SeedBlink Blog

If you’re a founder planning to raise capital in the second half of 2025, now is a great time to start mapping out which VCs to approach. The first quarter of this year saw a wave of fresh fundraising activity, with several funds across Europe closing new vehicles and getting ready to deploy capital.

Knowing which firms are actively investing, and understanding what kinds of startups they’re looking for, can give you a competitive advantage. Whether you're building in deeptech, climate, SaaS, or healthtech, targeting investors with dry powder and aligned theses increases your chances of landing the right partner.

To help streamline your outreach, we’ve rounded up venture capital firms from the SEE, DACH, and Benelux regions that closed new funds in Q1 2025. Scroll down to explore who’s raised, how much, and where they’re focusing their investments.

New VC funds raised in SEE

Here is a list of new venture capital funds raised in the first quarter of 2025 in the SEE region:

• [Cyprus] 33East — The Cyprus-based VC firm has closed its inaugural fund at €26M, targeting pre-seed and seed-stage startups with ties to Cyprus. Backed by the European Investment Fund, the Government of Cyprus, the National Recovery and Resilience Fund, and local investors including the Bank of Cyprus, the fund will deploy €500K to €1M per startup, with an additional €2.5M allocated to an acceleration compartment for early-stage ventures.
• [Greece] Evercurious VC — Newly launched Evercurious VC has closed its first fund at €12.5M to back pre-seed and seed-stage deep tech startups in Greece and beyond. Backed by the Hellenic Development Bank of Investments, the fund aims to build a 20-startup portfolio while fostering cross-border collaboration with innovation hubs in Zurich, Munich, and Berlin.
• [The Czech Republic] Soulmates Ventures — Prague-based Soulmates Ventures has raised a €50M fund to support sustainable startups under Article 9 of the SFDR. The fund will invest up to €3M in each startup, with follow-on funding that can reach €5M.
• [The Czech Republic] Tachles VC — Founded in 2024, Prague-based Tachles VC has launched a cross-border early-stage fund focused on AI, cybersecurity, and cloud infrastructure. Backed by HNWIs and family offices from the US and UK, the fund invests primarily in pre-seed and seed-stage startups in Israel and the Czech Republic, with initial tickets ranging from $100K to $500K.

Additionally, regional investors are cautiously optimistic about 2025, with 62% expecting a more favorable investment climate. VCs in the region are eyeing big opportunities in AI, Cybersecurity, and Deep Tech, despite economic and geopolitical challenges.

Source: The Recursive

New VC funds raised in DACH

Here is a list of new venture capital funds raised in the first quarter of 2025 in the DACH region:

• [Austria] Fund F — The Austrian VC firm has closed its inaugural fund at €28M to back early-stage startups led by gender-diverse teams. Focused on pre-seed and seed investments, Fund F will write checks of approximately €300k to companies with at least one female cofounder and equal cap table representation.
• [Germany] Cherry Ventures — the 13-year-old VC firm based in Berlin, Stockholm, and London, has raised $500M for its fifth early-stage fund and an additional opportunity fund aimed at Series B and later-stage investments.
• [Germany] Hitachi Ventures — The Munich-based VC arm of Hitachi Group has raised a $400M fund, bringing its total AUM to $1B. The new HV Fund IV plans to invest around $5M per deal, reserving approximately 55% of its capital for follow-on opportunities in industrial AI, data centres, and emerging fields like biotech, quantum computing, and space technologies.
• [Germany] naturalX Health Ventures — The Berlin-based VC firm has launched a €100M fund to accelerate European consumer health innovation. Focused primarily on Series A investments, while remaining flexible for late Seed and Series B rounds, the fund typically deploys initial checks of €3-5M, with follow-on investments of up to €10M per company.

New VC funds raised in Benelux

Here is a list of new venture capital funds raised in the first quarter of 2025 in the Southest European region:

• [Belgium] Capricorn Partners — The firm has launched Capricorn Healthtech Fund II with a first closing of €51M. With initial investment tickets between €1M and €5M, the pan-European fund is backed by prominent LPs including Invest-NL, Sensinnovat, Quest for Growth, and others, and is managed by a team with over 20 years of healthcare expertise.
• [Brussels] Smartfin — The investment firm has closed its third growth fund at €250M, with strong backing from the European Investment Fund (EIF). Focused on accelerating high-potential companies, the fund is set to provide follow-on capital and drive growth across European innovative sectors.
• [Luxembourg] Adara Ventures — The firm has announced the first close of its fourth flagship fund, AV4, with €100M in capital commitments. Focused on high-impact sectors such as cybersecurity, applied AI, digital infrastructure, digital health, hardware components, and space, AV4 builds on Adara’s long track record since 2005, with over 50 investments and 10 notable exits including AlienVault and PlayGiga.

Other VC funds raised in Europe

Last but not least, we are bringing you the a list of other new venture capital funds that were raised across Europe in the first quarter of 2025.

• [Denmark] IDC Ventures — The Copenhagen-based firm has unveiled its inaugural fund-of-funds, VC4 FoF I, with a €150M cap. The fund, which secured €33M in its first close in January 2025, adopts a capital preservation strategy and aims to diversify investments across approximately 30 top-tier venture capital funds.
• [France] Daphni — Paris-based VC Daphni has launched a new climate tech fund with a target of €250M. The fund has already raised €200M and will close with an additional €50 million by year’s end.
• [France] Shift4Good — The Paris and Singapore-based impact fund has closed its first fund at €220M to drive sustainable transportation solutions. Backed by Tier-1 corporates and institutional investors, including Renault Group, BNP Paribas, and the European Investment Fund, the fund has already invested in 13 companies across Europe and Southeast Asia, and plans to expand its portfolio to 25–30 firms.
• [France] Revaia — Leading European growth investor Revaia has closed its second fund, Revaia Growth II, at €250M, bringing its total assets under management to €600M. With support from long-time backers like Bpifrance and the European Investment Fund, and fresh partners including BNP Paribas Cardif and JP MorganChase, this fund is already 40% deployed in key sectors such as energy transition, AI, and cybersecurity.
• [Finland] OpenOcean — Helsinki-based OpenOcean has closed €100M for its fourth fund, with a final close target of €130M by mid-2025. The fund will invest in 18–20 early-stage startups, focusing on data infrastructure, vertical AI solutions, and private equity-style rollups that layer AI on traditional businesses.
• [Finland] Superhero Capital — The Helsinki-based VC firm has launched its fourth fund with a target of €50M, focusing on opportunities in Finland and the Baltics. The fund, backed by LPs including Elo Mutual Pension Insurance Company and Tesi, marks a strategic expansion into Lithuania with new partners Gytenis Galkis and Audrius Milukas.
• [Finland] Voima Ventures — The deeptech investor has finalized Fund III at over €100M. Focused on science-driven innovations across the Nordic and Baltic regions, the Article 8 fund targets 25–30 startups with initial checks from €200K to €3M.
• [Italy] Vento Ventures — The Turin-based VC firm has launched Fund II with a target of €75M to back the “boldest” Italian founders globally. Focused on scaling Italian tech talent, the fund will deploy a standard €150K ticket and make up to 375 investments over the next five years.
• [Portugal/UK] Defiant — The London and Lisbon-based early-stage VC firm has emerged from stealth with $30M raised and plans to target up to $70M for its inaugural fund. Focused on B2B SaaS and fintech, Defiant invests in late seed and Series A rounds, with deal sizes between $1M and $10M.
• [UK] 2150 — The venture arm of private investment firm Urban Partners has raised €197M for its second fund. With offices in London, Oslo, Berlin, and Copenhagen, the fund targets investments in the "urban stack", from startups developing resilient construction materials to those focused on electrifying transport options.
• [UK] Arāya Ventures — The London-based firm has completed the first close of its debut Arāya Super Angel Fund at €22M, bolstered by a €6M commitment from British Business Investments. Focused on up to 60 innovative pre-seed and seed-stage startups across Health, Fintech, Commerce, and the Future of Work
• [UK] Thoma Bravo — The US private equity firm has closed a €1.8bn fund for European software companies, focusing on middle-market businesses typically earning between $1bn and $10bn in revenue. Thoma Bravo has operated in Europe since 2011 and opened a London office in 2023, targeting compliance, healthcare, and CFO-focused software deals ranging from €150M to €1bn.
• [Monaco] Monte Carlo Capital — Led by solo GP Ian Sosso, this VC firm has successfully closed its first fund, raising €11.7M for a unique hybrid investment model. Already, MCC has deployed €6.5M across 22 portfolio companies, while an additional €6.7M has been funneled through SPVs in 10 co-investments.
• [Spain] 4Founders Capital — The Barcelona-based VC firm has launched its third fund, 4Founders Capital III, with €44M secured primarily from existing investors. Early investments include Punto Post’s €1M round, which is transforming last-mile logistics in Mexico, and Mogu, a SaaS platform accelerating sales for travel agencies.
• [Spain] Nina Capital — The Barcelona-based VC firm has reached the first close of its third fund at €50M, targeting early-stage HealThtech startups across Europe, the US, Canada, Israel, and Australia. The fund plans to invest in 25 pre-seed to Series A companies, with cheque sizes ranging from €250k to €1.5M and a target ownership of 8–10%.
• [Sweden] Incore Invest — The investment firm has successfully raised €25M for its second fund, Incore Invest II. This new fund is set to accelerate the growth of high-potential SaaS, embedded finance, and FinTech companies across Europe.

Find the right investor and financing vehicle for your round

If you want to connect with these investors or check out other active investors in the region, check out SeedBlink’s European VC Network list covering venture capital funds from SEE, DACH, Benelux, and others.