b2venture raises its biggest fund yet
b2venture, a European early-stage venture capital firm known for backing companies including DeepL and SumUp, has closed its fifth fund at a €150 million hard cap. The new vehicle, Fund V, is set to invest in roughly 35 technology companies that are moving from early traction to scale-up execution, as European founders navigate a market where capital remains selective and follow-on rounds can be harder to secure.
The firm says the fund will focus on areas where Europe has strong technical depth and industrial demand, including AI-enabled software, robotics, manufacturing technology and infrastructure. The close comes amid continued pressure on European venture markets, where investors have become more cautious, valuations have normalized from peak levels, and many funds are concentrating capital into fewer, higher-conviction bets.
A hybrid model of institutional capital and an angel operator network
Founded in 2000 on the Swiss-German border, b2venture has built a model that combines institutional fundraising with an operator-heavy angel community of more than 350+ angels. The firm positions this network as a differentiator in a market where founders increasingly seek more than capital—particularly customer access, hiring support and strategic guidance in regulated or technically complex domains.
Florian Schweitzer, partner at b2venture, said the firm aims to activate support in a targeted way based on specific founder needs. “In practice, this means that founders can tap into highly relevant operators and experts exactly when it matters, whether for customer introductions, early enterprise pilots, hiring key roles, go-to-market strategy or sparring on complex product and regulatory questions,” he said.
Schweitzer added that Fund V is designed to deepen and systematize the collaboration between founders and angels. “With Fund V, we are doubling down on the intersection between founders and angels. Our goal is to make this collaboration even more structured, faster and more outcome-driven, while preserving the trust and long-term mindset that defines the community,” he said.
Track record includes IPOs and repeat unicorn outcomes
b2venture points to a long operating history across multiple technology cycles, from early internet-era investing to today’s AI-driven wave. The firm says its track record includes 11 IPOs and “a unicorn in every fund,” with portfolio companies spanning fintech, SaaS and deep tech. Notable investments include DeepL, the AI translation company; payments firm SumUp; and savings and investment platform Raisin.
The firm attributes its performance in part to what it describes as founder loyalty: investing early, staying involved over time, and converting successful exits into a new generation of backers through its angel community. In Europe’s venture ecosystem, that long-horizon posture places b2venture among established early-stage names such as Point Nine, Atlantic Labs, Earlybird and Seedcamp.
Leadership updates and expanded operator expertise
The firm said Florian Schweitzer and Jan-Hendrik Bürk remain in leadership roles as Fund V begins deploying capital. It also noted internal and network shifts intended to strengthen sector coverage. Jochen Gutbrod, who has supported companies including Raisin and Blacklane since 2014, is moving into the angel network, while Mathias Ockenfels is joining to add marketplace expertise.
Recent and representative portfolio companies cited by the firm include Nautica Technologies (robotic hull cleaning and underwater inspection), Hive Robotics (drones and rovers), Augmented Industries (AI-driven factory training), and assemblean (on-demand manufacturing for complex parts). The mix underscores a tilt toward applied AI and automation in physical-world settings, where Europe’s manufacturing base can provide early customers and deployment environments.
Diversity and inclusion: sourcing breadth alongside performance criteria
Asked about diversity, Schweitzer said b2venture supports diverse founding teams across its portfolio and at the GP level, citing examples including Augmented Industries, Edurino, DudeChem, Yendou, Orus Energy and assemblean.
At the same time, he emphasized that investment decisions are primarily driven by execution and business fundamentals. “Our investment decisions are driven first and foremost by founder quality, ambition, and the strength of the business and technology,” Schweitzer said, adding that the firm’s approach is “long-term” and “founder-first,” rooted in integrity, continuity and community.
Practically, he said the firm aims to broaden sourcing channels, leverage its 350+ angel community for mentorship and access, and support teams over extended timelines—an approach intended to reduce the structural disadvantages that can limit visibility for underrepresented founders.
Where Fund V is investing: AI, robotics and industrial modernization
Fund V is already active, with investments spanning AI, robotics, manufacturing and infrastructure. Schweitzer said early deployments point to a concentration in autonomous systems and B2B platforms modernizing industrial workflows across sectors including construction, maritime, drug discovery and defence-adjacent autonomous systems.
“At a use-case level, what excites us are autonomous systems operating in complex physical environments, AI-driven platforms modernising industrial workflows, and new production or service models that make traditionally capital-intensive sectors faster and more flexible,” Schweitzer said. He highlighted Nautica Technologies as an example, describing it as building autonomous underwater robotics for real-time inspection of offshore assets.
Looking ahead, the firm says it will prioritize “core infrastructure and enabling technologies that can compound over time,” focusing on teams with the ambition to build enduring European deep-tech leaders. For founders, the close of b2venture’s €150 million fund signals that while Europe’s capital environment remains demanding, experienced investors are still raising sizable pools to back companies with credible paths from innovation to scaled deployment.
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