Puzzle Ventures
Puzzle Ventures is an early-stage venture capital fund based in Berlin, Germany, with a focus on investing in exceptional European entrepreneurs who are developing B2B software businesses. The fund has a total of €21.5 million and typically commits between €200,000 and €700,000 in pre-seed and seed rounds, often alongside other venture capitalists or angel investors. Operating as Puzzle Ventures Management GmbH, the fund is led by Managing Director Gloria Bäuerlein, who brings valuable experience from both venture capital and startup operations. Puzzle Ventures aims to build long-term partner
Investing activity
Puzzle Ventures appears in 2 AI deals tracked by the AI Lounge deals desk, rounds totalling $20M. The rounds are mostly Seed, with a median round size of $20M. The most recent are ZML (Seed, $20M, Jul 2026) and Build (Seed, $8.5M, Jun 2026).
Puzzle Ventures most often invests alongside Solomon Hykes, Kindred Capital, Konstantin Vinogradov and Drysdale Ventures, and the companies it backs on AI Lounge are mostly in AI.
Deals
Frequently asked questions about Puzzle Ventures
What AI companies has Puzzle Ventures invested in?
Puzzle Ventures's AI investments include ZML and Build. The 2 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Puzzle Ventures based?
Puzzle Ventures is based in Berlin, Berlin, Germany.
What stage does Puzzle Ventures invest at?
In the rounds tracked on AI Lounge, Puzzle Ventures has invested at Seed, with a median round of $20M.
Who does Puzzle Ventures co-invest with?
Puzzle Ventures's most frequent co-investors on AI Lounge are Solomon Hykes (1 deal), Kindred Capital (1 deal), Konstantin Vinogradov (1 deal), Drysdale Ventures (1 deal) and >commit (1 deal).
How can founders reach Puzzle Ventures?
Founders on AI Lounge can see Puzzle Ventures'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 Puzzle Ventures to their Investor Pipeline to track the conversation.