Vsquared Ventures

Overview

Munich deep-tech investor that often writes the first institutional check in companies working on space, quantum computing, semiconductors, robotics and AI. Its €214M fund launched at the end of 2022 (about US$228M at the time); its funds are backed by the EU's InnovFin Equity program. It opened its first office outside Munich, in London, in June 2026.

Notable portfolio companies

• Isar Aerospace
• IQM
• Neura Robotics
• Black Semiconductor
• The Exploration Company
• Inbrain Neuroelectronics

Funds

LPs on the record

2 LPs report holding Vsquared Ventures’s funds.

• KfW Capital Government fund of funds · 1 fund
• European Investment Fund (EIF) Development finance institution · 1 fund

Find LPs that back firms like this one in Hottub’s LP Intelligence: ranked by overlap, with what each holds and how to reach it.

Firms whose LPs overlap

The firms sharing the most LPs on record with Vsquared Ventures, relative to how many LPs each has. A peer set like this is what Find LPs ranks LPs from.

• Project A Ventures 2 LPs in common
• HV Capital 2 LPs in common
• Partech 2 LPs in common

Find LPs for Vsquared Ventures and these firms: Hottub ranks the LPs that hold their funds, the ones still adding funds first.

Reported fund performance

As reported by public LPs that invested in these funds, net of fees. “Versus vintage” ranks each fund against every other fund of the same vintage in that LP’s report, mostly private equity and venture funds. Open a fund for its cash flows and full peer ranking.

European Investment Fund (EIF): InvestEU - Portfolio Equity: List of Financial Intermediaries, as of December 31, 2025. The EIF publishes the funds it has backed under the European Union's InvestEU programme, each with the InvestEU product, a type of support, a sector, the fund's currency and the "Commitment under InvestEU". That is only the part of an EIF commitment made under InvestEU since 2021: commitments from the EIF's other mandates and earlier programmes are not in this list, and the EIF may have committed more to the same fund from them. This list keeps the rows whose type of support is Venture Capital, Private Equity, TTA (technology transfer) or Social Impact: 201 rows for 170 funds (a fund backed under two InvestEU products has a row for each, added together here). Dollar amounts are converted: the list is in each fund's currency, and every amount is converted at the Federal Reserve's H.10 foreign exchange rate for the list's date (federalreserve.gov/releases/h10/hist) and rounded to the dollar: CHF divided by 0.7936 (Swiss francs per U.S. dollar, 2025-12-31); DKK divided by 6.364 (Danish kroner per U.S. dollar, 2025-12-31); EUR multiplied by 1.1736 (U.S. dollars per EU euro, 2025-12-31); NOK divided by 10.0816 (Norwegian kroner per U.S. dollar, 2025-12-31); SEK divided by 9.2227 (Swedish kronor per U.S. dollar, 2025-12-31). In the list's own currencies the kept commitments are CHF 10850625, DKK 709214000, EUR 3590729222, NOK 914414071, SEK 1837999250. The list has no vintage year, paid-in amount, distributions, value, multiple or IRR, so those are blank, and it prints no total. Left out: 38 rows whose type of support is Infrastructure, 37 that are Other Private Debt or Hybrid debt-equity, 1 whose fund name says credit, debt, lending or loan, and 1 named as a co-investment in a single company. Converted, the 170 commitments add up to $4629186108. View source

KfW Capital: KfW Capital portfolio: venture capital and venture debt funds (a selection), as of October 11, 2026. KfW Capital, the venture capital arm of Germany's state development bank KfW, invests as a limited partner in European venture capital and venture debt funds. Its website names 83 fund managers it is invested with and says the list is a selection ("Eine Auswahl"), so it is not the whole portfolio. The page names managers, not the individual funds, and gives no amount, so each entry here is a manager's name as KfW Capital prints it and the commitment and every other amount, the vintage year, multiple and IRR are blank; nothing is converted from euro because no amount is published. Venture debt managers are in the list and are not marked as such. The page carries no date: the as-of date is the day it was read. View source