Germany’s most active VCs investing at seed and below

German VC got off to a slow start in 2024, with 375 deals made across all stages in the first six months of this year, compared to 712 in H1 of 2023, according to data platform Dealroom.

And while seed funding was hot last year — with bigger funds that wouldn’t previously have considered early stage investing swooping in — there have been half the number of pre-seed and seed cheques signed so far this year compared to H1 2023.

But who are the investors signing the most pre-seed and seed deals in the last 12 months?

Using data from Dealroom, Sifted has selected the investors that did the most pre-seed and seed deals in Germany in the last 12 months. The total excludes follow-on investments. Accelerators were not included. Sifted reached out to every firm to confirm the numbers but not every VC replied.

1/ High-Tech Gründerfonds (HTGF)

HQ: Bonn

Fund focus: HTGF is an early-stage VC investing in software, medtech and climate tech. Earlier this month, it announced a new opportunity fund backed by the German government with a starting volume of €660m to invest in its portfolio companies at later stages

Pre-seed and seed deals in last 12 months: 52, confirmed with Sifted

Notable deals in last 12 months:

Zurich-based embedded chips startup Synthara
Lausanne-based engineering intelligence company Neural Concept
Karlsruhe-based e-fuels startup Ineratec

2/ Speedinvest

HQ: Vienna (with additional offices in Berlin, Munich, London and Paris)

Fund Focus: Speedinvest is a pan-European early-stage investor focusing on pre-seed and seed startups across six investment areas: climate and industrial tech, deeptech, fintech, healthtech and techbio, marketplaces and consumer and SaaS and infrastructure.

Pre-seed and seed deals in last 12 months: 32, confirmed with Sifted

Notable deals in last 12 months:

Aachen.based lithium-ion battery recycling startup Cylib
London-based AI artwork creation platform Exactly.ai
London-based modern operating system for frontline workers in Sona

3/ Earlybird

HQ: Berlin

Fund focus: Earlybird is a pan-European fund with a focus on pre-seed to Series A companies. It typically co-leads its investments and aims for sizable ownership. It invests in enterprise software, fintech, sustainability and deeptech across Western Europe.

Pre-seed and seed deals in last 12 months: 22, confirmed with Sifted

Notable deals in last 12 months:

Munich-based rocket launcher Isar Aerospace
Zurich-based quality management solution Ethon AI
Essen-based direct air capture startup Greenlyte

4/ IBB Ventures

HQ: Berlin

Fund focus: IBB Ventures is part of the IBB Group, the business development bank of the Federal State of Berlin. It invests at the early stage in healthcare, industrial technologies, consumer and digital, software and IT.

Pre-seed and seed deals in last 12 months: 17, according to Dealroom

Notable deals in last 12 months:

Berlin-based computational chemistry platform Quantistry
Berlin-based open source vector search engine and database Qdrant
Berlin-based document management platform Caya

5/ HV Capital

HV Capital partner Jan Miczaika (left) and investment manager Said Alib Haschemi

HQ: Munich

Fund Focus: HV Capital invests in European digital companies across early and late stage, and has backed German giants such as Zalando, HelloFresh and Delivery Hero. Last year, it closed its biggest ever fund of €710m, which it split into early-stage and growth-stage pots.

Pre-seed and seed deals in last 12 months: 14, confirmed with Sifted

Notable deals in last 12 months:

Munich-based learning app simpleclub
Istanbul-based Wealthtech platform Midas
Munich-based B2B energy platform Ecoplanet

6/ BMH Beteiligungs Hessen

HQ: Hessen

Fund Focus: BMH is a subsidiary of the Hessen Economic and Infrastructure bank, which invests in startups based in Hessen. It has several funds, allowing it to invest from seed up until the growth stage.

Pre-seed and seed deals in last 12 months: 12, according to Dealroom

Notable deals in last 12 months:

Hessen-based digital platform for dental implants and accessories Implify
Hessen-based sustainable cooling solutions startup MagnoTherm Solutions
Hessen-based natural medicine app NIU Nature

7/ Bayern Kapital

HQ: Landshut

Fund Focus: Bayern Kapital — the Free State of Bavaria’s venture and growth capital company — invests exclusively in tech companies in Bavaria. Sectors of interest include biotech, life sciences, medical technology, software and climate tech. The firm has several funds (from the seed and startup phase to expansion, later stage and growth) and covers investments from €250k-25m.

Pre-seed and seed deals in last 12 months: 12, according to Dealroom

Notable deals in last 12 months:

Munich-based nuclear fusion startup Proxima Fusion
Landshut-based green heating networks startup Zentur.io
Planegg-based biotech producing natural products Insempra

8/ Atlantic Labs

HQ: Berlin

Fund Focus: Atlantic Labs invests mainly in companies in the DACH region, covering areas such as climate tech, mobility and digital health. Its portfolio includes German unicorns such as GetYourGuide, Omio and Choco.

Pre-seed and seed deals in last 12 months: 11, confirmed with Sifted

Notable deals in last 12 months:

Hamburg-based no-code platform for building interactive forms, funnels and landing pages HeyFlow
Berlin-based life insurance startup Embea
Palaiseau-based ocean data startup Amphitrite

9/ Redstone

HQ: Berlin

Fund focus: Redstone invests at the early stage across eight themes including sustainability, fintech, quantum and impact.

Pre-seed and seed deals in last 12 months: 10, according to Dealroom

Notable deals in last 12 months:

Joensuu-based semiconductor startup Chipmetrics
Covilhã-based patient care integration platform UpHill
Paderborn-based Unchained Robotics, which makes robots for small and medium-sized manufacturers

10/ Green Generation Fund

Green Generation Fund’s founding general partners: Dr Manon Sarah Littek (left) and Janna Ensthaler

HQ: Berlin

Fund focus: Green Generation Fund is one of the newer kids on the block, having been founded by GPs Janna Ensthaler and Dr Manon Sarah Littek in 2021. Their first fund of €100m focuses on sustainability, from food to farming.

Pre-seed and seed deals in last 12 months: 9, confirmed with Sifted

Notable deals in last 12 months: