Once more inside the heady days of 2021, Heartcore Capital deliberate to focus on consumer experience with a $200 million fund. Fast-forward to 2024, and its latest fund will now “leaven the bread” of that thesis, with a recent $180 million (€170 million) to go broader and additional generalist than that earlier thesis.
Some 17 years into the game, Heartcore’s Fund V will proceed to be an early-stage fund and now counts companies like Boozt, Neo4j, Peakon, Tink, GetYourGuide, TravelPerk, and Podimo in its portfolio.
Aiming to be the first institutional money into startups, it is also ranked the ninth best VC globally inside the HEC Paris-Dow Jones VC score.
Jimmy Nielsen, confederate and co-founder, knowledgeable TechCrunch over a reputation: “Principally, this fund is broader [than the last fund]. … We did quite a few consumer on the tail end of fund three and the beginning of fund 4. The pendulum swung to the question of ‘The place does experience truly resolve up?’ So this fund is further generalistic in focus, further centered on productiveness, software program program, infrastructure.”
That options further of a focus on the compute stack, synthetic biology, productiveness/AI, software program program infrastructure, journey, and native climate tech. They plan to make 25 to 30 early-stage investments with Fund V and have to date put money into LLM compute infrastructure, database software program program, software program program for carbon seize, and consumer journey.
LPs inside the fund embrace repeat investor Industriens Pension. It moreover has a smaller, devoted, web3 fund.
“We had nearly all current LPS re-up,” talked about Nielsen. “We now have had a really good run inside the ultimate years on DPI. So inside the ultimate eight years, on widespread, every time we draw one euro, we’ve now returned 1.6 and within the occasion you accumulate that, that stacks up by the use of fund return.”
He moreover thinks the EU market will “warmth up” subsequent 12 months: “We’re seeing further M&A now and there’s one factor going down, for optimistic, with IPOs subsequent 12 months. The precise question is, what are we Europeans doing on the IPO facet, correct? Are all of us going to drive in route of the U.S. or not?”
The company now has €800 million cumulative devoted capital with workplaces in Copenhagen, Stockholm, Berlin, and Paris.
Emil Eifrem, CEO and co-founder of Neo4j, added in an announcement: “Heartcore was the first fund to contemplate in us 15 years prior to now and have remained on our board by way of all financing rounds, all the best way through which to a multi-billion-dollar agency.”