Heartcore Capital Pivots Strategy with $180M Fund Focused on Deep Tech and Sustainability
European venture capital firm Heartcore Capital has successfully closed its $180 million (€170 million) Fund V, marking a strategic shift from its previous consumer-tech focus toward infrastructure, synthetic biology, and climate technology investments.
From Consumer Tech to Generalist Approach
In 2021, Heartcore launched a $200 million fund targeting consumer technology startups. However, Fund V reflects an evolved investment thesis—broadening its scope to include:
- Compute stack and AI infrastructure
- Synthetic biology innovations
- Productivity and enterprise software
- Climate tech and carbon capture solutions
- Travel technology
The firm plans to deploy capital across 25-30 early-stage startups, with initial investments already made in LLM compute infrastructure, database software, and carbon capture technologies.
Track Record and Portfolio Strength
With 17 years of experience, Heartcore has built an impressive portfolio including:
- Boozt (e-commerce)
- Neo4j (graph database)
- TravelPerk (business travel)
- GetYourGuide (travel experiences)
The firm ranks as the [9th best VC globally](https://www.hec.edu/en/news-room/european-vc-takes-lead-2023-hec-paris-dow-jones-venture-capital-performance-ranking-first-time) according to HEC Paris-Dow Jones and maintains offices across Copenhagen, Stockholm, Berlin, and Paris.
Why the Strategic Shift?
Jimmy Nielsen, Heartcore Partner and Co-Founder, explained:
“We previously focused heavily on consumer tech, but technology adoption patterns have evolved. This fund takes a more generalist approach, targeting areas where we see accelerated innovation—particularly in productivity software, infrastructure, and climate solutions.”
The firm reports strong performance, with an average return of €1.6 for every €1 drawn over the past eight years. Existing LPs, including Industriens Pension, recommitted to Fund V.
European Market Outlook
Nielsen anticipates increased activity in Europe’s startup ecosystem:
“We’re seeing more M&A, and 2025 could bring IPO momentum. The key question is whether European startups will pursue listings domestically or in the U.S.”
Emil Eifrem, CEO of Neo4j, highlighted Heartcore’s long-term value:
“They were our first institutional backer 15 years ago and remained engaged through our journey to becoming a multi-billion-dollar company.”
With €800 million in cumulative capital, Heartcore continues to position itself as a leading early-stage investor in Europe’s evolving tech landscape.
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