FUND I · 2023
€45m
First Cheque Fund I
99 pre-seed cheques into European technology companies ~50% deployed as of April 2026.
Target MOIC3.5×+Target IRR≥25%Cheque size€250k–€1mStatusDeploying
_ BERLIN · FIRST-CHEQUE VC SINCE 2013
We write the first cheque
for European founders at
pre‑seed and stay for a decade.
289
First cheques written since 2013
€1.7bn
Follow-on capital raised by portfolio
2
Active funds · Fund I + Services Fund I
_ Our funds
SERVICES FUND I · 2026
€15m
AI Services Fund I
Ten first cheques into AI-enabled roll-ups of European mittelstand services.First close — summer 2026.
Portfolio size10 companiesCheque size€500k–€1.5mSectorsProfessional · home · field servicesStatusRaising · anchor LPs open
_ Portfolio
A slice of our 99 first-cheque companies.
01
Levels
Proptech · AI
£1.4m ARR · 7mo
02
Tacto
Procurement
€50m Series B · 2025
03
Zeitview
Infrastructure
US expansion
04
Plancraft
SMB · Trades
10k+ seats
05
Finom
Fintech
125k SMB accounts
06
Arcensus
Health · Genomics
Rare-disease Dx
07
Vantis
Aviation
BVLOS ops
08
Konfidal
Legal · AI
First cheque · 2024
09
Zemless
Mobility
Seed 2023
10
Karla
Insurance
Seed extension
11
Seplos
Energy
ESS · DE
12
+ 87 more
See annex
_ Team
...####..... ..#......#... .#...o o..#. .#... __...# ..#........#. ...########.
Henric Hungerhoff
Managing Director · Founding Partner
Led 200+ pre-seed investments across 12 years in Berlin.
...####..... ..#..~~~..#.. .#..- -...#. .#....||....# ..#..\__/..#. ...########.
Jörg Rheinboldt
Partner · Founding Partner
Co-founder of APX + Axel Springer Plug & Play. 25 years in EU tech.
...####..... ..#..^ ^..#.. .#... _...#. .#...|=|...#. ..#..\_/..#.. ...########.
Annalena Ueberjahn
Principal · Services Fund
Ex-consultant; 8 services investments at APX over 4 years.
_ Notes
What we are writing about.
- 2026·04·12THESISWhy services are the new software8 min read→
- 2026·03·20PORTFOLIOLevels · first-cheque to £1.4m ARR in seven months6 min read→
- 2026·02·05NOTESHow we price a pre-seed roll-up in Europe5 min read→
- 2026·01·18THESISThe €260k mittelstand gap4 min read→
Join usas anchor LP.
First close — summer 2026 €15m target.
Write a note; Henric replies personally within 48 hours.
HENRIC@HEARTFELT.VC · BERLIN · +49 30 000 00