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Back in the joyful days of 2021, Heartcore Capital It plans to focus on consumer technology with a $200 million fund. Fast forward to 2024, and its latest fund will now “ferment the bread” for this thesis, with a new $180 million (€170 million) amount becoming broader and more general than that previous thesis.
After nearly 17 years in the game, Heartcore’s Fund V remains at an early stage, and now includes companies such as Boozt, Neo4j, Peakon, Tink, GetYourGuide, TravelPerk and Podimo in its portfolio.
It aims to be the first financial institution to invest in startups, and has also been rated as 9th best VC in the world In the HEC Paris-Dow Jones VC rating.
“Basically, this fund is broader (than the last one)… We did a lot of consumer work at the end of Fund Three and the beginning of Fund Four,” Jamie Nielsen, partner and co-founder, told TechCrunch over a phone call. “The pendulum has shifted to the question: ‘Where “Can technology really boom?” So this fund is more general in focus, more focused on productivity, software and infrastructure.
This includes more focus on cluster computing, synthetic biology, productivity/AI, software infrastructure, and travel and climate technology. They plan to make 25 to 30 early-stage investments with Fund V and have invested money so far in LLM computing infrastructure, database software, carbon capture and consumer travel software.
Limited companies in the fund include frequent investors Industriens Pension. It also has a smaller, dedicated Web3 3 box.
“We had almost all of the existing LPS restarts,” Nielsen said. “We’ve done really well in recent years at DPI. So, in the last eight years, on average, every time we withdraw one euro, we give back €1.6, and if you accumulate that, that adds up in terms of return on funds.
He also believes the EU market will be “preparing to warm up” next year: “We are now seeing more mergers and acquisitions, and there is something happening, for sure, with the IPOs next year. The real question is, what do we Europeans do in terms of With the IPO, right? Are we all going to the US or not?
The company now has €800 million of cumulative committed capital and has offices in Copenhagen, Stockholm, Berlin and Paris.
“Heartcore was the first fund to believe in us 15 years ago and has remained a member of our board through all funding rounds, leading up to a multi-billion-dollar company,” Emil Ephrem, CEO and co-founder of Neo4j, added in a statement. “.
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