or executives, and now formalises referrals for solo founders, operators weighing a founding role, and companies hiring.
The signal: Female-only founding teams still receive only about 2% of global VC funding. Auxxo's larger second fund, and the fact that most of its LPs are women, points to a slow shift in who writes European venture cheques — and who they back.
Image credit: Auxxo Female Catalyst Fund
