# Up to Eleven

Up to Eleven is an Asset Manager based in Graz, Austria.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Graz, Austria
- **Region:** Europe
- **Address:** Münzgrabenstraße 92/4, 8010 Graz, Austria
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** ut11.net
- **LinkedIn:** https://www.linkedin.com/company/up-to-eleven-digital-solutions-gmbh

## Regulatory record

- **Reports private funds:** No

## About

Up to Eleven is a company builder specialized on mobile. It co-founds and accelerates early stage businesses and startups in the mobile field, generating growth through active involvement and seeking strategic investors. It provides seed stage funding, operational expertise, mentoring, and infrastructure, and is more than an accelerator—acting as both accelerator and incubator as a company builder.

## Sectors

- Enterprise Software
- PropTech
- Digital Health
- Mobility & Transportation
- Consumer Tech

## People

- Toto Wolff — Founder
- René Berger — Founder
- Martin Pansy — CEO and Co-Founder
- Jürgen Pansy — Co-Founder and Partner

## Questions

### Who runs investment decisions at Up to Eleven?

Investment decisions are made by the four founders: Toto Wolff, René Berger, Martin Pansy, and Jürgen Pansy. Each is an active operator in addition to their role at the firm — Wolff as Team Principal of Mercedes-AMG Petronas Formula One, Berger as Managing Partner of nextmarch, Martin Pansy as CEO of Nuki, and Jürgen Pansy as the former founder of sms.at. This operating-partner model means sourcing and diligence draw directly on their respective industries.

### How does Up to Eleven source proprietary deal flow?

Deal flow originates primarily through the founders' deep operational networks in the DACH technology and motorsport communities. The firm is a member of the Austrian Angel Investors Association and the Austrian Private Equity and Venture Capital Association, which provide additional local sourcing channels. Co-investors like Runtastic founders' vehicle 8eyes and corporate partner Allegion also generate cross-referral opportunities.

### Does Up to Eleven participate in fund commitments or only direct deals?

The known posture is exclusively direct deals — the firm invests directly into portfolio companies and uses special-purpose vehicles for syndicating co-investors. There is no public record of Up to Eleven making fund-of-fund commitments or acting as a limited partner in third-party venture funds.

### What investment stages does Up to Eleven typically target?

The firm covers a broad venture spectrum from seed and start-up stages through expansion and late-stage growth. This flexibility reflects the founder group's preference for committing to companies where their operational expertise can materially influence outcomes, rather than being constrained to a single-stage mandate.

### Which sectors does Up to Eleven invest in?

Confirmed portfolio positions include proptech (smart access via Nuki) and digital health (mental health platform Instahelp). The firm's stated strategy also targets enterprise software, mobility, and consumer technology, with an emphasis on hardware-enabled digital products that benefit from the founders' product-design and engineering experience.

### How is Up to Eleven related to Nuki and Allegion?

Up to Eleven co-founder Martin Pansy serves as CEO of Nuki Home Solutions, the Vienna-based smart-lock company that is a portfolio holding of the firm. Allegion, the publicly traded global security-products company, is both a strategic partner and an investor in Nuki, creating a co-investment relationship with Up to Eleven through that position.

## Related profiles

- [Upswell Ventures](https://altss.com/profile/upswell-ventures)
- [Upwelling Capital Group](https://altss.com/profile/upwelling-capital-group)

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Last updated: 2026-08-11T15:08:22.057Z

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