The Startup Investor List for European Founders
Kevin Jurovich compiled what he calls the Master Investor List - pre-seed funds, seed investors, and databases organized by stage, geography, and industry. Dr. Jana Reuther reshared it on LinkedIn and it made the rounds. Good list. But the European coverage is thin compared to the US sections, and Germany in particular is underrepresented.
I split my time between San Francisco and Germany. I have been through the fundraising question from both sides - as a founder who bootstrapped, and as someone whose network runs into this conversation weekly. So I took Kevin’s original lists, verified what I could, and added every credible DACH and European VC, angel network, accelerator, and government program I could find.
The result is one reference post with everything in tables. No carousel slides.
Pre-seed funds
These are first-check writers. Most write checks between $50K and $500K at the earliest stage. The list comes from Kevin Jurovich’s curation.
| Fund | Location |
|---|---|
| Boost VC | San Mateo |
| Outside VC | US |
| VU Venture Partners | US |
| Marketplace Capital | US |
| Gacsym Ventures | US |
| Treeo VC | US |
| Baukunst | US |
| XRC Ventures | New York |
| Underscore VC | Boston |
| Outlander VC | US |
| Forum Ventures | San Francisco |
| Hustle Fund | San Francisco |
| Everywhere Ventures | US |
| FOVC | US |
| Geek Ventures | US |
| Baobab Network | Nairobi |
| Panache Ventures | Vancouver |
| Riceberg Ventures | US |
| Don’t Quit Ventures | US |
| Pear VC | Menlo Park |
| Wonder Ventures | Los Angeles |
| Precursor Ventures | San Francisco |
| Wischoff Ventures | US |
| Nido Ventures | Mexico City |
| Plug and Play | Sunnyvale |
| Gaingels | US |
| Amplify.LA | Los Angeles |
| Dorm Room Fund | Philadelphia |
| MBA Ventures | US |
| Unshackled Ventures | San Francisco |
| Torch Capital | New York |
| Rally Cap VC | US |
| Cortado Ventures | US |
| LvlUp Ventures | US |
| Ganas Ventures | US |
| Symphonic Capital | US |
| Alpaca VC | US |
| Deciens Capital | US |
| Afore Capital | San Francisco |
| The Council | US |
| GoAhead Ventures | US |
| Barrel Ventures | US |
| Enzo Ventures | US |
| Redbud VC | US |
| Next Wave NYC | New York |
| f7 Ventures | US |
| Recall Capital | US |
| Launch Factory | US |
| Ethos Fund | US |
| Better Tomorrow Ventures | San Francisco |
You will notice this is almost entirely US-based. That is the gap this post fills further down.
Top seed-stage investors
Kevin Jurovich’s selection of the most active seed investors globally. Notable deal in parentheses.
| Investor | Fund | Location | Notable Deal |
|---|---|---|---|
| Aneel Ranadive | Soma Capital | Miami | Deel |
| Pejman Nozad | Pear VC | Menlo Park | DoorDash |
| David Frankel | Founder Collective | Massachusetts | SeatGeek |
| Benjamin Sun | Primary | New York | Coupang |
| Anna Fang | ZhenFund | Beijing | Red |
| Benjamin Ling | Bling Capital | Miami | Veho |
| Ann Miura-Ko | Floodgate | Menlo Park | SmarterDX |
| Satya Patel | Homebrew | Burlingame | Chime |
| Pawel Chudzinski | Point Nine | Berlin | Docplanner |
| Ed Sim | Boldstart | Miami | Snyk |
| Reshma Sohoni | Seedcamp | London | UiPath |
| Semil Shah | Haystack | Mill Valley | Figma |
| Gil Dibner | Angular | Tel Aviv | CruxOCM |
| Sahil Deshpande | Uncorrelated | Palo Alto | Redis |
| Chad Byers | Susa Ventures | San Francisco | Robinhood |
| Wei Guo | UpHonest | Menlo Park | Rippling |
| Larry Li | Amino Capital | Palo Alto | Chime |
| Gili Raanan | Cyberstarts | Israel | Wiz |
| Tim Connors | PivotNorth | Nashville | Zipline |
| Ross Fubini | XYZ VC | San Francisco | Anduril |
| Topher Conway | SV Angel | San Francisco | Rippling |
Two European names in 21. That tells you something about where the seed lists are compiled and who compiles them. Below is the European picture.
Germany
German startups raised $8.4 billion in venture capital in 2025. Berlin and Munich are the two hubs - Berlin for SaaS, fintech, and consumer, Munich for deep tech, AI, and industrial.
| Fund | City | Stage | Sector |
|---|---|---|---|
| HTGF | Bonn | Pre-seed, Seed | Deep tech, life sciences, climate - Germany’s most active seed investor, government-backed |
| HV Capital | Munich, Berlin | Pre-seed to Growth | Fintech, SaaS, B2B - over EUR 2.8B AUM |
| Earlybird | Berlin, Munich | Pre-seed to Series B | Digital tech, health tech - backed N26, 293+ investments |
| Cherry Ventures | Berlin | Pre-seed, Seed | Generalist, operator-led - backed Flixbus, Forto |
| Project A Ventures | Berlin | Seed, Series A | Operational VC, 200+ portfolio companies |
| Point Nine Capital | Berlin | Pre-seed to Series A | B2B SaaS, marketplaces - backed Algolia, Revolut at early stages |
| Global Founders Capital | Berlin | Pre-seed, Seed | Generalist - $500K-$1M checks, 995+ investments |
| Picus Capital | Munich | Seed, Series A | Generalist - $100K-$1M, 312+ investments |
| 468 Capital | Berlin | Seed, Series A | Tech generalist |
| Atlantic Labs | Berlin | Seed | 700+ portfolio, Berlin’s most active angel co-investor |
| BayernKapital | Munich | Seed, Series A | Bavarian state fund, 209+ investments |
| UVC Partners | Munich | Seed, Series A | Industrial AI, robotics, mobility - aligned with TU Munich |
| First Momentum | Karlsruhe | Pre-seed | Industrial AI, technical founders |
| seed+speed Ventures | Munich | Pre-seed, Seed | B2B enterprise software, AI - EUR 90M fund |
| Ananda Impact Ventures | Munich | Pre-seed, Seed | Deeptech, clean tech, AI for healthcare - EUR 73M fund (2026) |
| DTCP | Berlin | Growth | Defense tech, cybersecurity, AI - EUR 300M+ fund (2026) |
| GHARAGE Ventures | Hamburg | Seed, Series A | Travel, retail, automation, logistics - EUR 40M fund (2026) |
| Prototype Capital | Berlin | Early-stage | Robotics, automation, AI - EUR 15M fund (2026) |
| Vanagon Ventures | Berlin | Pre-seed | Deeptech, AI, quantum, industrial software - EUR 20M fund (2026) |
| ZOHO.VC | Munich | Pre-seed, Seed | Deeptech, university spin-offs - EUR 7M fund (2026) |
Switzerland
Switzerland punches above its weight in deeptech and life sciences. Basel and Zurich are the hubs.
| Fund | City | Stage | Sector |
|---|---|---|---|
| Lakestar | Zurich | Seed to Growth | European sovereignty, deep tech, fintech |
| b2venture (formerly btov) | Zurich | Pre-seed to Series B | Robotics, manufacturing, biotech, drones - EUR 150M fund (2026) |
| Redalpine | Zurich | Pre-seed to Series A | Healthcare, technology |
| Verve Ventures | Zurich | Seed to Series B | Generalist - EUR 500K to several million per deal |
| Founderful | Zurich | Pre-seed | Swiss engineering spinouts |
| Swisscom Ventures | Zurich | Seed to Growth | Corporate VC, early-stage tech |
| Constructor Capital | Zurich | Seed, Series A | Deeptech, quantum, software, edtech - $110M fund (2026) |
| Vi Partners | Zurich | Early-stage, Series A | Mission-critical software, AI, fintech, biotech - EUR 161M fund (2026) |
Austria
Vienna’s startup scene is small but well-funded. Speedinvest alone manages over EUR 1.2 billion.
| Fund | City | Stage | Sector |
|---|---|---|---|
| Speedinvest | Vienna | Pre-seed to Series A | Fintech, digital health, consumer, deep tech, industrial - EUR 1.2B+ AUM, offices in Berlin, London, Munich, Paris |
| 3VC | Vienna | Seed to Series B | AI, deep tech, digital health - covers DACH and CEE |
| PUSH Ventures | Vienna | Pre-seed, Seed | Generalist |
| UNIQA Ventures | Vienna | Seed to Series B | Fintech, insurtech, digital health - corporate VC |
| APEX Ventures | Vienna | Series A, B | Deep tech, medical tech |
| aws Gruenderfonds | Vienna | Seed to Series B | High-growth Austrian startups - government-backed |
United Kingdom
London still concentrates more European seed capital than any other city.
| Fund | Stage | Check Size | Sector |
|---|---|---|---|
| Seedcamp | Pre-seed, Seed | GBP 100K-2M | Generalist, network-driven - backed UiPath |
| LocalGlobe | Pre-seed to Series B | GBP 100K-5M | Generalist, multi-stage |
| Concept Ventures | Pre-seed | ~$1M | UK’s largest dedicated pre-seed fund |
| Hoxton Ventures | Pre-seed to Series A | $500K-$5M+ | Generalist, conviction-led |
| Backed VC | Pre-seed, Seed | $500K-$5M | Frontier tech, deep tech |
| 20VC | Seed, Series A | EUR 100K-3M | Generalist, media-driven |
| Connect Ventures | Pre-seed, Seed | EUR 500K-3M | Product-first, low-volume |
| Passion Capital | Pre-seed, Seed | GBP 400K-500K | UK SaaS, fintech - first operator-led VC in Europe |
| Air Street Capital | Seed to Growth | - | AI-focused - $232M fund (2026) |
| Eka Ventures | Pre-seed, Seed | - | Health, wellness, sustainability - GBP 80M fund (2026) |
| 2150 | Series A | - | Climate, urban sustainability - EUR 210M fund (2026) |
| Voyager Ventures | Early-stage | - | Energy, manufacturing, critical materials - $275M fund (2026) |
France
France has the deepest public co-investment infrastructure in Europe. Bpifrance matches private rounds at nearly every stage.
| Fund | Stage | Check Size | Sector |
|---|---|---|---|
| Kima Ventures | Pre-seed, Seed | EUR 100K-200K | Sector-agnostic, one-week turnaround, 100+ deals per year |
| Partech | Seed to Growth | EUR 200K-75M | Multi-stage, ~EUR 3B AUM, B2B focus |
| Elaia Partners | Deeptech | EUR 1M-13M | Quantum, AI, life sciences - EUR 134M DTS3 fund (2026) |
| Daphni | Pre-seed, Seed | EUR 500K-10M | Science-driven - EUR 260M Blue fund for biology and physics (2026) |
| Newfund Capital | Seed | $250K-$2M | B2B, industrial tech - Franco-American bridge |
| Quantonation | Pre-seed to Series A | - | Quantum, physics-based tech, materials - EUR 220M fund (2026) |
| Slate VC | Early-stage, Growth | - | Climate, resilience technologies - EUR 132M fund (2026) |
| Samaipata | Early-stage | - | AI-native startups - EUR 110M fund |
Nordics
The Nordics produce disproportionately many B2B and fintech companies relative to population.
| Fund | Country | Stage | Sector |
|---|---|---|---|
| Creandum | Sweden | Seed, Series A | SaaS, AI, consumer - backed Spotify |
| Heartcore Capital | Denmark | Pre-seed to Series B | Consumer only (B2C) - $300K-$6M |
| Northzone | Sweden | Seed to Growth | Fintech, AI, energy - EUR 1M-20M |
| Sunstone | Denmark | Early-stage | Therapeutics, medtech - EUR 2M-10M |
| Plural | Estonia | Early-stage | Frontier tech, defense, spacetech, climate - up to EUR 1B fund (2026) |
Southern Europe
Spain has become the most active Southern European VC market. Italy is still early.
| Fund | Country | Stage | Sector |
|---|---|---|---|
| JME Ventures | Spain | Pre-seed, Seed | Sector-agnostic, operational - EUR 500K-4M |
| Inveready | Spain | Seed, Series A | Equity + venture debt - EUR 2.5B AUM |
| Italian Founders Fund | Italy | Pre-seed, Seed | Italian founders globally - EUR 250K-1.5M |
| Seaya | Spain | Series C+ | Climate, deeptech, AI, fintech - EUR 300M+ (2026) |
| Mundi Ventures (Kembara) | Spain | Series B, C | Deeptech, climate - EUR 750M+ (2026) |
| Samaipata | Spain | Early-stage | AI-native startups - EUR 110M |
Central and Eastern Europe
CEE is the fastest-growing VC market in Europe by percentage. Fund sizes are smaller, but the talent pool is deep.
| Fund | Country | Stage | Sector |
|---|---|---|---|
| Credo Ventures | Czech Republic | Pre-seed to Series A | Sector-agnostic - $88M Fund V, backed UiPath early |
| Day One Capital | Hungary | Pre-seed, Seed | B2B software, AI, TechBio - EUR 300K-2M |
| Movens Capital | Poland | Pre-seed to Series A+ | AI/SaaS, climate, fintech - EUR 60M Fund II |
| FIRSTPICK | Lithuania | Pre-seed | AI-first software - EUR 25M fund (2026) |
| Montis VC | Poland | Pre-seed, Seed | Energy, industry, AI - EUR 50M fund (2026) |
| e2vc | Netherlands | Early-stage | Tech across CEE, Baltics, Turkey - EUR 100M fund |
| INVENIO Partners | Bulgaria | Growth | Consumer, healthcare, tech-enabled - EUR 75M fund (2026) |
| Metavallon VC | Greece | Pre-seed | Deeptech, life sciences - EUR 5M fund (2026) |
Angel networks in DACH
Angel networks in Germany work differently from the US. The INVEST program means the government covers 20% of every angel check as a tax-free subsidy. HTGF’s co-invest program matches private angel rounds 1:1 up to EUR 1 million. Combined, a EUR 150K angel round with HTGF co-investment and INVEST subsidy turns into EUR 300K+ raised with 20% of the angel’s risk covered by the state. No equivalent exists in the US.
| Network | Location | Members | Typical Check per Angel |
|---|---|---|---|
| BACB | Germany-wide | 140+ | EUR 10K-100K |
| BayStartUP | Munich | 300+ | EUR 25K-100K |
| KFLT | Leipzig | 50+ | EUR 10K-50K |
| BAND (Business Angels Netzwerk Deutschland) | Germany-wide | 3,000+ (umbrella) | Varies |
| Atlantic Labs (angel co-invest) | Berlin | - | EUR 25K-250K |
| SeedBlink | Romania, pan-European | - | EUR 5K+ (equity crowdfunding + angels) |
Accelerators in Europe
European accelerators have improved their terms. Most now accept remote participation and several do not take equity at all.
| Program | Location | Investment | Focus |
|---|---|---|---|
| Y Combinator | San Francisco (accepts European founders) | $500K | Generalist |
| Techstars | Berlin, London | $120K ($20K for 6%, $100K convertible note) | City-based + virtual programs |
| Antler | London, Berlin, Stockholm | $250K pre-seed | Day-zero company building |
| Entrepreneur First | London, Berlin | Pre-seed investment | Pre-idea, solo founders |
| Seedcamp | London | Up to EUR 200K | Fintech, SaaS, climate |
| UnternehmerTUM | Munich | No equity | Innovation center, ranked #1 in Europe |
| hubraum | Berlin | Varies | Deutsche Telekom incubator - 5G, AI, IoT |
| SpinLab | Leipzig | Varies | Deep tech, e-health, energy, smart city |
| Venture Kick | Zurich, Lausanne | CHF 150K non-dilutive | Swiss startups, no equity taken |
| FONGIT | Geneva | Varies | Deep tech, medtech, cleantech |
| weXelerate | Vienna | Varies | Austria’s largest startup hub |
| Station F | Paris | Varies | Largest startup campus in Europe |
German government programs
These do not exist in the US. German founders consistently underuse them.
| Program | Type | Amount | Details |
|---|---|---|---|
| EXIST-Gruenderstipendium | Grant | Monthly stipend, up to 1 year | For students, graduates, and researchers with tech-based business ideas |
| INVEST | Subsidy | 20% of angel investment, tax-free | Government reimburses 20% of qualifying angel investments via BAFA |
| ERP-Gruenderkredit StartGeld | Loan | Up to EUR 200K | KfW low-interest loan, KfW covers 80% of default risk |
| KfW Zukunftsfonds | Fund-of-funds | Multi-billion | Federal venture capital program, increased and perpetuated from 2026 |
| HTGF co-invest | Co-investment | 1:1 match up to EUR 1M | Government fund matches private angel rounds |
State development banks (Landesfoerderbanken) offer additional programs at the regional level - NRW.BANK, L-Bank (Baden-Wuerttemberg), LfA (Bavaria), IBB (Berlin), IFB Hamburg, and others. The terms vary by state but most offer low-interest loans and equity-free grants for early-stage companies.
Curated databases
These are the spreadsheet and database links from Kevin Jurovich’s original compilation. Some are Google Sheets, some are Airtable bases. They cover territory that static tables cannot - sortable, filterable, regularly updated.
By stage:
- Pre-seed fund database
- Seed fund database (750+ funds)
- Seed and Series A investors
- Funds below $200M
By geography:
- US VCs
- NYC VCs
- European VCs
- UK VCs
- French VCs
- Spanish VCs
- Baltic VCs
- Australian VCs
- Indian VCs
- Singapore VCs
By industry:
Angel investors:
- US founders investing
- SaaS angels
- US women angels
- Global women angels
- Australia angels
- Africa angels
- Middle East angels
Accelerators:
Before you cold-email anyone
Most venture deals happen after some level of product-market fit and traction. Cold outreach works best when you have done your homework on who invests in what, at which stage, at what check size. This list is the homework.
I bootstrapped AIVory and did not take VC money. That was the right call for us - we sell developer tools and the economics work without outside capital. But I know plenty of founders where raising was the right move, and the ones who did it well all had one thing in common: they were specific about who they approached and why.
If I missed a fund or got something wrong, drop me a line.