HV Capital

Managing Partners Lars Langusch, David Kuczek, and Rainer Märkle form the core leadership group. The firm operates a partner-driven investment committee, with sourcing led by the partnership across its Munich and Berlin offices.

HV Capital was originally founded as Burda Digital Ventures, the venture investment arm of Hubert Burda Media. In 2017, the partnership group completed a management buyout, rebranding the firm as HV Capital and establishing full operational and investment independence from the Burda group.

The firm covers the full spectrum of European venture: seed-stage checks via dedicated seed vehicles, Series A and B early-stage rounds as its historical core, and growth-stage investments through later-stage fund structures. HV Capital's multi-vehicle model allows it to follow select positions from initial investment through to IPO or exit.

Enterprise software, fintech, digital health, mobility, and climate technology define the firm's primary verticals. HV Capital's portfolio includes notable positions in consumer internet through its early Zalando and HelloFresh bets, but more recent vintages skew toward B2B and deep-tech applications.

HV Capital primarily operates its own fund vehicles and leads rounds within its target stage ranges. The firm has co-invested alongside other major European VCs — including Index Ventures and Accel — on larger growth-stage rounds, but does not run a dedicated co-investment program or LP-driven syndicate.

No separate philanthropic foundation or impact vehicle has been publicly disclosed by the firm. HV Capital's investment activity runs entirely through its venture fund structures, without a disclosed allocation to concessionary or program-related investments.

Two decades of operation in the DACH region give HV Capital a sourcing advantage through founder relationships and repeat-entrepreneur networks, particularly among Zalando, Delivery Hero, and HelloFresh alumni. The firm's Munich-Berlin dual footprint provides coverage of Germany's primary startup hubs, while the partnership group maintains relationships across the broader European venture ecosystem.