b2venture doubles down on Europe’s next wave of unicorns
European venture capital firm b2venture, an early backer of breakout companies such as DeepL and 1KOMMA5°, has announced the final close of its latest vehicle, Fund V, at €150 million. The new fund will target early-stage startups across Europe, with a focus on building the region’s next generation of technology unicorns.
Focus on deeptech, climate and software innovation
With Fund V, b2venture plans to invest primarily in seed and Series A rounds, backing founders in sectors where Europe is gaining global traction: AI, deeptech, climate tech, and next‑generation software platforms. The firm’s track record includes early bets on the AI translation leader DeepL and energy transition platform 1KOMMA5°, both of which exemplify the combination of strong research roots and scalable business models the fund aims to support.
According to the firm, Fund V will typically write initial cheques in the low- to mid‑single‑digit millions, reserving substantial follow‑on capital for its highest‑conviction companies. The strategy is designed to help founders navigate Europe’s increasingly competitive growth-stage funding environment.
Backing founders in a tighter capital market
The close of Fund V comes at a time when European venture capital has become more selective, even as total investment volumes in areas like AI and climate tech remain high. By raising fresh capital now, b2venture positions itself as a long‑term partner for founders building capital‑intensive technologies, including deeptech hardware and industrial decarbonisation solutions.
The firm’s network‑driven model, which taps a broad community of entrepreneurs and operators as co‑investors and advisors, is expected to remain central to Fund V. This structure aims to give portfolio companies faster access to customers, talent and specialist expertise across Europe’s fragmented markets.
Strengthening Europe’s tech sovereignty
By channelling €150 million into early‑stage innovation, b2venture is betting that Europe can not only produce more unicorns, but also strengthen its technological sovereignty in strategic domains such as AI infrastructure, energy systems and industrial software. The fund’s mandate underscores a broader shift among European investors toward backing companies that combine global scale potential with clear real‑world impact.