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emma Ventures
Co-founders Katja Baur and Christian Diller launched emma Ventures after an extended tenure at montana capital partners, the European secondaries firm...
emma Ventures
Co-founders Katja Baur and Christian Diller launched emma Ventures after an extended tenure at montana capital partners, the European secondaries firm they built and sold to PGIM in 2021. Baur is a Swiss CPA who served as CFO across primaries, secondaries and buyout structures; Diller earned a PhD in finance at the Technical University of Munich analyzing private equity success factors. The firm is headquartered near Zurich. emma Ventures deploys capital at seed and start-up stages, primarily in the DACH region, with a focus on digital healthcare, enterprise software, fintech, insurtech, edtech, foodtech and consumer. The firm will lead, co-lead, or co-invest in rounds and complements its direct portfolio with commitments to selected VC funds in Europe and the United States. Website-confirmed positions include Aeyde — a Berlin-designed, Italian-made luxury footwear brand — and Calingo, an insurtech player that entered a partnership with Allianz Suisse, as well as Lilio Health, a baby-vital-monitoring device company. The team is lean — Baur and Diller are the only named investment professionals — and the firm notes it draws on a two-decade global network for portfolio support. In February 2024, a partnership between portfolio company Calingo and Allianz Suisse was covered in the Swiss press, though the exact date of the tie-up is not disclosed. Baur also speaks at Swiss startup ecosystem events, including the Founders Day of the Swiss Startup Association. emma Ventures operates as a principal-funded vehicle rather than a third-party fund, which removes LP timelines from its mandate. The co-founders' own liquidity event at montana capital partners supplies the capital base, aligning their personal incentives with portfolio outcomes and giving them the flexibility to hold positions beyond typical venture fund cycles.
General information
Firm type
Venture Capital
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Zurich
Corporate office
Zurich, Switzerland
Principals
Katja Baur
Co-founder and Managing Partner
Christian Diller
Co-founder and Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at emma Ventures?
Co-founders Katja Baur and Christian Diller operate as joint Managing Partners and are the only named investment professionals. Baur brings senior private equity finance experience from montana capital partners and other firms. Diller was co-founder and investment committee member at montana capital partners, where he led over 40 deals.
Is emma Ventures structured as a family office or a venture firm?
Neither label perfectly fits. The firm invests the co-founders' own capital — the liquidity came from the 2021 sale of montana capital partners to PGIM — which gives it a single-family-office character. However, its external brand, syndication talks, and direct-check strategy read more like an early-stage venture firm.
Does emma Ventures participate in fund commitments or only direct deals?
The firm does both. It writes direct early-stage checks into companies across digital health, SaaS, fintech, insurtech, edtech, foodtech and consumer. It also makes commitments to selected VC funds in Europe and the United States.
What investment stages does emma Ventures target?
It concentrates on seed and start-up rounds in the DACH region. The firm states it can lead, co-lead alongside other VCs, or co-invest. There is no indication it participates in growth-stage or buyout deals.
Which sectors does emma Ventures explicitly avoid?
The website lists seven focus areas — digital healthcare, SaaS, fintech, insurtech, edtech, foodtech and consumer — and does not mention deep tech, hardware, industrial, or infrastructure. The firm's mandate appears bounded by those stated sectors.
How is emma Ventures related to montana capital partners?
Co-founders Katja Baur and Christian Diller previously led montana capital partners: Diller co-founded it and Baur served as Partner and CFO. In 2021, PGIM acquired the firm. emma Ventures is a separate entity created after that exit, funded with the co-founders' own capital.
Does emma Ventures maintain philanthropic structures, or is it a pure investment vehicle?
The firm's site does not reference a separate foundation or philanthropic arm. Its mandate mixes financial return with a stated preference for 'mission-driven' founders and a positive societal or environmental impact, but those criteria are integrated into the investment process rather than housed in a distinct structure.
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