Berlin-Based VC Fly Ventures Secures €80M for Deep Tech and Enterprise Startups
Fly Ventures, the Berlin-headquartered venture capital firm specializing in European seed-stage investments, has successfully closed its third fund at €80 million. This marks a significant step up from its previous €53 million fund raised in 2020.
Focus on Technical Founders and Early-Stage Innovation
The firm has built its reputation by targeting technical founders in enterprise and deep tech sectors. Fund III was reportedly oversubscribed and closed in a single round, demonstrating strong investor confidence. The modest fund size increase reflects Fly Ventures’ commitment to maintaining its boutique approach to venture capital.
Investment Strategy:
- Typical checks range from €1-4 million
- Participates in rounds totaling €2-10 million
- Focuses on inception-stage companies
Leadership and Geographic Reach
Founded by Gabriel Matuschka and Fredrik Bergenlid, Fly Ventures operates with an equal-GP model across four key European tech hubs:
- Berlin (headquarters)
- London
- Paris
- Zurich
The leadership team includes:
- Gabriel Matuschka (ex-TripHunter founder)
- Fredrik Bergenlid (former Google Assistant team)
- Matt Wichrowski
- Marie Brayer
Matuschka explained their geographic strategy: “From Berlin you can cover Munich, which excels in technical innovation. We’ve always focused on Germany and the UK, but Paris has emerged as a strong technical hub in recent years, prompting us to add Marie Brayer to our Paris team.”
Investment Focus and Portfolio Highlights
Fly Ventures takes pride in identifying cutting-edge technologies before they become mainstream. “We specialize in spotting emerging trends 2-3 years before others take notice,” Matuschka told TechCrunch.
Current Investment Distribution:
- AI: 45% of portfolio
- Vertical Applications & Industrial Tech: 35%
- Developer Tools/Infrastructure: 20%
Notable Portfolio Companies:
- Inato: Clinical trials marketplace
- Salv: Anti-money laundering solutions
- GitGuardian: Cybersecurity platform
- Wayve: Autonomous driving technology ($1.05B Series C)
- Lakera: LLM security solutions
- Orbital Materials: AI-driven materials science
Looking Ahead
With this new fund, Fly Ventures is positioned to continue its track record of identifying and supporting Europe’s most promising technical founders working on groundbreaking enterprise and deep tech solutions. The firm’s distributed team across major European tech hubs gives it unique access to emerging talent and innovation ecosystems.
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