Heartcore Capital closes $180M fund to pivot towards infrastructure, synthetic biology, climate
Again within the heady days of 2021, Heartcore Capital deliberate to deal with shopper expertise with a $200 million fund. Quick-forward to 2024, and its newest fund will now ‘leaven the bread’ of that thesis, with a recent $180 million (€170M) to go broader and extra generalist than that earlier thesis.
Some 17-years into the sport, Heartcore’s Fund V will proceed to be an early-stage discovered, and now counts corporations like Boozt, Neo4j, Peakon, Tink, GetYourGuide, TravelPerk and Podimo, in its portfolio.
Aiming to be the primary institutional cash into startups, it is usually ranked the ninth finest VC globally within the HEC Paris-Dow Jones VC rating.
Jimmy Nielsen, companion and co-founder instructed TechCrunch over a name: “Mainly, this fund is broader [than the last fund]… We did quite a lot of shopper on the tail-end of fund three and the start of fund 4. The pendulum swung to the query of ‘the place does expertise actually choose up’? So this fund is extra generalistic in focus, extra centered on productiveness, software program, infrastructure.”
That features extra of a deal with the compute stack, artificial biology, productiveness/AI, software program infrastructure, journey and local weather tech. They plan to make 25-30 early-stage investments with Fund V and have thus far put cash into LLM compute infrastructure, database software program, software program for carbon seize and shopper journey.
LPs within the fund embrace repeat investor Industriens Pension. It additionally has a smaller, devoted, Web3 three fund.
“We had just about all present LPS re-up,” stated Nielsen. “Now we have had a very nice run within the final years on DPI. So within the final eight years, on common, each time we draw one euro, we have now returned 1.6 and if you happen to accumulate that, that stacks-up by way of fund return.”
He additionally thinks the EU market will “heat up” subsequent yr: “We’re seeing extra M&A now and there’s one thing occurring, for certain, with IPOs subsequent yr. The true query is, what are we Europeans doing on the IPO aspect, proper? Are all of us going to drive in direction of the US or not?”
The agency now now has €800 million cumulative dedicated capital with places of work in Copenhagen, Stockholm, Berlin and Paris.
Emil Eifrem, CEO & co-founder, Neo4j added in an announcement: “Heartcore was the primary fund to imagine in us 15 years in the past and have remained on our board by way of all financing rounds, all the best way to a multi-billion-dollar firm.”
