Raffay

Raffay executes both minority and majority growth investments, typically entering as the first institutional capital for founder-owned businesses. The firm often structures deals so founders retain a meaningful equity stake and operating role, prioritizing founder-controlled transitions over full buyouts.

Raffay concentrates on Germany, Austria and Switzerland (the DACH region), sourcing most of its deal flow from its single Berlin office. The firm does not maintain satellite offices and has not indicated plans to invest beyond German-speaking Europe.

Raffay focuses on expansion-stage companies that have already achieved product-market fit and generally generate €10–50 million in revenue. The firm does not participate in seed or early-venture rounds, positioning itself in the gap between late-stage venture capital and traditional mid-market buyouts.

Raffay invests in enterprise software, AI/ML and industrial technology. Within enterprise software, the firm targets vertical SaaS and B2B platforms; within industrial technology, it backs automation, robotics and digitalization plays tied to the DACH region's manufacturing and industrial base.

Given its single-office structure in Berlin, Raffay relies on concentrated, relationship-driven origination. The firm leverages Berlin's dense founder network and technical talent pool to access companies before they reach broader auction processes, especially in the city's enterprise and industrial technology clusters.

Raffay's specific fund structures and vehicle sizes have not been publicly disclosed. The firm has not announced closed-end fundraises, suggesting it may operate with committed discretionary capital from a concentrated investor base, though this has not been confirmed.

Raffay's founding year and named principals have not been publicly disclosed. The firm maintains a low public profile, consistent with a concentrated, Berlin-anchored investment strategy that does not rely on brand or marketing-led origination.