The past two years have been a tricky time for VC firms to fundraise; LPs have grown more scrupulous as they wait for distributions, and some of Europe’s largest VCs seem to be raking in the lion’s share of the funding with increasingly enormous funds.
Sifted tracked fewer first-time funds in 2024 than in 2023 and 2022; while European VCs pulled in about €20bn across 161 vehicles, according to PitchBook data — the lowest count in a decade. Still, according to Atomico’s recent state of European tech report, 29% of LPs say they’re more interested in investing in European VC compared to a year ago, when that figure was 18%.
Many investors may be taking their chances in the market soon. There’s a large number of VC firms which haven’t raised a new fund for two years — a good indicator that they might be looking to raise in the near future; and Sifted knows of a number of VCs currently chatting up LPs.
Sifted spoke with VCs as well as sources to round up some names that are currently fundraising or planning to go to market in 2025; we’ve also included a number that haven’t discussed fundraising plans but which haven’t raised new funds since 2022. Here are some top funds that are due a fundraise in 2025.
Point Nine
Target size: Unknown, but unlikely to be more than €200m based on previous funds
Focus: Unknown, but likely early-stage generalist with a software focus like previous funds
HQ: Berlin
The Berlin-based firm raised its latest fund in 2022, announcing a €180m B2B-focused seed fund. Cofounder Pawel Chudzinski told Sifted recently that the firm raises every two to three years and it “could happen” that they raise in 2025, although Point Nine declined to comment on plans. Forbes also recently reported that Point Nine was focused on raising a new fund.
Point Nine was an early backer of UK neobank Revolut, having bought in at the Series A round back in 2016. Based on Sifted’s previous calculations, the firm’s current Revolut holding could be worth about $880m. It’s also backed the likes of food delivery platform Delivery Hero and US crypto investigation software startup Chainalysis.
Keen Venture Partners
Target size: €125m-150m
Focus: Defence and security
HQ: Amsterdam
The Dutch firm last raised €120m for its second fund in 2021. Now, the firm is planning on raising its next fund, which will be focused on defence and dual use investing at the early stages (seed through Series B), Sifted understands. The fund will invest in up to 25 early-stage companies focused on dual use — meaning they have both military and commercial applications.
Keen has backed the likes of decarbonisation for businesses startup Plan A and sustainable meat startup Gourmey, and counts KfW, the European Investment Fund and tech entrepreneurs from companies including Adyen and TomTom as LPs.
B2venture
Target size: Unknown
Focus: Software
HQ: St. Gallen
The Swiss firm last raised a €135m early-stage fund in 2021 and is currently in the process of fundraising. Though B2venture declined to provide further details about the fundraise, the firm typically invests in AI-powered software businesses and likes to invest in the pre-seed and seed stages largely in the DACH region.
The new fund’s focus will be “heavy on software topics, but across several different sectors (AI, B2B SaaS, digital health, supply chain, fintech),” partner Andreas Goeldi told Sifted. New for this upcoming fund, b2venture is “adding industrial applications to the mix, e.g. industrial AI and robotics software.”
B2venture has backed a number of heavy-hitters like German AI translation unicorn DeepL, solar startup 1Komma5 and equity platform Ledgy.
Project A
Target size: Unknown
Focus: Generalist
HQ: Berlin
The 13-year-old firm is raising a new fund, Sifted understands. Despite Project A’s vocal support of defence tech investing — which includes its own bets on AI-powered drone startup Quantum Systems and autonomous vehicles company ARX Robotics — the firm isn’t raising a straight defence fund, Sifted hears. Project A declined to comment on fundraising plans.
Project A last raised a $375m fund in 2022, and has made bets on the likes of digital health platform Kry and mobile trading broker and unicorn Trade Republic.
HV Capital
Target size: Unknown
Focus: Unknown
HQ: Munich
HV Capital is among Germany’s oldest VCs, having launched in 2000. The firm most recently raised €700m for its ninth — and largest ever — fund in 2023. And Sifted hears the fund is back in the market. HV declined to comment.
HV has made over 200 investments, including into heavy-hitters like solar startup Enpal as well as up-and-comers like German spacetech Isar Aerospace. HV has also seen a number of exits, including marketplace Zalando and Delivery Hero.
Visionaries Club
Target size: Unknown
Focus: Deeptech and climate
HQ: Berlin
The Berlin firm has backed a number of B2B unicorns including HR software startup Personio and open banking platform TrueLayer. In 2022 it raised €400m across three funds to invest in B2B tech: €150m for seed, €200m for early growth (post-Series B) and a ‘Tomorrow Fund’ of €50m focused on science and technology investments at the pre-seed and seed stages.
Now, the firm is raising a new Visionaries Tomorrow Fund with its deeptech climate focus, which should wrap up in 2025.
Amadeus Capital Partners
Target size: Unknown
Focus: Unknown
HQ: London
The VC is among Europe’s oldest, having been founded in 1997 by current CEO Anne Glover and Hermann Hauser, who helped establish chip design titan Arm. The firm is currently raising a new fund, sources tell Sifted. Amadeus previously partnered with Apex Ventures for a target €80m fund in early 2023 to invest in early-stage deeptech startups.
Amadeus generally invests in deeptech startups. The firm has made notable bets on companies like metaverse startup Improbable and UK chipmaker Graphcore, which was bought by SoftBank earlier this year for over $600m — though it had gone through some challenging times and raised over $700m before the acquisition.
XAnge
Target size: Unknown
Focus: Unknown
HQ: Paris, Munich and Berlin
The Franco-German firm is raising a new fund this year — although XAnge declined to provide further details. The firm last raised €220m for its fourth fund to invest in areas like deeptech and impact. However during the summer of 2024 XAnge quietly stopped raising for and wound down its inaugural Web3 fund, Sifted reported, which had been targeting a close of €80m. It’s backed the likes of carbon accounting startup Greenly and crypto wallet Ledger.
Others to keep an eye on
There are several other funds that haven’t raised in a while and might be back in the market. Take a look at the table for more.
Read the orginal article: https://sifted.eu/articles/european-vcs-due-fundraise-2025/
