About HV Capital
HV Capital is a venture capital firm founded in 2000. It is primarily based out of Munich, Germany. As of Jul 2026, HV Capital is an active investor, having invested in 298 companies, with 14 new investments in the last 12 months. It primarily invests in Series A round in Germany based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and Retail. Most recently it participated in the $***** Series B round of Fleek Overall, HV Capital portfolio has seen 14 unicorns, 12 IPOs and 93 acquisitions including key companies like HelloFresh, Lazada and FlixBus. A lot of funds co-invest with HV Capital, with names like Rocket Internet sharing a substantial percentage of its portfolio. HV Capital has team of 38 people including 9 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 7 more
Portfolio Acquisitions
Deals in last 12 months
HV Capital's List of Top Investments
HV Capital has a portfolio of 298 companies, including 14 unicorns. Their most notable investments are in ARX Robotics and Tingles.Their portfolio spans across Germany, United States, United Kingdom and 25 more locations. They have invested in Enterprise Applications, Consumer, Retail and 36 other sectors, across stages such as Seed, Series A and 7 more. Here is the list of top investments by HV Capital:1. HelloFresh
Provider of meal recipe kits subscription service. It offers a grocery subscription service where customers receive a weekly box containing three to five easy-to-cook recipes created by professional chefs and nutritionists with instructions and related content. Its menu includes noodles, burgers, fried rice, and more. The mobile application is available for Android and iOS users.
Key facts about HelloFresh
- Founded Year: 2011
- Location: Berlin (Germany)
- Annual Revenue: €1B+ as on Dec 31, 2018
- Stage: Public
- Total Funding till date: $367M
- Employee Count: 17,440 as on Jun 30, 2026
- Investors: Baillie Gifford, Kinnevik and 16 Others
- Latest Funding Round: Post IPO, Aug 05, 2019, $*****
- Highlight: Public
2. Lazada
Online retailer of diverse products providing shopping experiences and digital capabilities. It connects retailers and shoppers through technology, logistics, and payments infrastructure. The platform delivers engaging experiences customised to markets. It enables businesses to scale and grow with digital capabilities.
Key facts about Lazada
- Founded Year: 2012
- Location: Singapore (Singapore)
- Annual Revenue: $500M - $1B as on Dec 31, 2023
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $690M
- Employee Count: 21,571 as on Mar 31, 2026
- Investors: Deutsche Capital Group, Access Industries and 17 Others
- Latest Funding Round: Series E, Nov 29, 2014, $*****
- Highlight: Acquired
3. FlixBus
Operator of intercity bus transportation services for public passenger travel. This business manages scheduled transit routes using motor coaches to facilitate movement between municipalities. Passengers purchase tickets to secure seating for transit. The service provides amenities including power outlets and wireless internet access for travelers during transit. Luggage storage is available for passengers on these vehicles.
Key facts about FlixBus
- Founded Year: 2011
- Location: Munich (Germany)
- Annual Revenue: €1B+ as on Dec 31, 2023
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $1.22B
- Employee Count: 2,584 as on Apr 30, 2026
- Investors: TCV, Silver Lake and 35 Others
- Latest Funding Round: Series G, Jul 04, 2024, $*****
- Highlight: Editors' Pick
Platform offering food ordering and delivery services. Its marketplace enables users to provide online food delivery services from restaurants and cafes. The platform provides services for the delivery of flowers, medicines, gifts, packages, and e-commerce.
Key facts about Delivery Hero
- Founded Year: 2010
- Location: Berlin (Germany)
- Annual Revenue: €1B+ as on Dec 31, 2023
- Stage: Public
- Total Funding till date: $1.8B
- Employee Count: 42,087 as on Jun 30, 2026
- Investors: Kreos Capital, Naspers and 45 Others
- Latest Funding Round: Post IPO, Jan 07, 2021, $*****
- Highlight: Public
5. Zalando
Online retailer of apparel, shoes, and fashion accessories for consumers. It provides a selection of clothing, footwear, and related items. The business caters to individuals seeking various styles and trends. It offers products through its online platform.
Key facts about Zalando
- Founded Year: 2008
- Location: Berlin (Germany)
- Stage: Public
- Total Funding till date: $191M
- Employee Count: 12,977 as on Jun 30, 2026
- Investors: USM, Access Industries and 23 Others
- Latest Funding Round: Grant (prize money), Mar 13, 2023, $*****
- Highlight: Public
HV Capital's Year-on-Year Investment Trends
HV Capital has invested in 298 companies over the last 27 years, with an average of 14 new investments annually in the last 10 years. In 2025, it made 32 investments, while as of Jul 2026, it has made 11 investments in this year. Its most recent first time investment was in Fifth Dimension AI and most recent follow-on round was in Fleek.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 5 | 6 | 11 |
2025 | 16 | 16 | 32 |
2024 | 16 | 11 | 27 |
2023 | 14 | 18 | 32 |
2022 | 11 | 17 | 28 |
2021 | 24 | 28 | 52 |
2020 | 11 | 22 | 33 |
2019 | 14 | 19 | 33 |
2018 | 15 | 8 | 23 |
2017 | 10 | 11 | 21 |
HV Capital's Investments by Stage
HV Capital has made 122 investments in Seed stage with an average round size of $29.4M, 89 investments in Series A stage with an average round size of $11.8M and 27 investments in Series B stage with an average round size of $34.1M.Stage of entry | No. of Investments |
|---|---|
Seed | 122 |
Series A | 89 |
Series B | 27 |
Series C | 11 |
Series D | 5 |
Others | 7 |
Note: We have considered here, only first round of investments
HV Capital's Investments by Sector
HV Capital has a diverse portfolio, with companies operating in the Consumer, Enterprise Applications, Retail, FinTech and High Tech. Notably, it has invested in 266 Tech companies, 164 Consumer (B2C) companies, 155 Enterprise (B2B) companies and at least 122 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 101 |
Enterprise Applications | 89 |
Retail | 60 |
FinTech | 37 |
High Tech | 34 |
Others | 271 |
Note: We have considered here, only first round of investments
HV Capital's Investments by Geography
HV Capital has made most investments in Germany (186), followed by United States where it has made 20 investments.Country | No. of Investments |
|---|---|
Germany | 186 |
United States | 20 |
United Kingdom | 16 |
Netherlands | 6 |
France | 4 |
Others | 29 |
Note: We have considered here, only first round of investments
HV Capital's recent investments
HV Capital has made 11 investments in 2026 so far. Fleek and Quantum Systems are the latest among them.Here are the most recent investments by HV Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 08, 2026 | United States | Series B | 4938 | ||
Jul 02, 2026 | Germany | Series D | 6854 | [+9] | |
Jun 24, 2026 | Germany | Series D | 3999 | [+5] | |
Jun 09, 2026 | Germany | Series D | 1746 | [+4] | |
May 11, 2026 | United Kingdom | Series A | 9421 | [+6] |
Unicorns in HV Capital's Portfolio
HV Capital has 14 unicorns in its portfolio - Ami Labs, N8n, Framer and others. The most recent unicorn in their portfolio is Ami Labs. It became a unicorn in 2026.Here is a list of unicorns in HV Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
57 | Developer of action conditioned world models for autonomous agentic systems | 2026 | - | Paris | Seed | ewu{agz | |
65 | Developer of workflow automation software for building integrated technical processes | 2019 | Berlin | Series C | rodtjqm | ||
76 | Provider of a no-code website builder with integrated content management | 2014 | Amsterdam | Series D | wyrqkbm | ||
74 | AI-powered aerial intelligence and reconnaissance systems | 2015 | Gilching | Series D | bldxphc | ||
63 | Provider of solar energy solutions offering purchase or rental options | 2017 | Berlin | Series D | simfbgr |
IPOs and Publicly Listed companies in HV Capital's Portfolio
12 of HV Capital's portfolio companies have become public. Dafiti got listed on the Frankfurt Stock Exchange (FRA), in Jul 2019 and Ozon got listed on the Frankfurt Stock Exchange (FRA).Here are HV Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 05, 2019 | 2011 | Series A | 2887 | |
Nov 09, 2018 | Apr 03, 2007 | Series B | 7994 | |
Oct 09, 2018 | Jun 08, 2012 | Series C | 1042 | |
Nov 20, 2017 | 2014 | Series E | 2396 | |
Nov 02, 2017 | Dec 11, 2012 | Series B | 5333 |
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Acquired companies in HV Capital's Portfolio
93 companies from HV Capital's portfolio have been acquired. The most recent acquisition was InterNations in Jul 2026 by FairCap for $*****.Here are HV Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 17, 2026 | 2007 | Seed | 6913 | |
May 20, 2026 | Oct 22, 2020 | Series A | 2858 | |
May 06, 2026 | Aug 27, 2021 | Series A | 6909 | |
Apr 28, 2026 | Jun 02, 2021 | Series B | 3869 | |
Mar 02, 2026 | 2012 | Series D | 4164 |
Team profile of HV Capital
HV Capital has a team of 38 members including 9 Partners and 16 Principals located in Germany, India and 2 more locations. HV Capital's team does not sit on the board of any company as of now.Here is a list of top team members in HV Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Munich | - | ||
Partner | Munich | - | ||
Partner | Munich | - | ||
Partner | Berlin | - | ||
Partner | Munich | - | ||
Partner | Bucharest | - | ||
Partner | Berlin | - | ||
Partner | Munich | - | ||
Partner | United Kingdom | - | ||
Principal | Berlin | - |
Co-investors of HV Capital
Over the past 27 years, 1395 investors have co-invested in HV Capital's portfolio companies. This includes funds and angels.
- Invested before HV Capital: Rocket Internet, Speedinvest and 380 others have invested in rounds before HV Capital. There are 6 companies where Rocket Internet has invested before HV Capital and 6 companies where Speedinvest has invested before HV Capital.
- Top Co-investors of HV Capital: 432 investors entered a company along with HV Capital. These include investors like Rocket Internet (9 companies).
- Invested after HV Capital: A total of 581 investors have invested in HV Capital's portfolio after their investments. Top Investors include Insight Partners (6 companies), EQT (6 companies) and b2venture (6 companies).
Recent News related to HV Capital
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Flinn Secures €17 Million in Series A Funding for MedTech SoftwareTrending Topics•Feb 19, 2026•Flinn, HV Capital
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Vienna's MedTech Scale-up Flinn Secures $20 Million Series A Investmentbrutkasten•Feb 19, 2026•Flinn, HV Capital, Bertelsmann Investments, Square One and 2 others
