HV Capital
About HV Capital
HV Capital was founded in 2000 and was formerly known as Holtzbrinck Ventures. It is headquartered in Munich and also has a Berlin office. Its Fund IX closed at €710 million in May 2023, the largest fund the firm has raised. A continuation fund of over €430 million launched in 2022. The firm reports €2.8 billion in assets under management across nine fund generations. Managing partners are Lars Langusch and David Kuczek. General partners include Rainer Märkle, Christian Saller, Felix Klühr and Barbod Namini. Lina Chong and Jan Miczaika are partners.
HV describes its portfolio as spanning consumer, software, deep tech and AI. AI companies appear across its seed and growth activity. Recent examples include Advanced Machine Intelligence (AMI), a round of about $1.0 billion in March 2026, and Hadrian's $40 million round in October 2026. HV led the Rivercell seed round ($25 million, October 2026) and the Qontext pre-seed round (€2.7 million, February 2026). Earlier, HV participated in Spread AI's $30 million Series B alongside Salesforce Ventures and DTCP. One deep-tech analysis describes Jasper Masemann as a partner focused on AI and deep-tech deal flow.
The Venture strategy leads Seed and Series A rounds with investments from €500,000 to €10 million. The Growth strategy invests up to €60 million in Series B and beyond, with follow-on capital of up to €100 million per company. Fund IX was described at its close as covering seed through Series D and beyond, split into Venture and Growth vehicles.
- Advanced Machine Intelligence (AMI): develops action-conditioned world models for agentic systems; round of about $1.0 billion, March 2026
- Hadrian: agentic AI offensive security platform; $40 million round, October 2026
- Rivercell: seed round of $25 million, led by HV Capital, October 2026
- Qontext: pre-seed round of €2.7 million, led by HV Capital, February 2026
- Spread AI: engineering intelligence platform; $30 million Series B with Salesforce Ventures and DTCP
- Quantum Systems: AI-powered dual-use reconnaissance drones; HV led its €63.6 million Series B in 2023
- Fifth Dimension AI: AI decision intelligence for real assets; €22 million Series A in 2026, co-invested by HV
- hvcapital.com/approach
- tech.eu/2023/05/04/hv-capital-closes-new-fund-at-eur710-million
- bloomberg.com/news/articles/2023-05-04/germany-s-hv-capital-raises-710
- eu-startups.com/2023/05/hv-capital-closes-new-e700-million-fund-to-bac
- superscout.co/investor/hv-capital
- dealroom.co/investors/hv-capital
- pitchbook.com/profiles/investor/51189-94
- f4.fund/firms/hv-capital
Investing activity
HV Capital appears in 4 AI deals tracked by the AI Lounge deals desk, rounds totalling $1.09B, and led 2 of them. The rounds are mostly Seed, Growth and Series A, with a median round size of $40M and the largest at $1.03B. The most recent are Rivercell (Seed, $25M, Oct 2026), Hadrian (Growth, $40M, Oct 2026) and Advanced Machine Intelligence (Series A, $1.03B, Mar 2026).
HV Capital most often invests alongside Bpifrance Digital Venture, HCVC, Alven and Forgepoint Capital International, and the companies it backs on AI Lounge are mostly in AI for biology / drug discovery, AI cybersecurity and Foundation models.
Deals
Frequently asked questions about HV Capital
When was HV Capital founded?
HV Capital was founded in 2000 and was formerly known as Holtzbrinck Ventures. It is headquartered in Munich, Germany.
What is HV Capital's latest fund?
Fund IX closed at €710 million in May 2023. It covers seed through Series D and beyond, through separate Venture and Growth vehicles.
What check size does HV Capital write for AI startups?
The Venture strategy invests €500,000 to €10 million at seed and Series A. The Growth strategy invests up to €60 million from Series B onward, with follow-on capital up to €100 million per company.
Which AI companies has HV Capital backed?
Recent examples include Advanced Machine Intelligence (AMI), Hadrian, Rivercell and Qontext. Earlier examples include Spread AI and Quantum Systems.
What AI companies has HV Capital invested in?
HV Capital's AI investments include Rivercell, Hadrian, Advanced Machine Intelligence and Qontext. The 4 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is HV Capital based?
HV Capital is based in Munich, Germany.
What stage does HV Capital invest at?
In the rounds tracked on AI Lounge, HV Capital has invested at Seed, Growth, Series A and Pre-seed, with a median round of $40M. HV Capital led 2 of those rounds.
Who does HV Capital co-invest with?
HV Capital's most frequent co-investors on AI Lounge are Bpifrance Digital Venture (1 deal), HCVC (1 deal), Alven (1 deal), Forgepoint Capital International (1 deal) and Smartfin (1 deal).
How can founders reach HV Capital?
Founders on AI Lounge can see HV Capital's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add HV Capital to their Investor Pipeline to track the conversation.