While many venture firms are struggling to raise capital in 2025’s unforgiving market, Picus Capital has bucked the trend. The Munich-based VC firm has announced the final close of its second institutional fund—Picus Venture Fund II—at its hard cap of €250 million. The fund was oversubscribed and closed in under a year, despite the global VC downturn hitting its worst levels since 2019.
This milestone reinforces investor confidence in Picus’s distinctive strategy and proven track record. The new fund is more than 2.5 times the size of its predecessor, marking a bold step forward in backing tech founders through turbulent times.
Founded in 2015, Picus Capital has quickly become a key force in early-stage tech investing. With over €1.5 billion in assets under management, the firm has supported more than 170 startups across Europe, the U.S., Latin America, and Asia. From seed to scale, its global footprint and active investment approach continue to attract founders building breakthrough ventures.
Global LPs Rally Behind Picus’s Vision
Investor appetite for Fund II was strong across continents. The raise attracted an impressive mix of global backers—from top-tier institutional players to tech founders and family offices. M&G Investments, via Titanbay, alongside Wilshire and a major European insurer, were among the headline investors. Other participants included global Fund of Funds, multinational corporations, and new LPs from Asia and the Middle East—underscoring the firm’s rising international appeal.
The firm kicked off fundraising in early 2024 with a €140 million first close and wrapped up at €250 million in less than 12 months. In a year when many funds struggled to even meet targets, Picus’s fast close speaks volumes about its differentiated value proposition.
Backing Breakout Startups in Critical Sectors
Picus Venture Fund II follows a “double-down” investment strategy—doubling support for the firm’s most promising existing portfolio companies, while also seeding new ventures in high-impact categories like generative AI, cybersecurity, and climate tech.
This approach allows Picus to stay close to founders at pivotal growth moments, leveraging its proprietary tools and deep sector knowledge to drive value. The firm’s track record includes successful bets on some of Europe’s most prominent tech startups, including Personio (valued at $8.5 billion) and Enpal (€2.2 billion), with reported IRRs above 45% since launch.
From Local Roots to a Global Tech Powerhouse
With headquarters in Munich and a strong presence in cities like London, New York, Berlin, Bangalore, and Madrid, Picus Capital is scaling its global ambition. The recent addition of offices in Singapore, Paris, and Mexico City further expands its ability to support emerging markets and source high-potential founders around the world.
The firm’s mission—fueled by founding partners Alexander Samwer, Jeremias Heinrich, and Robin Godenrath—is to be a true long-term partner to entrepreneurs building for the future. Picus offers operational guidance, strategic advice, and deep cross-sector expertise, often writing the first check at the earliest stages.
Spotlight on Portfolio Momentum
Several Picus-backed startups are already making waves across sectors:
- Hawk AI: This Munich-based company raised $56M in Series B to ramp up its real-time AI tools that detect financial crime. Its tech is now used by major European banks and expanding rapidly in the U.S.
- Maki: A conversational AI startup transforming how HR teams hire and manage talent. Maki recently closed a £23.4M Series A, with Fortune 500 companies now among its clients.
- SpotMyEnergy: The German smart meter software company secured €10.5M to accelerate the rollout of smart energy systems across Europe. It just signed a strategic deal with a major EU utility.
- Terralayr: With €77M in fresh funding, this energy infrastructure startup is building a platform to support grid-scale battery storage—positioning itself as the AWS for the clean energy transition.
- Axle Energy: Based in the UK, Axle raised £7M to scale its flexible energy software. Now piloted by three of the UK’s largest energy suppliers, the platform is driving decarbonization of the national grid.
A Bold Step Amid Market Volatility
Speaking on the successful close, Partner Raphael Mukomilow emphasized that Fund II’s momentum demonstrates the firm’s ability to deliver compelling, risk-adjusted returns even in a tough environment. He also highlighted how Picus’s collaboration with global investors like M&G reinforces its long-term commitment to impact-driven innovation.
Co-founder Robin Godenrath added that the fund allows Picus to deepen its support for the visionary entrepreneurs it has backed from the beginning—ensuring they get the capital and expertise needed at crucial inflection points.
In a world where capital is becoming harder to secure, Picus Capital’s €250M fund close sends a powerful message: patient capital and deep conviction are still rewarded. And for the next wave of tech disruptors, that could make all the difference.
