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HV Capital closes new €700 million fund to back European startups of all stages

Operating across Europe, HV Capital has just raised over €700 million to back startups from Seed to Series D and beyond. It’s the largest fund ever launched by the firm and reflects a big commitment to fueling longevity in Europe’s startup ecosystem. 

At the beginning of 2023, there was a deal of scepticism and pessimism about the wider economic system. Indeed, funds and investments slowed down and startups felt the pinch. However, despite this, innovation has continued to grow and resilience in the system has proved impressive.

Now, HV Capital, an early-stage and growth venture capital investor, has announced the close of a €710 million fund – earmarked for EUropen startups at all stages with disruptive tech solutions. The fund, HV Capital Fund IX (“Fund IX”), is the firm’s largest ever and expands its ability to invest in innovative tech teams. It will be split into two vehicles, “Fund IX Venture” and “Fund IX Growth”, to target companies from Seed to Series D and beyond.

The fund was backed by institutional investors from Europe and the United States.

Rainer Märkle, General Partner at HV Capital said: “We are very excited to announce the close of HV Capital Fund IX today, a record fundraise which will open new opportunities for us to invest in the next generation of disruptive ideas. Fund IX will allow us to partner with outstanding entrepreneurs, who from every industry and market across the continent, are making incredible differences in the way we live our lives. We look forward to helping them unlock opportunities for growth so that they can scale sustainably and build the next great European winners”.

For the past 23 years, HV Captial has established a strong investment track record. It has backed the likes of Flixbus, Enpal, SumUp and Isar Aerospace, launched HV Capital Fund VIII in 2020 at €535 million, and, launched a €430 million continuation fund, HV COCO, in 2022.

This latest fund takes a special focus on advancing ESG in the VC ecosystem, with specific commitments made under Article 8 of the EU’s Sustainable Finance Disclosure Regulation (SFDR). In line with this, HV Capital is targeting 33% female representation in C-Suite level positions across the portfolio, as well as having 30% of the funds allocated to companies aligned with the Climate Action & Environmental Sustainability criteria of the European Investment Fund (EIF), by the end of the fund’s lifecycle.

Already, four investments have been made from the fund: Berlin-based SPREAD, Berlin-based Polyteia, Munich-based ecoplanet and Copenhagen-based Agreena.

HV Capital has invested in 225 tech companies since its inception, supporting teams with ticket sizes ranging from €500,000 to €60 million. This new fund will continue to expand its reach and establishes the firm as one of Europe’s leading players in the wider entrepreneurial ecosystem.

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Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.

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