NAP

Six equal founding partners share decision-making: Rouven Dresselhaus, Markus Fuhrmann, Marcel Hollerbach, Dominik Matyka, Claude Ritter, and Stefan Walter. The firm does not designate a managing partner or CEO, operating with a flat structure uncommon in European venture.

Sourcing depends heavily on the firm's 250 individual backers — a network of operators and entrepreneurs who provide deal flow and portfolio support. The founding partners' own track records as company builders, and the Series A relationships with funds like Accel, Index, Sequoia, and Benchmark, create a repeatable pipeline of founder referrals.

NAP leads pre-seed and seed rounds, with initial investments typically between €500,000 and €4 million. The firm uses priced equity rounds and convertible instruments, and leaves room for angel co-investors to complement each round.

The firm invests in software businesses across Europe and does not publicly exclude specific software categories. Its portfolio currently skews toward enterprise SaaS, AI infrastructure, climate software, and proptech, with no disclosed positions in hardware, biotech, or consumer packaged goods.

The firm rebranded in 2024 while retaining its original cavalry.vc domain and Notion website — an unusual move that preserved the legacy brand's digital footprint. NAP has not publicly detailed the rationale, but the retention of all six founding partners and the same strategy suggests a brand refresh rather than a change in mandate or team structure.