Despite persistent headwinds in the global fundraising climate, Picus Capital Management has announced the final close of its oversubscribed Picus Venture Fund II at its hard cap of €250M, held earlier this year. This close comes at a time when global VC fundraising has hit a decade low, with Q1 2025 seeing the fewest new funds and smallest average fund size since 2019 — a testament to Picus’s standout performance.
The close marks a significant milestone for the international venture capital firm, whose second institutional fund comes in at more than 2.5x the size of its predecessor, reaffirming strong confidence in its vision, strategy, and track record.
Founded in 2015, Picus Capital has grown to become a leading early-stage backer of transformative tech ventures. With over €1.5B in assets under management across its investment group, the firm continues to expand its reach, influence, and ability to support founders from seed to scale. The firm has invested in over 170 companies globally, with a portfolio spanning Europe, North America, Latin America, and Asia.
Strong investor backing from global heavyweights
Investor appetite for Fund II was overwhelming, attracting a diversified base of limited partners spanning continents and sectors. Among the standout contributors are tier-one global institutions including M&G Investments, one of the UK’s largest asset managers investing via Titanbay, Wilshire, and a large European insurer.
The fund also welcomed capital from leading Fund of Funds, international corporations, prominent European family offices, and renowned tech founders—a testament to the broad appeal and institutional faith in Picus’ differentiated approach. Notably, the fund attracted significant interest from new Asian and Middle Eastern investors, reflecting Picus’s growing international profile.
This level of commitment enabled Picus to reach its €250M hard cap in an oversubscribed raise, despite the broader market slowdown that has impacted many other players in the VC space. The fundraising process began in early 2024, with the first close at €140M, and was completed in less than 12 months — a rare feat in today’s market.
Doubling down on proven portfolio winners
Picus Venture Fund II will be deployed with a “double-down” strategy—predominantly backing the firm’s most promising early-stage portfolio companies, benefiting from the group’s deep access, proprietary information, and insight advantages. The fund will also reserve capital for new investments in emerging sectors, including generative AI, cybersecurity, and climate tech, areas where Picus sees significant growth potential.
Together, the founders of Picus Capital – Alexander Samwer, Jeremias Heinrich and Robin Godenrath have built an investment firm with a clear mission: to be long-term sparring partners to the world’s most ambitious entrepreneurs. Their hands-on support, multi-disciplinary expertise, and commitment to sustainable innovation continue to define Picus Capital’s legacy in global venture capital. Picus is known for its data-driven approach, leveraging proprietary tools and algorithms to identify and support high-potential startups.
Supporting the most ambitious global founders
Headquartered in Munich, Picus Capital operates across New York, London, Berlin, Madrid, and Bangalore, allowing it to support high-potential founders globally. The firm recently expanded with new offices in Singapore, Paris, and Mexico City, cementing its commitment to emerging markets. The firm is known for partnering from the pre-seed stage through to later growth, often writing the first check for ventures with disruptive visions.
The new fund complements this strategy by providing additional firepower to scale standout companies. This is particularly crucial in today’s capital-constrained environment, where only a few breakout startups can attract sustained follow-on investment.
The firm’s long-term investment philosophy has already borne fruit, with early backing in now-iconic ventures such as Personio (last valued at $8.5B) and Enpal (€2.2B), generating an annual IRR above 45% since inception. Other notable exits include early investments in Taxfix and Forto, both of which have become category leaders in their respective fields.
Picus Capital portfolio highlights
Picus Capital maintains a focused investment thesis across verticals where it sees long-term disruption potential. Here is a section highlighting select portfolio companies:
Hawk AI: Munich-based Hawk AI, a leading provider of AI-driven solutions to detect and prevent financial crime, recently raised $56M in a Series B round. The funding will fuel international expansion and further enhance its real-time AML and fraud detection capabilities. Hawk AI’s technology is now being adopted by major European banks and has expanded into the US market.
Maki: A conversational AI platform focused on modernising HR and talent acquisition, secured a £23.4 million Series A round led by top European investors. The platform is designed to streamline recruitment processes using intelligent automation and natural language processing. Maki’s client base has grown to include several Fortune 500 companies.
SpotMyEnergy: A smart meter software company accelerating energy data use in Germany, closed a €10.5M funding round. The capital will drive product development and support mass adoption of smart meters across the German energy landscape. SpotMyEnergy is now piloting its technology in the UK and France, signaling its pan-European ambitions. The company recently signed a landmark partnership with a leading European utility provider.
Terralayr: Terralayr, aiming to become the “AWS for grid-scale battery storage,” secured €77M funding to build critical infrastructure for energy transition. The funding will be used to scale its storage-as-a-service platform that supports renewable energy integration at scale.
Axle Energy: UK-based Axle Energy, focused on decarbonising the power grid through flexible energy management, recently raised £7M in seed funding. The round was led by Accel and will help expand its energy flexibility software across utilities and energy providers. Axle Energy’s software is now being piloted by three of the UK’s top five energy suppliers.
Raphael Mukomilow, Partner and Head of Growth, said: “We are really excited to share this news which marks a significant milestone for Picus, closing Venture Fund II at our hard cap. In a highly competitive and volatile market, this reflects the strength of our focused strategy and our ability to deliver compelling, risk-adjusted returns via our differentiated approach.We’re also pleased to have already made the first investments from the fund into global, highly disruptive technology companies that align with our vision of backing purpose-driven innovation. Additionally, our strategic collaboration with partners such as M&G Investments further underline our commitment to supporting the next generation of technology companies building for both scale and impact.”
Robin Godenrath, Founding Partner and Managing Director, added: “With the launch of Picus Venture Fund II, we are excited to deepen our commitment to the visionary entrepreneurs we’ve partnered with since inception. This new fund enables us to continue to provide even more comprehensive support at the most pivotal inflection points of their growth journeys.”
