- Berlin-based bunch has secured $35 million in Series B funding led by Portage to modernise private markets fund operations.
- The company now supports more than 150 fund managers and 12,000 LPs across Europe.
- The business grew ARR by 300% in 2025 and achieved 156% net revenue retention as fund managers moved away from spreadsheets and manual workflows.
Berlin-based bunch has raised $35 million in a Series B round to automate private fund operations across Europe, where the infrastructure behind private equity and venture capital funds remains heavily dependent on spreadsheets, fragmented software, and manual reporting.
The round was led by Portage, with participation from Illuminate Financial alongside existing investors Motive Partners, Cherry Ventures, and Fintech Collective. Total funding now exceeds $58 million. The company operates from Berlin, London, Amsterdam, and Luxembourg.
Founded in 2021 by Levent Altunel and Enrico Ohnemüller, bunch built a single operating layer covering the entire fund lifecycle, including investor onboarding, capital calls, fund administration, accounting, compliance, distributions, and tax reporting. The platform processes unstructured fund documents, extracts data, structures it into workflows, and maintains traceability back to original source files.
The numbers back the demand. In 2025, bunch grew ARR by 300% and achieved 156% net revenue retention. The company now works with over 150 fund managers and 12,000 LPs, including Passion Capital, Hummingbird VC, Antler, and Redstone.
The competition is US-built and largely US-focused. Carta dominates cap table management stateside, while Juniper Square closed a $130 million Series D in June 2025 at a $1.1 billion valuation. None were designed for Europe’s cross-border fund structures, ELTIF-driven expansion, or regulatory complexity — the gap bunch is building into.
The new capital funds expansion across Germany, the UK, and Luxembourg, with deeper automation planned across compliance, reporting, and capital call workflows.
“Private markets are growing rapidly, but the infrastructure behind them still relies on outdated systems. We built bunch to help fund managers scale across Europe with a single platform combining specialist expertise, software, and AI-native systems. This funding will help us further modernise private markets operations,” says Ohnemüller.
US-headquartered platforms such as Carta, Juniper Square, and Allvue Systems have built significant scale in fund administration and investor operations, with Juniper Square alone closing a $130 million Series D in June 2025 at a $1.1 billion valuation. However, all three were built primarily for the American market. bunch is positioning itself as a Europe-first platform built specifically for the region’s regulatory complexity, cross-border fund structures, and ELTIF-driven expansion, a gap that US incumbents have been slow to fill.
“Portage invests in financial infrastructure that becomes structurally necessary as markets grow. bunch has built exactly that. Europe’s regulatory environment is uniquely demanding; that headwind only intensifies as private markets scale. Enrico and Levent didn’t build around this complexity, they built from within it. That combination of regulatory depth and service understanding is what makes bunch structurally defensible, and hard to replicate from the outside,” says Hélène Falchier, Partner.
